7.

Reason for Growth of NPL and EPQL

7.1. Nishat Power Limited

The Government of Pakistan has been actively pursuing various Power Projects, which are in

the pipeline of completion. Due to increased power generation capacity of the country in future,

the Company’s capacity utilization factor may see some falling trend. However, NTDC would

still need to run NPL’s Power Plant, due to the unique technological advantage, which can

produce power during peak hours round the year, at a very short notice period.

7.2. Engro Powergen Qadirpur Limited

The gross profit margin of the Company this year has increased in 2017 compared to last year.

Last year gross profit margin was depressed on account of power purchaser’s (NTDC)

transformer issue in 1H 2016 which impacted power off take in the region in which EPQL

operates. Effective working capital management has helped to maintain liquidity ratios of the

company at a comfortable level despite a surge in circular debt buildup towards the end of the

year. Stronger operational performance in 2017 has helped to improve the interest coverage

ratio to around 10 for the year; demonstrating the Company’s ability to fulfill its commitment

towards its lenders.

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Annex-I: Selected Financial Statements of Nishat Power Limited – 2017

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Annex-II: Selected Financial Statements of Engro Powergen Qadirpur Limited – 2017

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Note
All the data has been extracted from the financial statements of respective companies and

from financial report 2016 on Financial analysis of companies by State Bank of Pakistan. All

data was then cross verified with Pakistan Stock Exchange data. References of which are

provided in reference section 7 – 27.

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References
1. Rafique, M. M., & Rehman, S. (2017). National energy scenario of Pakistan–Current status,
future alternatives, and institutional infrastructure: An overview. Renewable and Sustainable
Energy Reviews, 69, 156-167.
2. Pakistan Stock Exchange Limited. (2018, March 15). Retrieved March 15, 2018, from
https://www.psx.com.pk/
3. Ministry of Finance, Government of Pakistan, ‘Pakistan Economic Survey 2015-16. Chapter
14-Energy’, 2016, http://www.finance.gov.pk/survey/chapters_16/14_Energy.pdf
4. http://www.aedb.org/Policy/REpolicy.pdf
5. ADB blog: https://blogs.adb.org/blog/grid-solar-can-be-game-changer-electricity-access-
central-asia
6. Nayyar ZA, Zaigham NA, Qadeer A. Assessment of present conventional and non-
conventional energy scenario of Pakistan. Renew Sustain Energy Rev 2014;31:543–53.
7. http://www.arshadenergy.com/fin_stat.php
8. http://www.engropowergen.com/investor-relations/engro-powergen-qadirpur-limited/
9. http://www.hubpower.com/financial-reports/
10. https://www.ke.com.pk/investor-relation/financial-data/
11. www.kel.com.pk/Financial_report.asp?x=Annual%20Audited
12. http://www.kpcl.com.pk/kp/annual_reports.php
14. http://www.kapco.com.pk/financials/
15. http://www.lalpir.com/finance/finance.html
16. http://mpcl.com.pk/investor-relatisons/financial-reports/
17. http://www.nishat.net/investors/financial-reports
18. http://nishatpower.com/investor-relation-2-2-2/
19. http://www.ogdcl.com/DocumentDownload
20. http://pakgenpower.com/finance/finance.html
21. www.pakoil.com.pk/financial_reports.html
22. https://www.ppl.com.pk/content/reports-and-accounts
23. http://sgpower.com.pk/financial.html
24. http://saifpower.com/financial-report-2016/
25. http://www.sitara.pk/Annual-Reports.html
26. http://www.sngpl.com.pk/web/index.jsp
27. http://www.ssgc.com.pk/web/?page_id=5134

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