Summit Power posts 88% profit decline as seven plants shut down

Summit Power Limited, one of the country's leading independent power producers, has reported an 88% year-on-year decline in consolidated profit to Tk40.58 crore in the fiscal year 2024–25. 

The company attributed the sharp fall in profit mainly to the shutdown of seven of its 15 power plants.  

Despite the steep decline in profit, Summit Power announced a 10.50% cash dividend for FY25 — slightly higher than the 10% cash dividend paid in the previous fiscal year, according to the company's financial statement.

In FY24, Summit Power posted a consolidated net profit of Tk334.73 crore with an earnings per share (EPS) of Tk3.13. However, by the end of FY25, its consolidated EPS had dropped to Tk0.38.

The company's quarterly financials showed that, on a consolidated basis, it had earned Tk364.42 crore in profit with an EPS of Tk1.46 during the July–March period of FY25.

In a disclosure on 23 October, Summit Power said its consolidated EPS fell by 87.86% compared to the previous year, primarily due to the shutdown of seven plants with a combined capacity of 234 MW out of its total 930.55 MW generation capacity.

As a consequence of these shutdowns, the company recognised an impairment loss of Tk152 crore for FY25. In addition, following the expiry of power purchase agreements (PPAs), four power plants operated only partially on a 'no electricity, no payment' basis, while three plants remained non-operational throughout the year, the disclosure read.

As of June 2025, the company reported a net asset value (NAV) per share of Tk40.57, slightly down from Tk41.44 a year earlier. However, its net operating cash flow per share (NOCFPS) increased to Tk9.78, compared to Tk6.13 in the previous fiscal year.

The company's annual general meeting (AGM) is scheduled to be held online on 24 December. The record date for identifying shareholders eligible to attend the AGM has been set for 11 November.