Pakgen Power : Transmission of Quarterly Report for the year ended June 30, 2023

HALF YEARLY REPORT FOR THE HALF YEAR ENDED JUNE 30, 2023

CONTENTS
Company Profile	02
Directors' Report	03
Directors' Report (Urdu)	05
Auditors' Report to the Members on Review of Condensed Interim
Financial Information	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 2023

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COMPANY PROFILE

THE COMPANY	Pakgen Power Limited ("the Company") was incorporated
	in Pakistan on 22 June 1995 under the repealed Companies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 365 MW in Mehmood Kot, Muzaffargarh,
	Punjab, Pakistan.
BOARD OF DIRECTORS	Mrs. Sadia Younas Mansha	Chairman
	Dr. Arif Bashir
	Mr. Samir Mustapha Chinoy
	Mr. Shahid Malik
	Mr. Ghazanfar Hussain Mirza
	Mr. Farrukh Ifzal
	Mr. Amir Mahmood
CHIEF EXECUTIVE OFFICER	Mian Hassan Mansha
AUDIT COMMITTEE	Mr. Farrukh Ifzal	Chairman
	Dr. Arif Bashir
	Mr. Shahid Malik
HUMAN RESOURCE &	Mr. Samir Mustapha Chinoy	Chairman
REMUNERATION(HR &R)	Mr. Hassan Mansha
COMMITTEE	Mr. Ghazanfar Hussain Mirza
CHIEF FINANCIAL OFFICER	Mr. Tanvir Khalid
COMPANY SECRETARY	Mr. Khalid Mahmood Chohan
BANKERS OF THE	Habib Bank Limited
COMPANY	The Bank of Punjab
	Silk Bank Limited
	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 Islamic Pakistan Limited
	Bank Al-Habib Limited
	Al Baraka Bank (Pakistan) 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: [phone]
	Fax: [phone]
HEAD OFFICE	1-B, Aziz Avenue, Gulberg-V,
	Lahore- Pakistan
	Tel: + 92 42-35717090-96
	Fax: [phone]
SHARE REGISTRAR	CDC Share Registrar Services Limited
	CDC House,99-B,Block-B, S.M.C.H.S
	Shahra-e-Faisal, Karachi - 74400
	Tel: [phone]
	Fax: [phone]
PLANT	Mehmood Kot, Muzaffargarh,
	Punjab - Pakistan.

PAKGEN POWER LIMITED

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DIRECTORS' REPORT

The Directors of Pakgen 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 141,230 MWh of electricity as compared with 821,210 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:

		HALF YEAR ENDED
Financial Highlights		30 June	30 June
		2023	2022
Revenue (Rs '000')	9,884,044	29,471,738
Gross profit (Rs '000')	3,453,538	1,365,911
After tax profit (Rs '000')	3,484,699	1,395,758
Earnings per share (Rs)	9.37	3.75

The Company has posted after tax profit of Rs.3,484.699 million as against Rs.1,395.758 million earned in the comparative period. The net profits of the Company demonstrated the Earning per Share of Rs.9.37 as against Rs.3.75 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.12.208 billion was receivable from CPPA-G.

COMPOSITION OF BOARD:

		Total number of Directors:
		(a)		Male		7
		(b)		Female:		1
		Composition:
		(i)		Independent Directors		2
		(ii)		Non-executive Directors		5
		(iii)		Executive Director (Chief Executive Officer)		1
COMMITTEES OF THE BOARD:
Audit Committee of the Board:
		Sr. #	Name of Members
	1		Mr. Farrukh Ifzal	(Member/ Chairman)
	2		Mr. Arif Bashir	(Member )
	3		Mr. Shahid Malik	(Member)

Half Yearly Report 2023

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