PESHAWAR: Peshawar Electric Supply Company recorded Rs2.4 billion profit during the first quarter of the current fiscal year 2024-25 compared to huge losses over the same period of last fiscal.

A statement issued here on Wednesday said that the power utility demonstrated impressive financial growth during the first quarter of FY25, marking a substantial turnaround in its financial position.

“For the period from July to September 2024, Pesco recorded a net profit of Rs2.4 billion, a remarkable recovery from the Rs13.5 billion loss it faced during the same period of 2023-24,” the statement said.

It said that this notable improvement in Pesco’s financial performance had been attributed to enhanced operational efficiency and the proactive policy guidance provided by the company’s board of directors. “The BOD under its chairman, Himayatullah Khan, has placed a strong emphasis on implementing industrial reforms to ensure a reliable and uninterrupted power supply to the industrial sector,” it said.

“These initiatives are set to significantly increase the energy demand of Pesco while driving industrial growth and boosting the overall economy of the area.”

“Also, the company’s strategic focus on streamlining operations, reducing losses, and improving revenue collection has played a key role in achieving this positive financial outcome. The turnaround reflects Pesco’s commitment to strengthening its financial stability and ensuring a more stable and reliable electricity supply to its customers,” the statement said.

Published in Dawn, November 21st, 2024