Quaid-e-Azam Solar Power Ltd shares Rs1.5bn dividend with Punjab govt

LAHORE: The Quaid-e-Azam Solar Power Limited (QASPL) has approved Rs1.5 billion dividend for the Punjab government in order to assist and tackle the ongoing economic crunch and further the government’s vision to provide relief to the general public.

The Board of Directors of QASPL took the decision in its 78th board meeting that was chaired by Chairman Zaheer Ahmed Ghangro and attended by Secretary Energy Department Ajmal Bhatti and Chief Executive Officer QASPL Muhammad Badar-ul-Munir, Prof Dr Sohail Qureshi and Kh Khawar Rashid.

The Quaid-e-Azam Solar Power (Pvt) Limited of the Punjab Energy Department was incorporated on 16th September 2013. It had earlier paid dividends to the Punjab government worth Rs2.7 billion out of its profits.

The QASPL has set up a 100MW solar power plant at Laal Suhanra, Bahawalpur, and injected over 1,100 GWh (1.2 billion units) into the national grid earning sales revenue of Rs23.844 billion. Several operational efficiencies together with economical deployment of resources have allowed QASPL to record net profits of Rs11.797 billion to date.

Following the recent announcement of dividends, the QASPL has not only repaid 100% of the equity investment received from the Punjab government but also a surplus amount of Rs390.215 million.

Copyright Business Recorder, 2022