In a positive development, $3 billion to be injected in Pakistani economy
ISLAMABAD - *In a positive development, $3 billion to be injected in Pakistani economy by the Karachi Electric.*
The Pakistani electric supply company K-Electric would invest $3 billion in different projects in the next four years.
In its report to PSX, the company said that the investment would be used to improve the company's distribution, transmission and generation capabilities.
The company would be adding in additional capacity of 3,000 MW of electricity, with the major projects including the 900 MW Re-gasified Liquefied Natural Gas (RLNG) Plant. The project would significantly improve KE's overall fleet efficiency and 700 MW Coal project IPP (equity project)
The company further informed that for improving its transmission capacity, investment would be done in two projects i.e. TP – 1000 project. Under this, seven grid stations and associated power lines and transformers will be added, resulting in the addition of over 1,000 MVAs to transmission capacity. To date, 4 grid stations and 22 power trafos have been added under TP – 1000 project
As for enhancing the distribution system, K-Electric would add 300 feeders and over 5,000 transformers. It would undergo conversion of 15,000 PMTs onto ABC by 2023, which will result in significant reduction in losses. The company is also expected to add over 1,400 MW of new connections in the next four years.
KE declared a profit of Rs12.3 billion compared to Rs10.4 billion during FY 17, resulting in earnings per share (EPS) increasing to 0.45 rupees in FY 18 from 0.38 rupees per share in FY 17. This was accompanied by marked improvement in EBITDA, which increased to Rs32.4 billion (FY 17: Rs25.8 billion), a 26% increase over last year.