KE profits rise to Rs28bn, annual general meeting told
KARACHI: The annual general meeting of the K-Electric (KE) was held on Friday at which the utility shared with its shareholders information about its profits.
The meeting was told that Tabish Gauhar, the company’s director and chairman, had completed his tenure and that he was not going for another term because of personal reasons.
The meeting was presided over by Khalid Rafiq, one of the directors of the company.
KE’s secretary Younus Dalia presented a report which showed a profit of Rs28 billion. Last year the KE had earned a profit of Rs13n.
Know more :KE making huge profits at consumers’ expense, Nepra hearing told
One of the shareholders, Arif Bilwani, raised a question about addition of 1,037 megawatts to the system. According to him, it was “not a case of addition, but of replacement”.
“Had it been an addition, the company at present should be generating 2,500MW,” he said.
In response, a representative of the management said that it would have been considered a replacement if the company had shut down its Bin Qasim plants. As the company was working to repair and upgrade the plants it should be considered an addition.
Malik Bakhtiar, another shareholder, raised the question about why the company had not mentioned in its report how much copper wire removed from its lines had been sold. He was informed that it had been mentioned under “sale of sundry items”.
In reply to a point raised by another shareholder, Javedul Hasan, that why KE had discontinued its Operation Burq, the official said the operation would be resumed shortly.
General Secretary of the KE Shareholders’ Association Chaudhry Mazhar Ali raised an objection over holding of the annual general meetings on Fridays. “There are over 1,000 shareholders here and all want to ask or share something. But a two-hour meeting doesn’t give everyone a chance to speak.”
The KE official assured Mr Ali that his point would be considered.
Mr Mazhar also wanted to know why the annual report containing KE’s accounts, spread over 203 pages, had 117 devoted to photographs of directors or publicity material. He said: “This is contrary to the instructions of the Security Exchange Commission of Pakistan.”
The management representative said that keeping the SECP’s instructions in mind, this time KE had reduced the number of pages by 27.
Meanwhile, KE directors recognised the services of the outgoing chairman, Tabish Gauhar. They said that under Mr Gauhar’s leadership, the company made significant progress in key operational and financial indicators.
Published in Dawn, October 17th , 2015
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