Api Power Company's 16th and 17th AGM Concluded; Bonus Shares Endorsed; Company's Performance in a Glimpse

Api Power Company Limited has held its 16th and 17th Annual General Meeting on Monday (Mangsir 08).

The 16th AGM that was postponed due to the Covid-19 pandemic, was merged with the 17th AGM, and the two AGMs were held at the same time.

The AGM endorsed the 5% bonus shares for the fiscal year 2075/76 and 9% for the fiscal year 2076/77. From the new paid-up capital maintained, the AGM unanimously passed a resolution to issue 1: 0.8566 right shares.

Chairman of the company Guruprasad Neupane presented the annual report and Shaswat Chalise, head of financial management of the company, presented the financial statements of the company at the meeting. Similarly, the Executive Director of the company Sanjiv Neupane presented the company report.

Chairman Guruprasad Nyapane answered the queries raised by the shareholders in the meeting. He said that the company would always heed the invaluable suggestions of the shareholders. The AGM has also selected a new board of directors for the next four years. Satish Neupane, Sanjiv Neupane, Dwarika Prasad Neupane, Indramani Tritaal, and Srijana Khadka have been elected the new directors by unopposed decision.

Api Power Company recently increased its paid-up capital by issuing rights shares. The company had issued 56.7 lakh shares at the face value of Rs. 100 from Mangsir 14.

APIL is generating electricity commercially from the 8.5 MW Naugadh Gadh Small Hydropower Project and has also completed the construction of the 8 MW Upper Naugadh Gadh Hydropower Project in Darchula district. The company has already entered into a PPA with the Nepal Electricity Authority (NEA). The money raised from the rights issue will be spent by the company on the construction of the Upper Chameliya project.

Api Power's profits have also improved satisfactorily. The company has managed to earn a net profit of Rs 10.64 crores in the first quarter of the current fiscal year. The company had earned only a little over Rs. 3.59 crores in the same period last year. Api has made a lucrative increase in revenue from electricity sales, up 195.96% from the same quarter last year. Income from the sale of electricity has increased from Rs. 6.38 crores to Rs. 14.12 crores. Similarly, income from other sources has also increased significantly.

Last year, it earned only Rs 2.09 lakhs from other sources, but this year income from other sources has risen to a little over Rs 6.17 crores. By Ashwin's end, the company's earnings per share (annual) has increased from Rs 12.08 to Rs 35.74. Similarly, net worth per share has also increased from Rs 109.82 to Rs 124.30.