SAIF POWER LIMITED
A Saif Group Company
Condensed Interim Financial Information
For Nine months ended September 30, 2023
CONTENTS
02 | Corporate Information |
03 | Directors' Report to the Shareholders |
Condensed Interim Unconsolidated Financial Statements | |
08 | Condensed Interim Unconsolidated Statement of Financial Position |
09 | Condensed Interim Unconsolidated Statement of Profit or Loss |
10 | Condensed Interim Unconsolidated Statement of Comprehensive Income |
11 | Condensed Interim Unconsolidated Statement of Cash Flows |
12 | Condensed Interim Unconsolidated Statement of Changes in Equity |
13 | Notes to the Condensed Interim Unconsolidated Financial Statements |
Condensed Interim Consolidated Financial Statements | |
19 | Condensed Interim Consolidated Statement of Financial Position |
20 | Condensed Interim Consolidated Statement of Profit or Loss |
21 | Condensed Interim Consolidated Statement of Comprehensive Income |
22 | Condensed Interim Consolidated Statement of Cash Flows |
23 | Condensed Interim Consolidated Statement of Changes in Equity |
24 | Notes to the Condensed Interim Consolidated Financial Statements |
Saif Power Limited | 1 |
CORPORATE INFORMATION
Board of Directors
Mrs. Hoor Yousafzai | Chairperson |
Mr. Javed Saifullah Khan | Director |
Mr. Osman Saifullah Khan | Director |
Mr. Assad Saifullah Khan | Director |
Mr. Rana Muhammad Shafi | Director |
Miss. Saima Akbar Khattak | Independent Director |
Mr. Rashid Ibrahim | Independent Director |
Audit Committee
Mr. Rashid Ibrahim | Chairman |
Mr. Osman Saifullah Khan | Member |
Mr. Rana Muhammad Shafi | Member |
Human Resource and Remuneration Committee
Miss. Saima Akbar Khattak | Chairman |
Mrs. Hoor Yousafzai | Member |
Mr. Assad Saifullah Khan | Member |
Management
Mr. Sohail H. Hydari
Chief Executive Officer
Mr. Hammad Mahmood
Chief Financial Officer
Mr. Ghias Ul Hassan
GM Power Plant
Mr. Waseemullah
Company Secretary
Auditors
Grant Thornton Anjum Rahman
302 B, 3rd Floor, Evacuee Trust Complex, Aga Khan Road, F-5/1, Islamabad, Pakistan. Tel: +92 51 2271906, Fax: +92 51 2273874
Legal Advisors
Mr. Muhammad Naeem Amer (MNA) Rehan Advocate High Court
Registered/ Head Office
1st Floor, Kashmir Commercial Complex, Fazal-ul-Haq Road Block E, Blue Area, Islamabad, Pakistan.
Tel: +92-51-2271378-83
Fax: +92-51-2277670
Email: info.spl@saifgroup.com
Website
http://www.saifpower.com
Share Registrar
THK Associates (Private) Ltd. Plot No. 32-C, Jami Commercial Street 2, DHA Phase VII, Karachi. Tel: +92-21- 111 000 322, Email: sfc@thk.com.pk
Banks & Financial Institutions
Allied Bank Limited
Askari Bank Limited
Bank Alfalah Limited
Bank Islami Pakistan Limited
Dubai Islamic Bank Limited
Faysal Bank Limited
First Habib Modaraba
Habib Bank Limited
Habib Metropolitan Bank Limited
Meezan Bank Limited
National Bank of Pakistan
Soneri Bank Limited
Summit Bank Limited
The Bank of Punjab
United Bank Limited
Plant Location
Chak 56/5L, Qadarabad,
Multan Road, District Sahiwal,
Punjab, Pakistan.
2 Saif Power Limited
DIRECTORS' REVIEW REPORT TO THE SHAREHOLDERS
FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2023
The Board of Directors is pleased to present a concise review of Company's financial and operational performance on the condensed interim financial statements for the period ended September 30, 2023.
SUMMARY OF FINANCIAL PERFORMANCE
Turnover of the Company was Rs. 17,602 million as compared to Rs. 20,223 million for the same period last year. Dispatch level was 31.01% as compared to 41.19% during the same period last year. Net loss during the period was Rs. 25 million as against net profit of Rs. 1,860 million for the comparable period of 2022. Loss per share for the period is Rs. 0.07 as compared to earnings per share of Rs. 4.81 during the same period last year.
In the previous years, expenses against overhaul of the plant were charged annually based on the operating hours the plant operated in a year. This was rectified last year in the light of the relevant opinion issued by the Institute of Chartered Accountants of Pakistan and relevant International Accounting Standards during the year ended 31 December 2022. Resultant of which, additional expense charged in the previous years was reversed and was compensated in the current period. During the period, such interval of specific operating hours of plant operation was completed after a period of almost six years, as a result of which the amount of such overhaul was charged to profit and loss account in the current period, which resulted in loss for the period as operation and maintenance cost increased significantly as compared to the comparable period. The expenses charged in the previous years, prior to rectification, had already been reversed last year which have compensated the expenses for this year; there is zero effect in actual.
PENDING ISSUES
-
In the case against M/s Sui Northern Gas Pipelines Limited (SNGPL), after the arbitration award in Company's favor for an amount of Rs.
270.66 million (disputed amount of Rs. 239.68 million & related costs of Rs. 30.98 million), the Company filed a petition in the Civil Court Lahore to obtain the enforcement Decree in lieu of the Arbitration award. The Company has already adjusted the awarded amount as above against payables to SNGPL.
SNGPL enforced another arbitration saying that Company could not adjust without a decree from the court. The arbitration tribunal has agreed with SNGPL in its award. SNGPL has filed a petition in the Lahore High Court, however, the Company's legal advisors are confident that ultimately the money will be retained by the Company.
-
In disputes with Central Power Purchasing Agency (Guarantee)
Limited (CPPA-G) on account of 'Period Weighing Factors' (PWF) and
'Heat Rate Correction Factor', the Company has proceeded and filed request for arbitration in London Court of International Arbitration during the period. In addition to this, the Company has obtained stay order against deduction on account of 'Heat Rate Correction Factor' from Civil Court, Islamabad. The same issues have also been disclosed in note 13 of these condensed interim financial statements.
KEY OPERATIONAL AND FINANCIAL DATA (STANDALONE)
Nine months ended | ||
September 30, | September 30, | |
2023 | 2022 | |
(Re-stated) | ||
Rupees in Million | ||
Turnover | 17,602 | 20,223 |
Net (loss) / profit | (25) | 1,860 |
(Loss) / earnings per share | (0.07) | 4.81 |
Dispatch level | 31.01% | 41.19% |
Capacity made available - GWHs | 1,337 | 1,336 |
September 30, | December 31, | |
2023 | 2022 | |
Rupees in Million | ||
Property, plant and equipment | 11,041 | 11,302 |
Net worth | 12,377 | 13,867 |
Short term borrowings | 8,919 | 15,527 |
KEY FINANCIAL HIGHLIGHTS DATA CONSOLIDATED
Nine months ended | ||
September 30, | September 30, | |
2023 | 2022 | |
(Re-stated) | ||
Rupees in Million | ||
Turnover | 17,602 | 20,223 |
Net profit | 194 | 2,089 |
September 30, | December 31, | |
2023 | 2022 | |
Rupees in Million | ||
Property, plant and equipment | 11,041 | 11,302 |
Net worth | 12,832 | 14,102 |
RECEIVABLES FROM POWER PURCHASER
The Company's total receivables are Rs. 11.47 billion (December 31, 2022: Rs. 11.65 billion) at the period end.
INVESTMENTS
-
In 2021, the Board of Directors of the Saif Power Limited approved the proposal for sale of land and other assets of Saif Cement Limited (SCL) which was also approved by the shareholders in the Extra
Ordinary General Meeting held on June 26, 2021. During the period, transaction for sale of assets of SCL was completed and related amount have been transferred to SCL's bank account.
The Board of Directors of the Company has recommended voluntary winding up of SCL which has also been approved by the shareholders in their Extra Ordinary General Meeting held on September 11, 2023. Once the winding up is completed, proceeds from liquidation will be used to pay back to the Company and other sponsors according to their investment.
- During the period, the Board of Directors of the Company recommended long term loan maximum up to Rs. 1 (one) billion in favor of Saif Textile Mills Limited, an associated company, in compliance with requirements of section 199 of the Companies Act 2017 on as and when required basis. The same was approved by the shareholders in their Extraordinary General Meeting held on September 11, 2023.
EVENT AFTER REPORTING DATE
The Board of Directors of the Company, in its Board Meeting held on October 26, 2023, have approved interim cash dividend of Rs. 1.50 per share.
ACKNOWLEDGEMENTS
Directors of the Company would like to show their appreciation to its customers, suppliers, financial institutions, regulators and to all other stakeholders for their cooperation and support during the period.
Directors would also like to express their deep appreciation for the services, loyalty and efforts being continuously rendered by the employees of the Company and hope that they will continue to do so in the future.
On behalf of the Board,
Islamabad | Hoor Yousafzai |
October 26, 2023 | Chairperson |
Saif Power Limited | 3 |
:تاعقاو ےک دعب ےک خیرات یک گنٹروپر
یک عفانم دقن یروبع ےکرئیش یف ےپور1.23ںیم گنٹیم ڈروب ینپا یلاو ےنوہ وک 0300ربوتکا 02 ےن زرٹکیرئاڈ فآ ڈروب ےک ینپمک ۔ےہ ید یروظنم
:رکشت راہظاِ
یفیرعت ےیل ےک زرڈلوہ کیٹسا مامت رگید روا زرٹیلوگیر ،ںورادا یتایلام ،زرئلاپس ،نیفراص ےنپا نارود ےک تدم سا زرٹکیرئاڈ ےک ینپمک ۔یک شیپ تیامح روا نواعت انپا نارود ےک تدم سا ےن ںوہنج ںیہ ےتہاچ انہک تاملک فیرعت یرہگ ینپا ےیل ےک ںوششوک روا یرادافو ،تامدخ یلاو ےناج ید لسلسم ےس بناج یک نیمزلام ےک ینپمک زرٹکیرئاڈ ےک ینپمک ۔ےگ ںیہر ےترک اسیا یھب ںیم لبقتسم ہو ہک ںیہ ےترک دیما روا ےگ ںیہاچ انرک راہظا اک
:ےس تباین یک زرٹکیرئاڈ فآ ڈروب
یئزفسوی روح نسرپرئیچ
دابآ ملاسا
0300 ربوتکا 02
4 Saif Power Limited
: )مکحتسمریغ( :ںایکلھج یتایلام | |||||||
رپ ماتتخا | ےک ےنیہم ون | ||||||
ء 0300 ربمتس 03 | ء 0300 ربمتس 03 | ||||||
(Restated) | |||||||
)ںیم نیلم | ےپور( | ||||||
03,000 | 17,230 | رابوراک | |||||
1,823 | )02( | عفانم / )ناصقن( صلاخ | |||||
9.81 | )3.37( | یندمآ رئیش یف / )ناصقن( | |||||
دصیف 41.19 | دصیف 31.01 | ل ویل اک لیسرت | |||||
1,336 | 1,007 | )GWHS)تیحلاص بایتسد | |||||
ء 0300 ربمسد 01 | ء 0300 ربمتس 03 | ||||||
)ںیم نیلم | ےپور( | ||||||
11,302 | 11,041 | تلاآروا ٹنلاپ ،یٹرپارپ | |||||
13,867 | 12,377 | تیلام ٹین | |||||
15,527 | 8,919 | لوصح ےک ںوضرق ےک تدم رصتخم | |||||
: )مکحتسم( :ںایکلھج یتایلام | |||||||
رپ ماتتخا ےک ےنیہم ون | |||||||
ء 0300 ربمتس 03 | ء 0300 ربمتس 03 | ||||||
(Restated) | |||||||
)ںیم نیلم ےپور( | |||||||
20,223 | 17,230 | رابوراک | |||||
2,089 | 194 | عفانم / )ناصقن( صلاخ | |||||
ء 0300 ربمسد 01 | ء 0300 ربمتس 03 | ||||||
11,302 | 11,041 | تلاآ روا ٹنلاپ ،یٹرپارپ | |||||
14,102 | 12,831 | تیلام ٹین |
:یلوصو ےس فرط یک رادیرخ یلجب
۔ںیہ )ےپور برا 11.22 :0300 ربمسد 01( ےپور برا 11.97 رپ ماتتخا ےک تدم یلوصو لک یک ینپمک
:یراک ہیامرس
یکزیوجت یک تخورف یک ںوثاثا رگید روا یضارا یک) SCL)ڈٹیمل ٹنمیس فیس ےن زرٹکیرئاڈ فآ ڈروب ےک ینپمک ،ںیم 0301 :)فلا( تدم سا ۔ یھت ید روظنم یھب ےن زرڈلوہ رئیش ںیم گنٹیم لرنج یلومعم ریغ یلاو ےنوہ وک 0301 نوج 02 یک سج ید یروظنم ۔ےہ یئگ ید رک لقتنم ںیم ٹنؤاکا کنیب ےک SCL مقر ہقلعتم روا ےہ ایگوہ لمکم نید نیل اک تخورف یک ںوثاثا ےک SCL ،نارود ےک
وک 0300 ربمتس 11 ےن ناگتفای صصح ےسج ےہ یکزیوجت یک ےنرک متخ رپ روط ہناراکاضر وک SCL ےن زرٹکیرئاڈ فآ ڈروب ےک ینپمک ےنوہ لصاح ےس نشیڈیوکیل ،دعب ےک ےنوہ لمکم نشیڈیوکیل ۔ےہ ید ےد یروظنم یھب ںیم گنٹیم لرنج یلومعم ریغ ینپا یلاو ےنوہ ۔اگ ےئاج ایک لامعتسا ےیل ےک یگیئادا قباطم ےک یراک ہیامرس یک نا وکزرسناپس رگید روا ینپمک لامعتسا اک مقر یلاو
ےک ینپمک ڈٹیمل زلم لئاٹسکیٹ فیس کت ےپور برا )کیا( 1 ہدایز ےس ہدایز ےن زرٹکیرئاڈ فآ ڈروب ےک ینپمک ،نارود ےک تدم سا :)ب( قباطم ےک ںوضاقت ےک 144 نشکیس ےک 0317 ٹکیا زینپمک ہکوج ۔یک شرافس یک ضرق یتدم لیوط رپ داینب یک ترورض ںیم قح ۔ید یروظنم یک سا ںیم گنٹیم لرنج یلومعم ریغ وک 0300 ربمتس 11 ےن ناگتفای صصح ۔ےہ
Saif Power Limited | 5 |
ٹروپر ہزئاج یک زرٹکیرئاڈ وک ناگدننک صصح
ےیل ےک تدم یک ہام ون یلاو ےنوہ متخ وک 0300 ربمتس 03
روا یتایلام یک ینپمکرپ تانایب یتایلام یروبع صخلم ےیل ےک تدم یلاو ےنوہ متخ وک 0300 ربمتس 03 وکزرٹکیرئاڈ فآ ڈروب ۔ےہ یشوخ رپ ےنرک شیپ ہزئاج عماج کیا اک یگدرکراک لنشیرپآ
:ہصلاخ اک یگدرکراک یتایلام
یک چیپسڈ ۔اھت ےپور نیلم 03,000 ےیل ےک تدم یسا ںیم لاس ہتشزگ ںیم ےلباقم ےک ساروا اہر ےپور نیلم 17,230رابوراک اک ینپمک ےپور نیلم 02 ناصقن صلاخ ںیم تدم سا ۔یھت دصیف 91.14 نارود ےک تدم یسا یک لاس ہتشزگ ہکوج یہر دصیف 01.31 حطس ےپور 3.37 ناصقن رئیش یف ےیل ےک تدم یسا۔ اھت ےپور نیلم 1,823 عفانم صلاخ ںیم تدم یلباقت یک 0300لاس ہتشزگ ہکوج اہر - یھت ےپور 9.81 یندمآ رئیش یف ںیم تدم یسا یک لاس ہتشزگ ہکوج اہر
۔ےھت ےتاج ےیک جراچ ہنلااس رپ داینب یکراک تاقوا ےک ےنلاچ ےک ٹنلاپ ںیم لاس کیا تاجارخا ےک لاہ رووا ےک ٹنلاپ ،ںیم ںولاس ےلھچپ 0300 ربمسد 01 روا ےئار ہقلعتم ہدرک یراج ےس بناج یک ناتسکاپ فآ سٹنٹنؤاکا ڈرٹراچ فآ ٹویٹ یٹسنا لاس ہتشزگ حلاصا یک سا ،نارود ےک تدم سا ہچن انچ ۔یھت یئگ یک ںیم ینشور یک تارایعم گنٹنؤاکا یماوقلاا نیب ہقلعتم نارود ےک لاس ےلاو ےنوہ متخ وک
ً
رووا ےک حرط سا ںیم ےجیتن ےک سج ،اوہ لمکم دعب ےک ےصرع ےک لاس ھچ ابیرقت ہفقو اکراک تاقوا صوصخم ےک نشیرپآ ےک ٹنلاپ لاھب ھکید روا نشیرپآ ۔اوہ ناصقن ںیم ےجیتن ےک سج ،یئگ یک جراچ ںیم ےتاھک ےک ناصقن روا عفانم ںیم تدم ہدوجوم مقر یک لاہ ےس حلاصا ،تاجارخا ےئگ ےیک لوصو ںیم ںولاس ےلھچپ .یئگ ھڑب رپ روط ںایامن ںیم ےلباقم ےک تدم ہنزاوم تدم رپ روط ےک تگلا یک
.ےہرفص ںیم لصا رثا اک سج ۔ےہ یئگوہ یفلات یک تاجارخا ےک لاس سا ےس سج ےھت ےئگ ےید رک ٹلا یہ ےلہپ لاس ےلھچپ ،ےلہپ
:لئاسم ءاوتلا ریز
073.22 دعب ےک ےلصیف ےک یثلاث ںیم قح ےک ینپمک ،ںیم ےمدقم فلاخ ےک )SNGPL( ڈٹیمل زنئلا پئاپ سیگ نردران یئوس زرسیم لباق ضوع ےک ڈراویا ےک یثلاث ےن ینپمک ،)ےپور نیلم 03.48 تاجارخا ہقلعتم روا ےپور نیلم 004.28 مقر ہعزانتم( مقر یک ےپور نیلم
ِ
وک نئلا پئاپ سیگ نردران یئوس ےن ینپمک ۔ ےہ یھکر رک جرد یھب تساوخرد ںیم روہلا ٹروک لوس ےیل ےک ےنرک لصاح ہمان مکح ذافن ۔ےہ ید رک ٹسجڈیا یہ ےلہپ مقر ہی ںیم ےلماعم ےک موقر ادا لباق
ِ
ےن لنوبیرٹ یثلاث ۔یتکس رک ںیہن ٹسجڈیا مقر ہی ریغب ےک ےمان مکح ےک تلادع ینپمک ہک اہک ےئوہ ےترک ذفان یثلاث روا کیا ےن SNGPL ںوریشم ینوناق ےک ینپمک مہات ،ےہ یکرئاد تساوخرد کیا ںیم ٹروک یئاہ روہلا ےن SNGPL ۔ےہ ایک قافتا ےس SNGPL ںیم ڈراویا ےنپا ۔یگ ےہر یہ ساپ ےک ینپمک مقر رخلآاب ہک ےہ نیقی وک
یک 'رٹکیف نشکیرک ٹیر ٹیہ' روا )PWF( 'زرٹکیف گنیو ڈیریپ' ھتاس ےک )CPPA-G( ڈٹیمل )یٹنراگ( یسنجیا گنزیچرپ رواپ لرٹنس
.نارود ےک تدم ۔ےہ یکرئاد تساوخرد یک یثلاث ںیم ٹروک ندنل یک یثلاث یماوقلاا نیب رک ھڑب ےگآ ےن ینپمک ،ںیم تاعزانت ےس ہجو ایک لصاح یعانتما مکح فلاخ ےک یتوٹک ےس ہجو یک 'رٹکیف نشکیرک ٹیر ٹیہ' ےس دابآ ملاسا ،ٹروک لوس ےن ینپمک ،ہولاع ےک سا ۔ےہ ایگ ایک یھب ںیم 10 ٹون ےک تانایب یتایلام یروبع نا تحاضو اک لئاسم یہ نا ۔ےہ
6 Saif Power Limited
UNCONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2023
Saif Power Limited | 7 |
SAIF POWER LIMITED
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT SEPTEMBER 30, 2023
Note |
Share capital and reserves |
Un-audited | Audited |
September 30, | December 31, |
2023 | 2022 |
(Rupees)
Share capital | 5 |
Unappropriated profit - revenue reserve | |
Maintenance reserve | 6 |
Total equity | |
Liabilities | |
Subordinated loan | 7 |
Lease liabilities | |
Non-current liabilities | |
Trade and other payables | |
Short term borrowings | |
Current portion of non-current liabilities | |
Markup accrued | 8 |
Unclaimed and unpaid dividend | 9 |
Current liabilities | |
Total liabilities | |
Total equity and liabilities | |
Contingencies and commitments | 10 |
Assets | |
Property, plant and equipment | 11 |
Right of use assets | |
Long term loan | 12 |
Non-current assets | |
Stock in trade - HSD | |
Trade debts | 13 |
Other receivables | |
Advances | |
Advance income tax | |
Trade deposits and prepayments | |
Short term investments | |
Bank balances | |
Assets classified as held for sale | 14 |
Current assets |
Total assets
3,864,717,790
8,293,500,050
218,799,114
12,377,016,954
83,223,016
16,267,989
99,491,005
598,499,262
8,919,274,893
758,689,059
1,482,918,598
348,781,357
12,108,163,169
12,207,654,174
24,584,671,128
11,040,943,519
33,335,250
8,015,497
11,082,294,266
399,899,816
11,472,116,326
578,208,234
3,440,935
9,125,231
222,064,209
25,894,751
2,448,720
12,713,198,222
789,178,640
13,502,376,862
24,584,671,128
3,864,717,790
9,001,248,625
1,001,140,025
13,867,106,440
260,866,789
21,093,221
281,960,010
308,712,514
15,526,546,088
605,195,974
1,054,652,926
388,752,232
17,883,859,734
18,165,819,744
32,032,926,184
11,302,149,549
44,570,395
-
11,346,719,944
400,211,550
11,647,458,624
505,647,636
1,525,773
8,072,924
88,070,192
7,242,386,646
3,654,255
19,897,027,600
789,178,640
20,686,206,240
32,032,926,184
The annexed notes 1 to 21 form an integral part of these unconsolidated condensed interim financial statements.
Chief Financial Officer | Chief Executive Officer | Director |
8 Saif Power Limited
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Saif Power Ltd. published this content on 30 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2023 06:06:11 UTC.