N I S H A T
NPL-PSX/ November 24, 2025
The General Manager,
Pakistan Stock Exchange Ltd (PSX), Stock Exchange Building,
Stock Exchange Road, KARACHI.
Subject: Holding of Corporate Briefing Session of Nishat Power Ltd. FY 2025 in Compliance with the requirements of Clause 5.7.3 of the Rule Book
Submission of Presentation for CBS 2025
Dear Sir,
In continuation of our letter No. NPL-PSX/ dated November 20, 2025 for holding of Corporate Briefing Session (CBS) of Nishat Power Limited ("the Company") on November 25, 2025 at 10:30 a.m. through Zoom, we are pleased to submit herewith Presentation for the said CBS for information of all concerned.
You may please circulate the same to all concerned. Yours' sincerely,J
Khalid MJmood 'ehan
Company Secret
Head Office % : 1-B, Aziz Avenue, Canal Bank, Gulberg V, Lahore.U^: +92-42-35717090-96, 35717159-63 : *92-42-35717239 O https://www.nishatpowcr.com nishat(iijnishatpowcr.com
NISHAT POWER LIMITEDPresentation for the Board
FY 2025
NISHAT POWER LIMITED Corporate Briefing SessionFY 2025
4 Task Force Negotiations
Following discussions with IPPs, the Prime Minister's Task Force led to the Company's Board approving an Amendment Agreement on 4 Dec 2024, converting the tariff to a Hybrid Take-and-Pay model effective 1 Nov 2024
NPL CBS - FY 2025
3 Amended Master & PPA Agreement
In FY 2021, NTDC transferred all PPA rights and obligations to CPPA-G via a Novation Agreement, and the Company also extended the Agreement Year by 68 days to 15 Aug 2021 through a PPA Amendment.
2 Commercial Operations Date
The Company successfully achieved COD in 2010, marking the start of reliable power generation and delivery to the grid
1 Incorporation Year
2007
Under 2002 Power
Policy
About the Company
NPL CBS - FY 2025
Core Business Power generation through a 200MW RFO Power Plant
Key Technologies
RFO Based Combined Cycle Thermal Power Plant
Location
66 KM Multan Road,
Tehsil Pattoki,
Vision
Enlighten the future through excellence, commitment, integrity and honesty
Operational Aspects
25 Year PPA ending in FY 35
Environmental Considerations
The plant is equipped with advanced emission-control technology to ensure cleaner and compliant operations
Significant Developments (1/2)
NPL CBS - FY 2025
During the year ended June 30, 2025, Prime Minister-constituted Task Force engaged with Independent Power Producers, including the Company, to revise the Power Purchase Agreement, Implementation Agreement, and existing tariff.
The following changes were agreed and implemented;
From FY 2026 onwards, the insurance premium shall be capped at 0.9% of the EPC
01ROE and ROEDC
02components are now structured under a hybrid 'take-and-pay' model, with 35% fixed and 65% variable
03Working capital cost has been rebased on inventory levels, receivables, and pricing
Agreement Effective From
1st November 2024
Should the PKR depreciate, USD-linked foreign O&M indexation will be
04 capped at 70%
05Local O&M indexation is capped at lower of 5% or actual NCPI
06O&M Components
remain majorly unchanged
Implications (2/2)
NPL CBS - FY 2025
Profit Sharing
Receivables Payment
DP Rate Reduction
Maintenance Reserve
Prior years' profits shared with
CPPA until FY 2023
Payment of outstanding receivables
DP rate reduced from K+4.5% to K+1% without compounding
The Company created a maintenance reserve in the financial statements
Arbitration Withdrawal
DP Waiver
Revocation of Arbitration Clause
Power Market
Participation
GOP will unconditionally withdraw Arbitration under ASA
Waiver of outstanding and accrued
DP until October 31, 2024
LCIA Arbitration clause revoked, replaced with Islamabad seated Arbitration
Participation in the Power Market at the discretion of the Power Purchaser, in consultation of company
CBS - FY 2025
Financial Performance NPLParticulars
Year ended June 30 | Variance | ||
2025 | 2024 | Amount | % |
MWH | |||
Electricity Dispatached | 86,664 | 453,692 | (367,028) | (81%) | |
Capacity Factor - % | 5.07% | 26.45% | (21.4%) | (81%) | |
Rs. in thousand | % |
Net turnover | 7,057,714 | 22,505,489 | (15,447,775) | (69%) | ||
Cost of sales | (4,399,559) | (17,365,234) | 12,965,675 | (75%) | ||
Gross profit | 2,658,155 | 5,140,255 | (2,482,100) | (48%) | ||
Administrative expenses | (543,637) | (482,393) | (61,244) | 13% | ||
Other expenses | (67,445) | (9,068) | (58,377) | 644% | ||
(611,082) | (491,461) | (119,621) | 24% | |||
Operating profit | 2,047,073 | 4,648,794 | (2,601,721) | (56%) | ||
Other income | 1,471,099 | 1,078,822 | 392,277 | 36% | ||
Finance costs | (43,411) | (33,643) | (9,768) | 29% | ||
Adjustments To Balance Payable By CPPA-G | (3,850,458) | - | (3,850,458) | 100% | ||
(2,422,770) | 1,045,179 | (3,467,949) | (332%) | |||
(Loss) / Profit before tax | (375,697) | 5,693,973 | (6,069,670) | (107%) | ||
Taxation | (371,085) | (304,399) | (66,686) | 22% | ||
(Loss) / Profit after tax | (746,782) | 5,389,574 | (6,136,356) | (114%) | ||
(LPS) / EPS - Rs. | (2.11) | 15.22 | (17.33) | (114%) | ||
EPS - Rs. (Without Balance Payable Adjustment) | 8.77 | 15.22 | (6.46) | (42%) |
Financial Position
NPL CBS - FY 2025
FY 2025 | FY 2024 | Variance | ||
Particulars | Rs. in million | % | ||
Share Capital And Reserves | ||||
Share Capital Capital Reserve
Maintenance Overhaul
Retained Earnings
3,541 | 3,541 | - | 0.0% |
- | - | - | |
-3,722 | 2,114 - | (2,114) 3,722 | 76.1% |
20,712 | 26,962 | (6,250) | (23.2%) |
27,975 32,617 (4,642) (14.2%)
Liabilities
Trade Payables & Others Short term borrowings
455 | 2,320 | (1,865) | (80.4%) |
720 | 2,960 | (2,240) | (75.7%) |
1,175 5,280 (4,105) (77.7%)
Total Equity & Liabilities 29,150 37,897 (8,746) (23.1%)
Assets
Non-Current Assets
Fixed Assets
Loans to employees
7,621 | 8,281 | (660) | (8.0%) |
7 | 7 | (0) | (0.6%) |
7,628 8,288 (660) (8.0%)
Current Assets
Stores Inventory Trade Debts
Advances and Others Short term investments Cash and Bank
803 | 828 | (26) | (3.1%) |
811 | 2,559 | (1,748) | (68.3%) |
1,662 | 14,426 | (12,764) | (88.5%) |
27 | 1,235 | (1,207) | (97.8%) |
18,107 113 | 4,265 6,297 | 13,842 (6,183) | 72.5% |
21,522 29,609 (8,086) (27.3%)
Total Assets 29,150 37,897 (8,746) (23.1%)
NPL CBS - FY 2025
Line Losses Data
NPL CBS - FY 2025
2023-2024
2.52%
18.26%
7.56%
2022-2023
2.42%
16.77%
6.61%
2021-2022
2.62%
17.14%
9.49%
2020-2021
2.78%
17.96%
2.70%
2019-2020
2.76%
18.86%
11.23%
0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00%
Future Outlook
NPL CBS - FY 2025
Thank You