*Engro Powergen Qadirpur Limited* *Ticker: PSX:EPQL* *Date: 12/02/2025* *Research/Source: Taurus Securities* *Board Meeting:* February 14, 2025. *4QCY24 EPS* : PKR 1.26; *DPS:* PKR 1.5; CY24 *EPS:* PKR 10.14; *DPS:* PKR 7.5. Engro Powergen Qadirpur Limited (EPQL) is expected to report a 4QCY24 earnings per share (EPS) of PKR 1.26 and a full-year EPS of PKR 10.14. The company’s revenue is projected to grow by 31% YoY due to increased energy payments and demand, but it is expected to decline 19% QoQ due to seasonal factors affecting power generation. *Key financial highlights:* Net sales: PKR 3,080Mn (▲31% YoY, ▼19% QoQ) Profit after tax (PAT): PKR 407Mn (▲4.9x YoY, ▼68% QoQ) Final dividend per share (DPS): PKR 1.5 (full-year DPS: PKR 7.5) Finance income: PKR 229Mn (▲43% YoY, ▼2% QoQ) The decline in quarterly profits is primarily due to a lower load factor affecting revenue. However, annual performance remains strong, supported by higher operating profit and finance income.