Summit Power profit nosedives 88% amid plant shutdowns
Despite the downturn, the company’s Board of Directors has recommended a 10.50% cash dividend for the year ended 30 June 2025
Summit Power Limited has posted an 88% year-on-year drop in its consolidated net profit for the fiscal year 2024–25 (FY25), as nearly half of its power plants remained shut throughout the year.
According to the company's financial disclosure, the consolidated earnings per share (EPS) fell sharply to Tk0.38 in FY25, from Tk3.13 in the previous fiscal year. The company reported a consolidated net asset value (NAV) per share of Tk40.57, down from Tk41.44 a year earlier, while its consolidated net operating cash flow per share (NOCFPS) rose to Tk9.78 from Tk6.13.
The power producer attributed the steep fall in profit to the shutdown of seven out of its 15 power plants, which together have a combined generation capacity of 234 MW out of a total 930.55 MW. These closures resulted in an impairment loss of Tk152 crore during the fiscal year.
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Following the expiry of several Power Purchase Agreements (PPAs), four plants operated partially on a "No Electricity, No Payment (NENP)" basis, while three plants remained non-operational throughout the year.
Despite the downturn, the company's Board of Directors has recommended a 10.50% cash dividend for the year ended 30 June 2025.
Summit Power's Annual General Meeting (AGM) is scheduled for 24 December, with the record date fixed for 11 November.
