K-Electric’s Annual General Meeting

According to a press release, K-Electric (KE) held its 112th Annual General Meeting (AGM) for FY22. KE’s operational performance has shown improvement on the back of sustained investments across the value chain. The company’s transmission and distribution losses improved by 2.2 percentage points, closing at 15.3pc in FY22 from 17.5pc in the previous fiscal year. This reduction also beat the target of 15.95pc set by the regulator.

With capacity enhancement initiatives across the power value chain, KE was able to dispatch almost 20bn units (19,800 GWh) of electricity to homes, offices, and industries across Karachi. In parallel, efforts to inculcate a culture of regular bill payments and engagement with community representatives improved recovery ratios for the company by 1.8 percentage points.

Over 200,000 new customers have been added to the network taking KE’s customer base to 3.4m. However, these improved operational efficiencies were partly off-set due to the negative impact of additional Rs9.5bn recorded this year on account of the Mid-Term Review decision, increase in impairment loss against doubtful debts, adverse exchange rate variations and increase in finance cost for the company.

K-E’s net profit stood at Rs8,524m in FY22 as compared to a net profit of Rs11,998m during FY21 which is 29pc lower as compared to the previous fiscal year.

Mondelez flood rehabilitation

Mondelez Pakistan Limited contributed over $100,000 in cash along with in-kind donations to support families in building their homes and livelihoods once again. Mondelez has partnered with Akhuwat and Pakistan Red Crescent Society which are leading institutions in the country working round the clock to facilitate affected people. The company disbursed cash donations and supplies, including clothes, food and a variety of other necessary items, according to a press release.

OGDCL discovers oil reserves

The Oil and Gas Development Company Limited (OGDCL) announced the discovery of oil reserves from its exploratory well — Toot Deep-1 Well — located in the Attock district of Punjab Province. OGDCL, the operator of Toot Mining Lease with 100pc working interest, has made an oil discovery from Lokhart Formation at Toot Deep-I Well, located in Attock District, Punjab. “This discovery will add to the hydrocarbon reserve base of OGDCL and contribute positively towards oil and natural gas production from indigenous resources of Pakistan,” it stated in a press release.

US and KMBL sign $25m commitment

The US government, through its international Development Finance Corporation (DFC) and the US Agency for International Development (USAID), launched a new partnership with Khushhali Microfinance Bank Ltd (KMBL) to support micro, small- and medium-sized enterprises (MSMEs) and women-led businesses in Pakistan, according to a press release.

The partnership will enable MSMEs to access finance with enhanced credit history and collateral accommodations. This project is made possible by an investment guarantee of up to $25m provided by DFC in collaboration with USAID to KMBL.

DFC has provided KMBL with a $10m, 50pc loan portfolio guarantee to mobilise commercial loans to 2X-qualified MSMEs that are majority-owned, operated or staffed by Pakistani women across the country. DFC’s 2X Global Women’s Initiative has catalysed more than $13.5bn of gender smart investment in projects owned by women, led by women, or provided a product or service that empowers women.

Mapping out water sector’s future

Enertech Holding Company KSC, a wholly-owned subsidiary of National Technology and Enterprises Company, which in turn is a fully owned subsidiary of the Kuwait Investment Authority, has entered into a strategic alliance agreement with Metito Utilities Ltd, a global investor and provider of intelligent water management and alternative energy solutions. The agreement sets the foundation for future collaboration between Enertech and Metito in developing critical water infrastructure and supporting Pakistan’s green energy initiatives, according to a press release.

Best corporate report 2021

Pakistan Cables Ltd’s annual report 2021 picked up the ‘Merit Award’ as part of the Institute of Cost and Management Accountants (ICMA) Best Corporate Report Award 2021 in the Auto and Engineering Sector, according to a press release. ICMA Best Corporate Report Awards 2020 are held annually to recognise the best corporate reporting practices by public listed companies. Pakistan Cables Ltd previously won the Merit Award in 2020.

Published in Dawn, The Business and Finance Weekly, October 31st, 2022