CORPORATE
BRIEFING SESSION
2023
BRIEF HISTORY OF NCPL
2007
- INCORPORATION
- TARIFF DETERMINED BY NEPRA
- EPC, IA & PPA EXECUTED
STARTED IN-HOUSE | ||
- FINANCIAL | OPERATIONS AND | |
MAINTENANCE | ||
CLOSING | ||
GUARANTEE BY | 2009 | |
GOP | LISTED ON | |
STOCK | 2015 | |
EXCHANGE |
FIRST YEAR OF | 2020 | |
COMPLETED | ||
PROFITABLE | ||
STARTED | OPERATIONS | TENURE OF |
DEBT | ||
COMMERCIAL | ||
COMPONENT | ||
OPERATIONS | IN CAPACITY | |
TARIFF |
2021
SIGNED MASTER & PPA AMENDMENT AGREEMENT
2011
NCPL Technology
Gross Capacity | 200.00 MW |
Net Capacity | 195.722 MW |
Number of Wartsila Finland 18V46 Engines | 11 |
Number of PB Steam Turbine | 1 |
Gross Capacity - Engine | 16.9 MW |
Gross Capacity - Steam Turbine | 14.0 MW |
Engine Type | W18V46C |
Generator Type | Converteam/ABB |
Rated Voltage - Generator | 15kV |
Primary Fuel | Residual Furnace Oil (RFO) |
Back Up Fuel | High Speed Diesel |
Financial Highlights
Financials
Description | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
PKR in Millions | |||||||||||
Revenue | 25,416 | 11,643 | 13,023 | 15,021 | 16,594 | ||||||
18,221 | |||||||||||
EBITDA | 5,592 | 4,334 | 4,301 | 7,379 | 5,941 | 5,522 | |||||
Net Profit | 3,956 | 2,503 | 2,509 | 4,606 | 3,417 | 3,406 | |||||
Earnings
Description | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
EPS (PKR/Share) | 10.77 | 6.82 | 6.83 | 12.54 | 9.30 | 9.27 |
Cash Dividend (PKR/Share) | - | 10 | - | - | 2.00 | 1.00 |
Dividend Payout | - | 147% | - | - | 22% | 11% |
Dividend Yield | - | 67.37% | - | - | 8.89% | 2.97% |
Year at a Glance
Financials
Description
20232022
PKR in Millions
Receivable from Power Purchaser | 13,747 | 13,718 |
Short term Borrowings | 975 | 10,852 |
Inventory | 809 | 2,254 |
Operations
Description
2023
2022
Electricity units dispatched | 386 GWH | 882 GWH |
Capacity Factor | 22.52% | 51.47% |
Plant Availability | 91.40% | 91.54% |
Number of Employees | 149 | 153 |
Tariff Comparison
Capacity Tariff Before And After Debt Component
3.5 | |
3 | |
PKR/KwH | 2.5 |
2 | |
1.5 |
1
0.5
0
Tariff : 3.268
1.7436
0.1990
0.7957
0.1068
0.4234
Tariff : 2.255
0 0.3207
0.8252
0.2641
0.7979
2019-2020 | 2022-2023 |
(with Debt Component) | (without Debt Component) |
Fixed O&M | Insurance | ROE & ROEDC | Working Capital Cost Debt Component |
Receivables - June 2023 v June 2022
70.00%
8.43 bln
60.00%
50.00%
40.00%
4.3 bln | Jun-23 - 12.84 bln | |||||||
3.9 bln | ||||||||
30.00% | Jun-22 - 13.45 bln | |||||||
2.84 bln | 2.7 bln | |||||||
20.00% | ||||||||
2.16 bln | ||||||||
10.00% | 0.85 bln | 1.01 bln | ||||||
0.00% | 0.0% | 0.0% | ||||||
Not due | 0-30 | 31-90 | 91-180 | 181-365 | 1 to 2 years | Above 2 years | ||
*Includes billed receivables only.
Dividend History NCPL
- Since its first year of profitable operations in 2011, NCPL has distributed dividends equivalent to 487.5% (Rs. 17.9 bln) of the total share capital over the span of 12 years, which roughly translates to an average yearly dividend pay out of 40% which is a healthy pay out to the shareholders.
- In the year ended June 30, 2022, 100% dividend was paid by the company.
- Circular debt in Pakistan, with a particular focus on Independent Power Producers (IPPs), is a persistent and complex issue that has plagued the country's energy sector for many years. As on 20-Oct 2023, outstanding receivables amounted to Rs. 14.51 bln, which is an alarming figure and increasing every passing day.
- Nonetheless, in the year 2023, the economic downturn and recession had a profound impact. Escalating interest rate introduced considerable uncertainty regarding the overall future prospects, particularly within the power sector. The interest rates during the year 2023 are at all time high, with the interest rates reaching up to 26%.
- It is a policy of the Board of Directors to avoid highly expensive financing up to the maximum extent, pursuant to that policy the announcement of dividends for the year 2023 was deferred for a shorter period of time.
- Further, keeping in view the above-stated factors, the economic situation and the negative impact it had on the ability of the power purchaser to timely pay off the debt, the directors of the company in order to protect the interest of the shareholders decided not to announce dividend for the year 2023.
- Looking further, keeping close watch on the economic conditions, changes observed and the various initiatives by the government to control transmission losses and improve recoverability, our directors are of the view that the economic conditions of the country are on the track towards improvement, and they hope to continue their past practice of healthy dividend payouts.
RFO Generation in the country
40,000 | 50.00% | ||||||
37,108 | 47.08% | ||||||
45.00% | |||||||
35,000 | |||||||
40.00% | |||||||
30,000 | |||||||
28,159 | 35.00% | ||||||
25,000 | |||||||
30.60% | 30.00% | ||||||
20,000 | 25.00% | ||||||
17,092 | |||||||
15,000 | 13,826 | 20.00% | |||||
18.36% | |||||||
15.47% | 10,596 | 15.00% | |||||
10,000 | |||||||
7,909 | 11.96% | ||||||
10.00% | |||||||
9.79% | |||||||
5,000 | |||||||
5.00% | |||||||
- | 0.00% | ||||||
2016-17 | 2017-18 | 2018-19 | 2019-20 | 2020-21 | 2021-22 | ||
RFO Generation (GWH) | Percentage of RFO in total thermal generation | Source: NEPRA's State of Industry Report | |||||
*State of industry report for 2023 is yet to be published by NEPRA.
Circular Debt - Transmission, Distribution and Recovery Losses
2021-2022 | 2.62% |
2020-2021 | 2.78% |
2019-2020 | 2.76% |
2018-2019 | 2.83% |
2017-20182.43%
0.00%
17.13% | 9.49% | |||||||||||||
17.95% | 2.70% | |||||||||||||
18.86% | 11.23% | |||||||||||||
17.61% | 9.75% | |||||||||||||
18.32% | 12.29% | |||||||||||||
5.00% | 10.00% | 15.00% | 20.00% | 25.00% | 30.00% | 35.00% | ||||||||
Transmission loss | Distribution Losses | Recovery Loss | Source: NEPRA's State of Industry Report | |||||||||||
*State of industry report for 2023 is yet to be published by NEPRA.
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Nishat Chunian Power Ltd. published this content on 23 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 October 2023 10:29:40 UTC.