Condensed Interim Financial Information For the Quarter ended September 30,
(Un-audited)
Contents
Company Information | 02 |
Directors' Review Report | 04 |
Condensed Interim Statement of Financial Position | 06 |
Condensed Interim Statement of Profit or Loss | 08 |
Condensed Interim Statement of Comprehensive Income | 09 |
Condensed Interim Statement of Changes in Equity | 10 |
Condensed Interim Statement of Cash Flows | 11 |
Selected Notes to the Condensed Interim | |
Financial Statements | 12 |
Nishat Chunian Power Limited | 01 |
Company Information
BOARD OF DIRECTORS: | Mr. Ghazanfar Husain Mirza |
Chairman | |
Mr. Farrukh Ifzal | |
Chief Executive Officer | |
Mr. Aftab Ahmad Khan | |
Director | |
Mr. Rehmat Naveed Elahi | |
Director | |
Mr. Mustaqeem Talish | |
Director | |
Mr. Sheikh Muhammad Iqbal | |
Director | |
Ms. Leila Khan | |
Director | |
AUDIT COMMITTEE AND HR & R | Sheikh Muhammad Iqbal |
COMMITTEE: | Chairman |
Mr. Rehmat Naveed Elahi | |
Member | |
Mr. Mustaqeem Talish | |
Member | |
CHIEF EXECUTIVE OFFICER: | Mr. Farrukh Ifzal |
CHIEF FINANCIAL OFFICER: | Mr. Tanvir Khalid |
COMPANY SECRETARY: | Mr. Syed Tasawar Hussain |
02 | Nishat Chunian Power Limited |
BANKERS TO THE COMPANY: | Al Baraka Bank (Pakistan) Limited |
Allied Bank Limited | |
Askari Bank Limited | |
Bank Alfalah Limited | |
BankIslami Pakistan Limited | |
Dubai Islamic Bank Pakistan Limited | |
Habib Bank Limited | |
Habib Metropolitan Bank Limited | |
MCB Bank Limited | |
MCB Islamic Bank Limited | |
Meezan Bank Limited | |
National Bank of Pakistan | |
The Bank of Punjab | |
United Bank Limited | |
AUDITORS: | Riaz Ahmad & Co. |
Chartered Accountants | |
LEGAL ADVISERS: | RMA & Co. |
Advocates & Legal Consultants | |
REGISTERED & HEAD OFFICE: | 59, Shadman Colony-II, Shadman |
Lahore, Pakistan. | |
Ph: 042-35761730 | |
Fax: 042-35878696-97 | |
www.ncpower.com.pk | |
SHARE REGISTRAR: | Hameed Majeed Associates (Pvt) Limited |
1st Floor, H.M. House 7 - Bank Square, Lahore | |
Ph: 042-37235081-2 | |
Fax: 042-37358817 | |
PLANT: | 66-Km, Multan Raod, Pattoki Kasur. |
Nishat Chunian Power Limited | 03 |
DIRECTORS' REVIEW REPORT
FOR THE QUARTER ENDED SEPTEMBER 30, 2024
Dear Shareholders,
The Board is pleased to present the company's condensed interim un-audited financial statements for the quarter ended September 30, 2024. For the quarter, turnover was PKR 2.08 billion (2023: PKR 6.80 billion) with a profit after tax of PKR 1.47 billion (2023: PKR 1.39 billion) and an Earning Per Share (EPS) of PKR 3.99 (2023: PKR 3.77).
Plant Performance
During the quarter ended September 30, 2024, the plant's capacity factor was 1.86% (2023: 33.42%) with an availability factor of 99.89% (2023: 81.81%). The Company dispatched 8054.27 MWH (2023: 144,439 MWH) to Power Purchaser during this period.
Circular Debt
Circular debt has always been a major issue for companies operating in the power sector. The power Purchaser has consistently been unable to meet its obligation to make timely payments to the company, making the recoverability of receivables a challenge during the period.
The company continues to take up the matter of overdue receivables not only with the Power Purchaser but also with the Ministry of Water and Power through the Private Power & Infrastructure Board (PPIB). As of September 30, 2024, our total receivables from Power Purchaser are PKR 12.89 billion (2023: PKR 15.72 billion), out of which PKR 11.56 billion (2023: PKR 8.81 billion) are overdue.
Significant Matters
Pursuant to the Master Agreement dated February 11, 2021 it was decided that mater of alleged excess profits of IPPs under the 2002 Power Policy shall be resolved through an Arbitration. The mechanics of which were decided in the Arbitration Submission Agreement ('ASA'). The ASA was signed by the company and GoP on 15th day of June 2022.
As per the ASA, the IPPs and GOP have nominated their Arbitrators, and these two nominated Arbitrators have appointed the third Arbitrators who is the former President of the UK Supreme Court. The Arbitration Tribunal so constituted has initiated the arbitration proceedings and subsequently Terms of Reference (TORs) have been formally adopted. We believe that there are strong grounds that the matter will ultimately be decided in Company's favour.
Acknowledgment
The Directors would take this opportunity to thank our valued shareholders who have trust in our Company and like to express their deep appreciation for the services, loyalty, and efforts rendered by the employees of the Company and hope that they will continue to do so in the future.
Dated: October 29, 2024
Chief Executive Officer | Director |
04 | Nishat Chunian Power Limited |
DIRECTORS' REVIEW REPORT | |
FOR THE QUARTER ENDED SEPTEMBER 30, 2024 | |
Nishat Chunian Power Limited | 05 |
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT SEPTEMBER 30, 2024 (UN-AUDITED)
Un-audited | Audited | |||
September 30, | June 30, | |||
Note | 2024 | 2024 | ||
(Rupees in thousand) | ||||
EQUITY AND LIABILITIES | ||||
SHARE CAPITAL AND RESERVES | ||||
Authorized share capital | ||||
385,000,000 (2023: 385,000,000) | ||||
ordinary shares of Rs 10 each | 3,850,000 | 3,850,000 | ||
Issued, subscribed and paid up share capital | ||||
367,346,939 (2023: 367,346,939) | ||||
ordinary shares of Rs 10 each | 3,673,469 | 3,673,469 | ||
Revenue reserve-un-appropriated profit | 26,966,615 | 25,500,900 | ||
TOTAL EQUITY | 30,640,084 | 29,174,369 | ||
NON-CURRENT LIABILITIES | ||||
Long term financing-secured | - | - | ||
Deferred Income | - | - | ||
- | - | |||
CURRENT LIABILITIES | ||||
Trade and other payables | 1,395,465 | 2,653,700 | ||
Accrued mark-up/profit | 606 | 1,439 | ||
Short term borrowings - secured | - | 123,281 | ||
Current portion of non-current liabilities | - | - | ||
Unclaimed dividend | 33,474 | 33,900 | ||
TOTAL LIABILITIES | 1,429,545 | 2,812,320 | ||
CONTINGENCIES AND COMMITMENTS | 5 | - | - | |
TOTAL EQUITY AND LIABILITIES | 32,069,629 | 31,986,689 | ||
The annexed notes form an integral part of these condensed interim financial statements.
CHIEF EXECUTIVE OFFICER | CHIEF FINANCIAL OFFICER |
06 | Nishat Chunian Power Limited |
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT SEPTEMBER 30, 2024 (UN-AUDITED)
Un-audited | Audited | ||
September 30, | June 30, | ||
Note | 2024 | 2024 | |
(Rupees in thousand) | |||
ASSETS | |||
NON-CURRENT ASSETS | |||
Property, plant and equipment | 6 | 8,937,881 | 9,120,118 |
Intangible assets | - | - | |
Long term loans to employees | - | - | |
Long term security deposits | 100 | 100 | |
8,937,981 | 9,120,218 |
CURRENT ASSETS | ||||
Stores and spares | 911,653 | 848,344 | ||
Inventories | 2,070,805 | 2,298,214 | ||
Trade debts | 7 | 13,423,063 | 13,170,211 | |
Loans, advances, deposits, prepayments | ||||
and other receivables | 2,080,108 | 1,872,427 | ||
Income tax receivable | 71,271 | 77,046 | ||
Short term investments | 4,399,027 | 2,883,975 | ||
Bank balances | 175,721 | 1,716,254 | ||
23,131,648 | 22,866,471 |
TOTAL ASSETS | 32,069,629 | 31,986,689 |
DIRECTOR
Nishat Chunian Power Limited | 07 |
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS
FOR THE QUARTER ENDED SEPTEMBER 30, 2024 (UN-AUDITED)
Quarter Ended | |||
September 30, September 30, | |||
Note | 2024 | 2023 | |
(Rupees in thousand) | |||
Revenue From Contract With Customer | 2,077,196 | 6,805,654 | |
Cost of sales | 8 | (694,553) | (5,266,389) |
Gross profit | 1,382,643 | 1,539,265 | |
Administrative expenses | (66,760) | (40,141) | |
Other expenses | (66,706) | (1,050) | |
Other operating income | 239,144 | 28,288 | |
Profit from operations | 1,488,321 | 1,526,362 | |
Finance cost | (903) | (140,719) | |
Profit before taxation | 1,487,418 | 1,385,643 | |
Taxation | (21,712) | (70) | |
Profit after taxation | 1,465,706 | 1,385,573 | |
Earnings per share - basic and diluted (Rupees) | 9 | 3.99 | 3.77 |
The annexed notes form an integral part of these condensed interim financial statements.
CHIEF EXECUTIVE OFFICER | CHIEF FINANCIAL OFFICER | DIRECTOR |
08 | Nishat Chunian Power Limited |
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE QUARTER ENDED SEPTEMBER 30, 2024 (UN-AUDITED)
Quarter Ended
September 30, September 30,
2024 2023 (Rupees in thousand)
Profit after taxation
Other comprehensive income for the period
Items that will not be reclassified to profit or loss
Items that may be reclassified subsequently to profit or loss
1,465,706
-
-
-
1,385,573
-
-
-
Total comprehensive income for the period | 1,465,706 | 1,385,573 |
The annexed notes form an integral part of these condensed interim financial statements.
CHIEF EXECUTIVE OFFICER | CHIEF FINANCIAL OFFICER | DIRECTOR |
Nishat Chunian Power Limited | 09 |
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