LALPIR POWER LIMITED HALF YEARLY REPORT FOR THE HALF YEAR ENDED JUNE 30, 2023
CONTENTS | |
Company Profile | 02 |
Directors' Report | 03 |
Directors' Report (Urdu) | 05 |
Independent Auditor's Review Report | 07 |
Condensed Interim Statement of Financial Position | 08 |
Condensed Interim Statement of Profit or Loss | |
and Other Comprehensive Income | 10 |
Condensed Interim Statement of Changes in Equity | 11 |
Condensed Interim Statement of Cash Flows | 12 |
Selected Notes to the Condense Interim Financial Statements | 13 |
HALF YEARLY REPORT
FOR THE HALF YEAR ENDED 30 JUNE 2023
1
COMPANY PROFILE
THE COMPANY | Lalpir Power Limited ("the | Company") was incorporated |
in Pakistan on 8 May 1994 under the repealed Companies | ||
Ordinance, 1984 (now the Companies Act, 2017). The | ||
registered office is situated at 53-A, Lawrence Road, Lahore. | ||
The principal activities of the Company are to own, operate | ||
and maintain an oil fired power station ("the Complex") having | ||
gross capacity of 362 MW in Mehmood Kot, Muzaffargarh, | ||
Punjab, Pakistan. | ||
BOARD OF DIRECTORS | Mian Hassan Mansha | Chairman |
Mr. Zaheer Ahmad Ghanghro | ||
Mr. Mahmood Akhtar | ||
Mr. Muhammad Azam | ||
Mr. Inayat Ullah Niazi | ||
Mrs. Hajra Arham | ||
Mr. Amir Mahmood | ||
CHIEF EXECUTIVE OFFICER | Mr. Mahmood Akhtar | |
AUDIT COMMITTEE | Mr. Zaheer Ahmad Ghanghro | Chairman |
Mr. Inayat Ullah Niazi | ||
Mrs. Hajra Arham | ||
HUMAN RESOURCE & | Mian Hassan Mansha | Chairperson |
REMUNERATION(HR &R) | Mrs. Hajra Arham | |
COMMITTEE | Mr. Inayat Ullah Niazi | |
CHIEF FINANCIAL OFFICER | Mr. Awais Majeed Khan | |
COMPANY SECRETARY | Mr. Khalid Mahmood Chohan | |
BANKERS OF THE COMPANY | Habib Bank Limited | |
The Bank of Punjab | ||
United Bank Limited | ||
Allied Bank Limited | ||
National Bank of Pakistan | ||
Bank Alfalah Limited | ||
Faysal Bank Limited | ||
Askari Bank Limited | ||
Habib Metropolitan Bank Limited | ||
MCB Bank Limited | ||
Bank Islami Pakistan Limited | ||
Standard Chartered Bank (Pakistan) Limited | ||
Al Baraka Bank (Pakistan) Limited | ||
Meezan Bank Limited | ||
Silk Bank Limited | ||
AUDITOR OF THE | Riaz Ahmad & Co. | |
COMPANY | Chartered Accountants | |
LEGAL ADVISOR OF | Mr. M. Aurangzeb Khan | |
THE COMPANY | Advocate High Court | |
REGISTERED OFFICE | 53-A, Lawrence Road, | |
Lahore-Pakistan | ||
UAN: +92 42-111-11-33-33 | ||
Fax: +92 42 36367414 | ||
HEAD OFFICE | 1-B, Aziz Avenue, Gulberg-V, | |
Lahore- Pakistan | ||
Tel: +92 42 35717090-96 | ||
Fax: +92 42 35717239 | ||
SHARE REGISTRAR | CDC Share Registrar Services Limited | |
CDC House,99-B,Block-B, S.M.C.H.S | ||
Shahra-e-Faisal, Karachi - 74400 | ||
Tel: (92-21)111-111-500 | ||
Fax: (92-21) 34326053 | ||
PLANT | Mehmood Kot, Muzaffargarh, | |
Punjab - Pakistan. |
2
DIRECTORS' REPORT
The Directors of Lalpir Power Limited ("the Company") are pleased to present their report together with the Condensed Interim Financial Information for the half year ended June 30, 2023.
We report that during the period under review power plant dispatched 106,159 MWh of electricity as compared with 545,686 MWh dispatched during the corresponding period of the previous financial year.
OPERATIONAL FINANCIAL RESULTS:
The financial results of the Company for period ended June 30, 2023 are as follows:
Financial Highlights | HALF YEAR ENDED | ||
30 June | 30 June | ||
2023 | 2022 | ||
Revenue (Rs '000') | 8,490,773 | 21,941,875 | |
Gross profit (Rs '000') | 2,545,749 | 1,542,213 | |
After tax profit (Rs '000') | 2,196,185 | 1,437,283 | |
Earnings per share (Rs) | 5.78 | 3.78 |
The Company has posted after tax profit of Rs. 2,196.185 million as against after tax profit Rs. 1,437.283 million earned in the comparative period. The net profits of the Company demonstrated the Earning per Share of Rs. 5.78 as against Rs.3.78 per share earned in the comparable previous period.
Our sole customer Central Power Purchasing Agency (Guarantee) Limited (CPPA-G) remains unable to meet its obligations in accordance with the Power Purchase Agreement (PPA) which are secured under a sovereign guarantee of Government of Pakistan. As on June 30, 2023, an amount of Rs.9.635 billion was receivable from CPPA-G.
COMPOSITION OF BOARD:
Total number of Directors: | ||||||
(a) | Male | 6 | ||||
(b) | Female: | 1 | ||||
Composition: | ||||||
(i) | Independent Directors | 2 | ||||
(ii) | Other Non-executive Directors | 4 | ||||
(iii) | Executive Directors | 1 | ||||
COMMITTEES OF THE BOARD: | ||||||
Audit Committee of the Board: | ||||||
Sr. # | Name of Members | |||||
1 | Mr. Zaheer Ahmad Ghanghro | (Member/Chairman) | ||||
2 | Mr. Inayat Ullah Niazi | (Member) | ||||
3 | Mrs. Hajra Arham | (Member) | ||||
Human Resource & Remuneration (HR&R) Committee: | ||||||
Sr. # | Name of Members | |||||
1. | Mian Hassan Mansha | (Member) | ||||
2. | Mrs. Hajra Arham | (Member/Chairperson) | ||||
3 | Mr. Inayat Ullah Niazi | (Member) |
HALF YEARLY REPORT
FOR THE HALF YEAR ENDED 30 JUNE 2023
3
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Lalpir Power Ltd. published this content on 29 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 August 2023 07:34:25 UTC.
