The company owns, operates, generates and maintains a 120 MW furnace oil fired power plant with the gross capacity of 131,44 MW. Its power plant is located near Tablighi Ijtima P.O. Raja Jang Raiwind in the Punjab Province.
Kohinoor Energy Ltd is a public limited company incorporated in the province of Punjab having its registered office located a Rashid Plaza Blue Area Islamabad. The company was listed on Karachi Stock Exchange in 1996. During last month, September 2004, the market value of the share ranged between Rs 30 and Rs 36 per share at the turnover of 928 thousand shares.
According to the June 2004, published data, the company had announced interim dividend at 15% in 2004, yearly dividend at 30% in 2003 and no dividend in 2002.
Power Generation ventures are mostly large capital intensive enterprises. Kohinoor Energy's shareholders equity amounts to Rs 4.382 billion which is 2.6 times of its paid up capital of Rs 1.695 billion.
In addition there is relatively large amount as long term debt. But the amount in this account sharply decreased from the 9 months of last year at Rs 2.023 billion to Rs 1.394 billion.
There is substantial reduction on this account by Rs 0.629 billion. According to the report under review, its power plant met all the operating standards and delivered 112,368 MWH of electricity to WAPDA representing a load factor of 42.88% during the quarters January-March 2004.
The company maintains robust financial health as evident from long term debt to equity ratio, current ratio and break-up value of the share.
The company also maintains large amount of balances in the cash and bank balances account. During 9 months under review, the company's gross profit declined as compared to the same period last year (SPLY). But gross profit margin significantly improved.
While operating expenses were higher, there was substantial reduction in financial charges. Hence the company's pre-tax profit shot up to Rs 602 million (9M 2002-03: Rs 575 million).
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Performance Statistics (Million Rupees)
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Balance Sheet -As At-
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March 31 June 30
2004 2003
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Share Capital-Paid-up: 1,694.59 1,694.59
Unappropriated Profit: 2,688.11 2,344.35
Shareholders Equity: 4,382.70 4,038.94
L.T Debts: 1,394.11 2,023.24
Deferred Liabilities: 16.42 14.64
Current Liabilities: 936.42 1,065.18
Fixed Capital Expenditure: 5,009.73 5,173.80
L.T. Loans & Deposits: 3.67 5.08
Current Assets: 1,716.22 1,963.12
Total Assets: 6,729.65 7,142.00
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Profit & Loss A/c For
The Nine Months Ended March 31 2004 2003
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Sales: 1,529.74 1,874.73
Gross Profit: 780.17 798.57
Operating Profit: 714.99 738.96
Other Income: 29.33 33.85
Financial (Charges): (142.77) (197.49)
Profit Before Taxation: 601.55 575.32
Profit After Taxation: 597.95 566.32
Earnings Per Share (Rs): 3.53 3.34
Share Price (Rs) on 27-09-04: 30.50 -
Price/Earning Ratio: 8.64 -
Book Value of Share (Rs): 25.86 23.83
Debt/Equity Ratio: 24:76 33:67
Current Ratio: 1.83 1.84
Gross Profit Margin (%): 51.00 42.60
Net Profit Margin (%): 39.09 30.21
R.O.A. (%): 8.89 7.92
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