While a profit of PKR 2.62 billion seems insignificant when compared with the financial investment made, it is indeed a step towards a sustainable future.
“We are humbled as we achieve this important milestone. This has been made possible with the active patronage of our stakeholders who have always backed us and supported us in our endeavors. We are grateful to our international shareholders who have been very patient and our international and local lenders who entrusted us with their money. We are also thankful to our people who have worked very hard to make it happen and off course we are thankful to our honest and responsible customers who have always shown their trust in us”, said Tabish Gauhar, CEO of KESC.
During the last few years, KESC has been successful in arranging substantial funds for its development project from IFC, ADB and OEKB and many local financial institutions. That coupled with the capital injection has enabled KESC to add over 1000 megawatts of new and efficient generation capacity and significantly enhance its transmission and distribution capacities. Efficiency gains have really helped the company improve its operating performance over the last few years.
“This development is significant as our lenders, investors and business partners will have greater faith in KESC’s ability to deliver. This will help us position KESC favorably in the investors’ community and help us generate funds for our future mega projects. We have to embark on coal conversion and new coal fired projects. These initiatives are critical because they would ensure availability and affordability of reliable power supply for years to come. A profitable KESC will help us attract the required financial resources from local and international financiers. Our journey continues. Our job is not done yet. We will continue to focus on reduction in cost of generation, reduction in distribution losses and improvement in our quality and service to our customers.”, said the KESC CEO.