Kot Addu Power Company Limited (KAPCO) reported earnings per share of PKR 2.88 for FY25, compared to PKR 4.90 in FY24. Furthermore, in 1QFY26, the company reported earnings per share of PKR 0.01, compared to earnings per share of PKR 1.32 in the same period last year (SPLY).
Currently, the TPPA remains suspended due to certain regulatory issues however, the company has filed a review petition with NEPRA, and management is optimistic of a favorable outcome in the coming months. If approved, the KAPCO plant will be re inducted into the National PAR System for the next three years.
The company’s ROE remains firm at up to 25% of the load factor, while any additional return will depend on the dispatch factor. Moreover, any savings in O&M costs will be shared equally (50:50) between the company and the power purchaser. The company’s ROE in absolute terms stands at around 12–13% KAPCO and Fauji Foundation have jointly submitted a bid to acquire Pharaon Investment Group’s 84.06% stake in Attock Cement Pakistan Limited (ACPL).
If successful, each JV partner will acquire a 42.03% shareholding in ACPL’s issued and paid-up capital. Regarding the sale of the turbine, approximately 47% of the revenue has already been recognized in 1QFY25 accounts, with the transaction expected to be completed by February 2026. The buyer is currently in the process of lifting scrap from the site. The management has no immediate plans to sell the colony land.
Important Disclosures
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