PACRA Assigns initial Ratings to K-Electric Limited - Privately Placed Commercial Paper-1 upto PKR 4,500 million - Press Release issued by The Pakistan Credit Rating Agency Limited.

Lahore -- December 01, 2021 (PPI-OT)

Following is the text of press release issued by The Pakistan Credit Rating Agency Limited (PACRA)

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The ratings reflect sustained performance metrics of the company. Amid COVID-19 Pandemic despite unfavourable circumstances the Company maintained stability in its turnover. During FY21, units sent out grew by 9.6%, owing to improved macroeconomic factors, along with investment of ~PKR81bln across the power value chain. With economic recovery, the Company's performance took a notable upsurge in its performance, and reported a net profit of ~PKR 12bln in FY21, against a loss of ~PKR 3bln in FY20. Business risk profile draws support from growing demand for electricity and continuous improvement across various operational metrics.

The company continued to add to its asset base: expansion was noted in plants, distribution and transmission. The Company is pursuing its 900 MW RLNG project on...