SAIF POWER LIMITED
A Saif Group Company
Annual Report
2024
Financials at a Glance
2024 | 2023 | ||||
Rs. Million | |||||
Turnover | 9,671 | 19,044 | |||
Gross profit | 2,921 | 2,798 | |||
Financial cost - net | 1,269 | 2,279 | |||
Net Profit | 133 | 336 | |||
Shareholders Equity | 11,231 | 12,166 | |||
Rs. | |||||
1.25 | |||||
Dividend per share | 4.29 | ||||
Table of Contents
02
03
04
05
06
07
09
24
25
27
28
32
76
79
82
84
Basic Corporate Profile
Vision & Mission
Core Values
Corporate Social Responsibility (CSR)
Operational Analysis
Chairman's Review Report
Report of the Board of Directors to Shareholders
Gender Pay Gap Statement
Statement of Compliance with Code of Corporate Governance
Independent Auditors' Review Report on Statement of Compliance Independent Auditors' Report to the Members on Financial Statements Financial Statements
Pattern of Shareholding
Notice of Annual General Meeting
Proxy Form
Electronic Transmission Consent Form
Annual Report 2024 1
Basic Corporate Profile
Board of Directors | Registered/ Head Office | |
Mr. Javed Saifullah Khan | Chairman | 1st Floor, Kashmir Commercial Complex, |
Mr. Osman Saifullah Khan | Director | Fazal-ul-Haq Road Block E, Blue Area, |
Mr. Humayun Saifullah Khan | Director | Islamabad, Pakistan. |
Mr. Assad Saifullah Khan | Director | Tel: +92-51-2271378-83 |
Mr. Asif Saifullah Khan | Director | Fax: +92-51-2277670 |
Miss. Saima Akbar Khattak | Independent Director | Email: info.spl@saifgroup.com |
Mr. Rashid Ibrahim | Independent Director |
Audit Committee | Plant Location | |
Chak 56/5L, Qadarabad, | ||
Mr. Rashid Ibrahim | Chairman | Multan Road, District Sahiwal, |
Mr. Osman Saifullah Khan | Member | Punjab, Pakistan. |
Mr. Asif Saifullah Khan | Member |
Human Resource and Remuneration | Website | |
http://www.saifpower.com | ||
Committee | Share Registrar | |
Miss. Saima Akbar Khattak | Chairperson | |
Mr. Humayun Saifullah Khan | Member | THK Associates (Private) Ltd. |
Mr. Assad Saifullah Khan | Member | Plot No. 32-C, Jami Commercial |
Street 2, DHA Phase VII, Karachi. | ||
Management | Tel: +92-21- 111 000 322, | |
Mr. Sohail H. Hydari | Email: sfc@thk.com.pk | |
Chief Executive Officer | Banks & Financial Institutions | |
Mr. Muhammad Shakeel | ||
Allied Bank Limited | ||
Chief Financial Officer | Askari Bank Limited | |
Mr. Ghias Ul Hassan | Bank Alfalah Limited | |
Bank Islami Pakistan Limited | ||
GM Power Plant | Dubai Islamic Bank Limited | |
Mr. Waseemullah | Faysal Bank Limited | |
First Habib Modaraba | ||
Company Secretary | Habib Bank Limited | |
Mr. Muhammad Awais Bakhtiyar | Habib Metropolitan Bank Limited | |
Meezan Bank Limited | ||
Head of Internal Audit | National Bank of Pakistan | |
Samba Bank Limited | ||
Auditors | Soneri Bank Limited | |
Grant Thornton Anjum Rahman | Bank Makramah Limited (formaly Summit Bank) | |
302 B, 3rd Floor, Evacuee Trust Complex, | The Bank of Punjab | |
Aga Khan Road, F-5/1, Islamabad, Pakistan. | United Bank Limited |
Tel: +92 51 2271906, Fax: +92 51 2273874
Legal Advisors
Mr. Muhammad Naeem Amer (MNA) Rehan
Advocate High Court
SPL 2
Vision
Let us light homes whatever it takes
And let us be an efficient, flexible but also a humble resource
within the power generation industry
Mission
Be looked up as an honest and reliable supplier
Strive to perform at our best under a professional, effective,
transparent and cordial corporate culture
Add value to stakeholders' interests
Annual Report 2024 3
Sharing & Team Work
Core Values
It is our objective to ensure that we:
Ethics
Adhere to high ethical standards and transparency in the conduct of our business
Take ownership of our actions
Give top most priority to Company's image and integrity as a legal entity
Do not allow our directors or employees to be placed in a situation of conflict of interest
People
Encourage and promote open communication and free enterprise
Give attention to the health, safety and well being of our employees and provide a safe and secure environment
Inculcate team work and sharing
Quality, Compliance and Business Excellence
Strive to bring excellence within our performances and scope of work while observing all applicable laws
Never trespass or deviate from our approved operational and financial systems Concentrate fully on maximizing shareholders' returns through good governance and through proper application of all management functions
SPL 4
Corporate Social Responsibility (CSR)
CSR is a relationship with all of our stakeholders.
Our Employment Practices ensure competitive salaries and wages along with benefits including healthcare. All of our employees are entitled to OPD and hospital beds at Kulsum International Hospital (run by Saif Group) at nominal rates.
Along with General Electric, USA who are our O&M Contractors, the company provides highest standards of occupational health and safety all around our plant premises.
We are committed to the community around us and, therefore, we comply with all applicable regulations in this area. Every year, young boys with relevant qualifications from our neighbourhood community get internships which serve as a platform for them considering the fact they are able to work along GE experienced personnel and, under the guidance of our own senior management.
Besides the above, the owner/directors provide substantial services in their own local areas as follows:
Saifullah Foundation for Sustainable Development (SFSD) was established as an independent non-political, non-profit NGO registered under Khyber Pakhtunkhwa Social Welfare Agencies (Registration and Control Ordinance, 1961). Begum Kulsum Saifullah Khan (Hilal-e-Imtiaz), the founding Chairperson, was the inspiration behind its establishment. SFSD manages;
Saifullah Khan Trust
Akbar Kare Institute
SAIFULLAH KHAN TRUST (SKT)
SKT focuses on promotion of skill based education and, financial help to bright students in the shape of stipends. Around 300 students receive stipends each year. FM - 88 radio station was set up in 2004 in Lakki District for awareness oriented program and for entertainment. Both of these objectives are being achieved and FM 88 has gained huge popularity. Clean water facility has been provided to the village of Lawang Khel with a population of 2000 people. Earlier these villagers did not have access to clean drinking water despite an existing water supply scheme which had not functioned for 10 years.
AKBAR KARE INSTITUTE (AKI)
AKI is a therapy centre for all children of Khyber Pakhtunkhwa (K.P.K), Pakistan who have Motor Developmental Delay primarily due to Cerebral Palsy. Cerebral palsy is a disorder of movement, muscle tone or posture that is caused by injury or abnormal development in the immature brain, most often before birth.
As often happens with innovative new projects in the developing world, AKI was inspired by the personal experiences of one woman and her family. Costs and expenses have been met by the founding family through their organization, the Saifullah Foundation for Sustainable Development (SFSD). All services, aids, and referrals are free and no expense is passed onto the client families.
Annual Report 2024 5
Operational Analysis
Comparison of Plant Operation For Year 2024 & 2023
Parameters | Units | 2024 | 2023 |
Plant Operation Hours on Gas Fuel | Hrs. | 1,165 | 3,653 |
Plant Operation Hours on HSD Fuel | Hrs. | - | - |
Utilization Factor | % | 9 | 29 |
Load Factor | % | 9 | 29 |
Complex Reliability Factor | % | 100 | 100 |
Complex Start up Reliability Factor | % | 100 | 98 |
Generation on HSD | MWH | - | - |
Generation on Gas | MWH | 147,542 | 440,208 |
Net Generation | MWH | 147,542 | 440,208 |
Period Hours | Hrs. | 8,784 | 8,760 |
Service Hours | Hrs. | 1,165 | 3,653 |
Standby Hours | Hrs. | 7,139 | 3,763 |
Available Hours | Hrs. | 8,304 | 7,416 |
Planned Outage Hours | Hrs. | 480 | 1,344 |
Unplanned Outage Hours | Hrs. | 26 | 2 |
Total Outage Hours | Hrs. | 506 | 1,346 |
Availability Factor | % | 94 | 85 |
SPL 6
Chairman's Review Report
Dear Shareholders
I am pleased to present the Annual Report of your Company for the financial year ended December 31, 2024.
Net Profit of your Company for the year ended December 31, 2024 stands at Rs. 133.34 million. During the year, under the amendment agreement, the Energy Task Force (constituted by the Prime Minister of Pakistan) arranged that the late payment interest amounting to Rs. 1,360.17 million be waived. The Company agreed to waive one time late payment interest verified till October 31, 2024 and the same has been charged to profit and loss account for the year. Details of financial, operational performance and other information have been described in detail in Directors' Report to the shareholders.
The Board has put in place mechanism for annual evaluation of the performance of the Board of Directors. Accordingly, the Board has completed its annual self-evaluation for the year 2024 and I am pleased to report that the overall performance has remained satisfactory. The Board and its committees consist of members possessing extensive experience and diverse knowledge. This composition fosters an efficient decision- making process, ensures the establishment of appropriate policies that elevate professional standards and corporate values, and aids in shaping the Company's vision
The Board reviews the quality and appropriateness of financial statements of the Company; reporting and transparency of disclosures; Company's accounting policies; corporate objective plans and, other reports.
On behalf of the Board, I would like to place on record appreciation for the continued support of lender banks, suppliers, contractors, regulatory authorities, various government functionaries and acknowledge with thanks the contributions made by the management and employees. At the same time, I would also like to acknowledge the trust shown by our shareholders in the Company.
April 04, 2025 | Javed Saifullah Khan |
Islamabad | Chairman |
Annual Report 2024 7
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،زرﮉﻟﻮᕼ ᣂﯿﺷ مᣂﺤﻣ | ||||||||||||||||||||||
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۔ᤊ ᤦر ﻮᕼ ᣒﻮﺧ ᤍﻮᕼ ᤍﺮﮐ ﺶᛴﭘ ٹرﻮᗙر ﮧﻧﻻﺎﺳ ᣜ لﺎﺳ ᣠﺎﻣ ᤛاو ᤍﻮᕼ ﻢﺘﺧ ﻮﮐ 2024 ᣂﻤﺳدᢔ | 31 ᣜ ᣎﭙﻤᜇ ᣜ پآ ភﮭﺠﻣ | |||||||||||||||||||||
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،نارود لﺎﺳ ۔ᤊ ᤍور ᣌﻠﻣ 133.34 ﻊﻓﺎﻨﻣ ﺺﻟﺎﺧ ﺎᜇ ᣎﭙﻤᜇ ᣜ پآ ᣰﻟ لﺎﺳ ᤛاو ᤍﻮᕼ ﻢﺘﺧ ﻮﮐ 2024 ᣂﻤﺳد 31 | ||||||||||||||||||||||
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ﺎᘮﮐ مﺎﻤﺘᕼا ﺎᜇ تﺎᗷ سا ᣯ (ᣎﮔ ید ﻞᘮﮑﺸᘻ ᣳ فﺮﻃ ᣜ نﺎﺘﺴᜯﺎᗺ ﻢﻈﻋاﺮᗬزو) سرﻮﻓ ﮏﺳﺎﭨ ᣐﺮﻧاᢔ ،ﺖﺤﺗ ےﺪﮨﺎﻌﻣ ᣥᘮﻣﺮﺗ | ||||||||||||||||||||||
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ﮏᘍا ەﺪﺷ ﻖﯾﺪﺼﺗ ﮏﺗ 2024 ﺮᗖᖔﺘᜯا 31 ᣯ ᣎﭙﻤᜇ ۔ᣌﺋﺎﺟ ᣰﮐ فﺎﻌﻣ ᤍور ᣌﻠﻣ 1,360.17 ﻢﻗر ᣜدﻮﺳ ᣞᘮﺋادا ᣳ ﺮﯾد ﮧﮐ | ||||||||||||||||||||||
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ﺎᘮﮔﺎᘮﮐ جرﺎﭼ ᣌﻣ ﭧﻧؤﺎا نﺎﺼﻘﻧ روا ﻊﻓﺎﻨﻣ ᣰﻟ لﺎﺳ ᣒا روا ﺎᘮﮐ قﺎﻔﺗا ﺮﭘ ᤍﺮﮐ فﺎﻌﻣ ﻮﮐ دﻮﺳ ᣞᘮﺋادا ᣳ ᣂﺧﺎﺗ رﺎᗷ | ||||||||||||||||||||||
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ᣜ نﺎᘮﺑ ᣳ ﻞᘮﺼﻔﺗ ᣌﻣ ٹرﻮᗙر ᣜزᣂﮑᗬᖁﺋاڈ ﻮﮐزرﮉﻟﻮᕼ ᣂﯿﺷ تﻼᘮﺼﻔﺗ ᣜ تﺎﻣﻮﻠﻌﻣ ﺮﮕᘍد روا ᣜدﺮﮐرﺎᜇ ﻞﻨﺸᚲᖁﭘآ ،ᣠﺎﻣ ۔ᤊ | ||||||||||||||||||||||
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۔ᣌﮨ ᣎﮔ | ||||||||||||||||||||||
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ᣯ ڈرﻮﺑ ،ᣳ ﺖᛞﺳﺎﻨﻣ ᣒا ۔ᤊ ﺎᘮﮐ ﻊﺿو رﺎᜇ ﮧﻘᗬᖁﻃ ﮏᘍا ᣰﻟ ᤎﯿﻟ ەﺰﺋﺎﺟ ﮧﻧﻻﺎﺳ ﺎᜇ ᣜدﺮﮐرﺎᜇ ᣜزᣂﮑᗬᖁﺋاڈ فآ ڈرﻮﺑ ᣯ ڈرﻮﺑ | ||||||||||||||||||||||
ᤨ | ᡫ | | ᡨ | ᢕ | ᡧ | |||||||||||||||||
ᣘﻮﻤﺠﻣ ﮧﮐ ᤊ ᤦر ﻮᕼ ᣒﻮﺧ ᤍﻮᕼ ᣯﺎﺘﺑ ﮧﯾ ភﮭﺠﻣ روا ᤊ ᣠ ﺮﮐ ﻞﻤﻣ ﺺᘮﺨﺸᘻ دﻮﺧ ﮧﻧﻻﺎﺳ ᣎﭘا ᣰﻟ 2024 لﺎﺳ | ||||||||||||||||||||||
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ﮧﯾ ۔ᣌﮨ ﻞﻤﺘﺸﻣ ﺮﭘ ᣌᜯارا ﻞﻣﺎﺣ ﻢﻠﻋ عᖔﻨﺘﻣ روا ᤍﺮﺠﺗ ﻊﯿﺳو ںﺎᘮᙯﯿﻤᜇ ᣜ سا روا ڈرﻮﺑ ۔ᤊ ᤦر ﺶﺨᗷ ᣢﺴᘻ ᣜدﺮﮐرﺎᜇ | ||||||||||||||||||||||
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ﮧﻧارو ﮧﺸᛴﭘ ﻮﺟ ᤊ ᣍﺎﻨﺑ ᣎﯿﻘᘍ ﻮﮐ مﺎᘮﻗ ںﻮﯿﺴᛴﻟﺎᗺ ﺐﺳﺎﻨﻣ ،ᤊ ᣎﯾد غوﺮﻓ ﻮﮐ ﻞﻤﻋ یزﺎﺳ ﮧﻠﺼᘮﻓ ﺮﺛﻮﻣ ﮏᘍا ﺐᘮﮐﺮﺗ | ||||||||||||||||||||||
ᤨ | ᡨ | ᡧ | ᤨᡧ | ᡨ | ||||||||||||||||||
۔ᣌﮨ ᣍﻮᕼ نوﺎﻌﻣ ᣌﻣ ᤎﯾد ﻞᘮﮑﺸᘻ ﻮﮐ نژو ᣎﭙﻤᜇروا ،ᣌﮨ ᣍﺮﮐ ﺪﻨﻠᗷ ﻮﮐراﺪﻗا ﭧᗬرﻮᗙرﺎᜇروا تارﺎᘮﻌﻣ | ||||||||||||||||||||||
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ﮓﻨᙯﻧؤﺎا ᣜ ᣎﭙﻤᜇ ؛ﺖᘮﻓﺎﻔﺷ ᣜ تﺎﻓﺎﺸﮑﻧا روا ﮓﻨﭨرﻮᗙر ۔ᤊ ﺎﺘﯿﻟ ەﺰﺋﺎﺟ ﺎᜇ ﺖᘮᙫﺳﺎﻨﻣ روا رﺎᘮﻌﻣ تﺎﻧﺎᘮﺑ ᣠﺎﻣ ᣎﭙﻤᜇڈرﻮﺑ | ||||||||||||||||||||||
ᤨ | ۔ﺲᘾرﻮᗙر ﺮﮕᘍد روا ᤍﻮﺼﻨﻣ یﺪﺼﻘﻣ ﭧᗬرﻮᗙرﺎᜇ ؛ںﺎᘮﺴᛴﻟﺎᗺ | |||||||||||||||||||||
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ᣜ ںورﺎᝫﻠﮨا یرﺎᜇᣃ ﻒﻠﺘﺨﻣ ،ᣂﭨرﺎﮭﺗا یᣂﯿﻟﻮﮕᗬر ،ںوراﺪᘮﮑᘮﮭﭨ ، زﺮﺋﻼᘛﺳ ،ںﻮﮑﻨᚑﺑ ᤛاو ᤎﯾد ضﺮﻗ ᣌﻣ ،ᣳ ﺐﻧﺎﺟ ᣜڈرﻮﺑ | ||||||||||||||||||||||
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ﮧᗬᖁﮑﺷ ﺎᜇ نوﺎﻌﺗ ᣰﮔ ᣰﮐ ᣳ ﺐﻧﺎﺟ ᣜ ᣌﻣزﻼﻣ روا ﮧﯿﻣﺎﻈﺘﻧا روا ںﻮᕼ ﺎﺘᕼﺎﭼ ﺎﻧﺮﮐ ﻒᗬᖁﻌﺗ ﺮﭘ ڈرﺎᗬر ᣰﻟ ﺖᘍﺎﻤﺣ ﻞﺴﻠﺴﻣ | ||||||||||||||||||||||
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ﻮﮐدﺎﻤﺘﻋا ᣰﮔ ᣯﺎﮭﮐد ᣳ فﺮﻃ ᣜزرﮉﻟﻮᕼ ᣂﯿﺷ នرﺎﻤᕼ ᣌﻣ ᣎﭙﻤᜇ ᣌﻣ ،ﮫﺗﺎﺳ ﮫﺗﺎﺳ سا ۔ںﻮᕼ ﺎﺘᕼﺎﭼ ﺎﻧﺮﮐ فاᣂﻋا ﮫﺗﺎﺳ | ||||||||||||||||||||||
ᢕ | ᢕ | ۔ ںﻮᕼ | ᡨ | ﻢᘮﻠﺴᘻ ᣪﺑ | ||||||||||||||||||
ﺮﮐ | ||||||||||||||||||||||
نﺎﺧ ﷲ ﻒᘮﺳ ﺪᗬوﺎﺟ | ||||||||||||||||||||||
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- 2025 ﻞᗬᖁﭘا 04 :دﺎᗷآ مﻼﺳا
SPL 8
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