K-Electric (KE) has announced its financial results for the fiscal year ended June 30, 2024, with the company posting an unconsolidated profit after tax of PKR 4.13 billion. The results were approved by the company’s Board of Directors during a meeting held on September 23, 2025. Despite difficult macroeconomic conditions and sector-wide pressures, KE highlighted both achievements and persistent challenges across its operations.
During FY24, Pakistan’s economy recorded modest progress, with GDP growth standing at 2.51 percent. However, high inflation and sustained policy rates created a tough environment for the power sector. KE noted that these economic pressures, coupled with higher consumer tariffs, made it difficult to meet regulatory benchmarks. As a result, aggregate technical and commercial (AT&C) losses rose by 1.8 percentage points. The company reported a return on equity of 3.56 percent and a return on property, plant, and equipment of 0.87 percent, underscoring the impact of structural challenges on performance.
Operationally, the company achieved significant milestones during FY24. With the addition of the 900 MW BQPS-III power plant, KE’s fleet gross efficiency improved to 49.5 percent (HHV) by August 2023. At its peak, KE managed to supply 3,550 MW of electricity, reflecting enhanced generation capabilities. On the transmission side, KE boosted capacity with the installation of 40 MVA power transformers at Dhabeji-2, DHA-4, and Korangi East grids. By the end of the fiscal year, the company’s total transformation capacity stood at 7,095 MVA.
In alignment with government directives to draw more power from the National Grid, KE completed two major interconnection projects: the 500kV KKI project in November 2024 and the 220kV Dhabeji-2 project in March 2025. Additionally, following the completion of the K2/K3 to PQEPCL circuit by the National Grid Company, KE increased its drawl to approximately 2,000 MW from August 2025. These upgrades significantly strengthened the company’s interconnection capacity and improved overall grid stability.
On the distribution side, rising electricity tariffs and persistent inflation strained consumer affordability. KE reported a recovery ratio of 91.5 percent in FY24, down from 92.8 percent in the previous year. To mitigate losses and reduce power theft, the company launched extensive anti-theft measures, removing more than 350,000 kilograms of illegal connections (kundas) and conducting around 30,000 enforcement drives. These initiatives were part of KE’s broader focus on governance and operational discipline.
Looking ahead, KE expressed optimism that improved macroeconomic conditions in FY25 would provide some relief to operations. The company announced plans to expand electrification through network extensions, introduce 50,000 low-cost meters, and sustain its recovery camps throughout the year. KE also reiterated its commitment to continuing governance reforms and anti-theft campaigns, while working closely with stakeholders to deliver on its long-term investment plan.
The company emphasized that strengthening Karachi’s power infrastructure remains a strategic priority, not only for its consumers but also for Pakistan’s broader economic growth. KE pledged to maintain investment across the value chain, from generation and transmission to distribution, while supporting sustainable power supply and customer service improvements.
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