AGL 5.60 Decreased By ▼ -0.18 (-3.11%)
ANL 8.90 Increased By ▲ 0.02 (0.23%)
AVN 76.85 Decreased By ▼ -2.07 (-2.62%)
BOP 5.26 Decreased By ▼ -0.02 (-0.38%)
CNERGY 4.63 Decreased By ▼ -0.07 (-1.49%)
EFERT 81.27 Decreased By ▼ -0.33 (-0.4%)
EPCL 50.08 Decreased By ▼ -0.83 (-1.63%)
FCCL 13.16 Decreased By ▼ -0.22 (-1.64%)
FFL 5.69 Decreased By ▼ -0.03 (-0.52%)
FLYNG 7.07 Decreased By ▼ -0.08 (-1.12%)
FNEL 4.79 Decreased By ▼ -0.03 (-0.62%)
GGGL 8.80 Decreased By ▼ -0.10 (-1.12%)
GGL 14.55 Decreased By ▼ -1.33 (-8.38%)
HUMNL 5.69 Decreased By ▼ -0.08 (-1.39%)
KEL 2.63 Decreased By ▼ -0.03 (-1.13%)
LOTCHEM 28.60 Decreased By ▼ -0.45 (-1.55%)
MLCF 24.49 Decreased By ▼ -0.61 (-2.43%)
OGDC 72.43 Decreased By ▼ -0.02 (-0.03%)
PAEL 15.36 Increased By ▲ 0.01 (0.07%)
PIBTL 5.00 Decreased By ▼ -0.05 (-0.99%)
PRL 16.10 Decreased By ▼ -0.19 (-1.17%)
SILK 1.08 Decreased By ▼ -0.01 (-0.92%)
TELE 9.14 Decreased By ▼ -0.23 (-2.45%)
TPL 7.23 Decreased By ▼ -0.10 (-1.36%)
TPLP 18.61 Decreased By ▼ -0.34 (-1.79%)
TREET 21.68 Decreased By ▼ -0.32 (-1.45%)
TRG 136.71 Decreased By ▼ -4.44 (-3.15%)
UNITY 16.88 Decreased By ▼ -0.14 (-0.82%)
WAVES 9.86 Decreased By ▼ -0.04 (-0.4%)
WTL 1.41 No Change ▼ 0.00 (0%)
BR100 4,225 Decreased By -29.6 (-0.7%)
BR30 15,518 Decreased By -214.7 (-1.36%)
KSE100 42,150 Decreased By -243.4 (-0.57%)
KSE30 15,588 Decreased By -75.7 (-0.48%)
Follow us

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

Comments

Comments are closed.

samir sardana Jul 24, 2022 10:44pm
QASP has a cash profit of Rs 270 crores in 2021 (PAT + DEPRECIATION + PROVISIONS) Its LONG TERM DEBT PAID in 2021 was only 110 crores,which is just 40% of cash profit Its interest cost in FY 21 was only 70 crores down from Rs 123 crores in FY 20 (due to debt repayments) The FY 22 debt due is ONLY 123 crores - so in 2-3 years it will have NIL DEBT & NIL interest cost .Insurance costs are also only 4-5 crores per annum.It has NIL FX OPERATIONAL EXPOSURE ( only a small sum for consultant fees) QASP gets a mark up up delayed payments from GRID It makes no sense to retain earnings & pay tax on interest - when the GOP is borrowing money TO RAISE MONEY IN CSP OR SOLAR - YOU NEED A TRACK RECORD - WHICH IS PROVEN BY QASP.. FUTURE PROJECTS WILL BE PROJECT FUNDING,ON THE TRACK RECORD OF QASP - & GOP EQUITY MAY NOT BE REQUIRED AT ALL - AS PE & VC WILL LINE UP THUS, EITHER MAX OUT THE DIVIDEND PAYOUT OR CREATE SINKING FUND FOR SELF INSURANCE & SCRAP INSURANCE POLICY.dindooohindoo
thumb_up Recommended (0)

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

IK says will dissolve assemblies ‘very soon’

Provinces’ power sector schemes: Rs8.11bn approved by ECC

Effective Nov 2022: Agri consumers of Discos, KE have to pay Rs23.30/unit

PTI Sindh MPAs hand in their resignation

Dues against consumer billing collection: KE seeks MoF’s help for release of over Rs4.5bn collected by Pakistan Post

COAS urged to disassociate himself from Bajwa’s ‘controversial’ actions

Public limited companies: Conditions for launching REITs schemes laid down

Income tax arrears: Nov collection up Rs2.33bn to Rs8.98bn YoY

Centcom chief, COAS discuss security cooperation

Asset-backed securitization rules: SPVs allowed to offer debt securities