K-Electric Announces Financial Results For FY24

The Board of Directors of K-Electric (KE), in its meeting held on September 23, 2025, approved the financial results for the year ended June 30, 2024. Pakistan’s economy in fiscal year 2024 remained largely subdued, with modest improvement in economic activity. Actual GDP growth stood at 2.51%, while high inflation and elevated policy rates continued to pose significant challenges. These factors created a difficult operating environment for the power sector and the company. Operational challenges stemming from higher consumer tariffs and inflationary pressures affected the achievement of regulatory benchmarks, which remain a focus for future improvement. As a result, AT&C losses increased by 1.8 percentage points, reflecting the lingering impact of earlier economic disruptions. KE reported an unconsolidated profit after tax of PKR 4.13 billion, translating into a 3.56% return on equity and a 0.87% return on property, plant, and equipment (PPE). The company reaffirmed its commitment to strengthening operational performance and pursuing long-term investments across the value chain to create value for stakeholders. With the addition of the 900 MW BQPS-III plant to its fleet, KE achieved a higher fleet gross efficiency of 49.5% (HHV) in August 2023 and managed to dispatch a maximum supply of 3,550 MW in FY24. Transmission capacity was enhanced through the installation of new 40 MVA power transformers at Dhabeji-2, DHA-4, and Korangi East grids. With these additions and other upgrades, KE’s total transformation capacity reached 7,095 MVA by the end of FY24. In line with government directives to increase drawl from the National Grid and absorb surplus capacity, KE commissioned two major interconnection projects: the 500kV KKI in November 2024 and the 220kV Dhabeji-2 in March 2025. Following completion of the K2/K3 to PQEPCL circuit by the National Grid Company, KE’s power drawl from the grid rose to around 2,000 MW from August 2025. These interconnections significantly enhanced KE’s ability to access national energy resources, improving both interconnection capacity and grid stability. On the distribution side, a sharp increase in consumer tariffs, combined with high inflation, weakened consumers’ ability to pay. The recovery ratio declined to 91.5% in FY24 compared with 92.8% a year earlier. To address operational pressures, network governance and anti-theft measures were intensified. KE removed more than 350,000 kilograms of illegal kundas and carried out approximately 30,000 drives to curb power theft. Looking ahead, KE said it expects improved macroeconomic conditions in FY25 to strengthen its performance. The company plans to expand electrification through network extension, install 50,000 low-cost meters, and continue year-round recovery camps. It also pledged to maintain robust governance and anti-theft measures to further stabilize operations. KE reaffirmed its commitment to working with all stakeholders to resolve key challenges and execute its approved investment plan, aimed at benefiting both its customers and the national economy.