As companies in Pakistan increasingly return to renewables to meet their energy needs, Faisal Spinning Mills Limited (FASM) became the latest entrant to join this trend, announcing the successful commissioning of a 4.8MW windmill project.
The listed company shared the development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday.
“The 4.80MW windmill project installed at Unit-I Nooriabad, Sindh, has been successfully commissioned and currently operating under trial run phase,” it said.
“The major capacity utilization for the commercial activity is expected to commence by the end of March 2025.”
Following the announcement, the company’s share price surged to Rs329.99, an increase of Rs11.29 or 3.54%.
FASM was established as a public limited company in 1985 under the repealed Companies Ordinance, of 1984. The company manufactures and sells yarn, greige fabric, dyed fabric and home textile products.
As per the company’s latest financial results, the company posted a loss after tax amounting to Rs406.932 million in the first quarter ending September 30, 2024, as compared to the profit of Rs81.103 million corresponding period ending September 30, 2023.
“The company continues to struggle amid persistent challenges in the form of high energy prices, elevated borrowing cost, global slowdown and sluggish outlook for the textile sector in 2024. Nonetheless, the management is optimistic for the potential recovery in the upcoming quarter and the year ahead,” the company said in its report.
Expanding renewables: Kohat Cement installs 5.34 MW solar power plant
In Pakistan, there has been a growing shift towards alternative energy sources, which have become increasingly popular among residential and commercial sectors.
However, this rising trend has left decision-makers grappling with its implications for the national grid and energy sector, as electricity consumption remains stagnant.
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