Tag: Solu

  • USHEC Achieves 47.90% Q2 Net Profit Surge and Robust Revenue Growth

    USHEC Achieves 47.90% Q2 Net Profit Surge and Robust Revenue Growth


    Upper Solu Hydro Electric Company Limited (USHEC) has reported a remarkable surge in net profit, demonstrating a substantial 47.90% increase during the second quarter (Q2) of the fiscal year 2080/81. The company’s profits escalated from Rs. 5.67 crores in the corresponding quarter of the previous year to an impressive Rs. 8.39 crores in the current quarter. This outstanding financial performance is attributed to the notable growth in revenue from power sales, reaching Rs. 42.88 crores for the quarter, marking a 4.94% uptick compared to the same period in the preceding year. The surge in profits underscores the company’s effective management and robust position in the hydroelectric sector, positioning USHEC as a key player in the industry’s growth and sustainability.

     

  • Solu Hydropower and Taksar Pikhuwa Khola Hydropower Seek Approval for IPOs in Nepal

    Solu Hydropower and Taksar Pikhuwa Khola Hydropower Seek Approval for IPOs in Nepal


    Solu Hydropower Limited’s Initial Public Offering (IPO) has been added to the approval pipeline of SEBON (Securities Board of Nepal). The company intends to issue 20,000,000 unit shares to both local and general investors, with the IPO expected to generate a total of Rs. 2 Arba.

    Nabil Investment Banking Limited has been designated as the issue manager responsible for overseeing the IPO process. The application for this IPO was submitted to SEBON on Ashwin 23, 2080.

    Infomerics Credit Rating Nepal Limited (Infomerics Nepal) has assigned an issuer rating of IRN BB (Is) [Double B (Issuer)] to Solu Hydropower Limited. This rating suggests a moderate level of default risk in terms of meeting financial obligations.

    Similarly, the IPO proposal of Taksar Pikhuwa Khola Hydropower Limited has also been included in SEBON’s IPO pipeline. Taksar Pikhuwa Khola Hydropower Limited has presented a proposal to the capital market regulator to issue a total of 4,230,668 shares to both local and general investors, raising an amount of Rs. 42.30 crores for the company. The application for this IPO was submitted on Ashwin 26, 2080.

    Prabhu Capital Limited has been appointed as the issue manager for the public offering of Taksar Pikhuwa Khola Hydropower Limited.

    CARE Ratings Nepal Limited (CRNL) has reaffirmed a rating of ‘CARE-NP BB’ for the long-term bank facilities of Taksar Pikhuwa Khola Hydropower Private Limited (TPKH).

  • Mid-Solu Hydropower Initiates IPO Offering: 6,21,172 Units Available for Public Subscription

    Mid-Solu Hydropower Initiates IPO Offering: 6,21,172 Units Available for Public Subscription


    Mid-Solu Hydropower Company Limited has initiated the issuance of 6,21,172 IPO shares, each with a par value of Rs. 100, starting from the 29th of Bhadra, 2080. The early closing date for this IPO issue is set for the 2nd of Ashwin, and in the event that it is not fully subscribed, the closing date may be extended up to the 12th of Ashwin, 2080.

    Out of the total 7,48,400 units of IPO shares, 10% amounting to 74,840 units has already been allocated to Nepalese citizens working abroad. Additionally, 2% (14,968 units) has been reserved for the company’s employees, and 5% of the total offered shares, equivalent to 37,420 units, has been set aside for mutual funds. The remaining 6,21,172 units are available for subscription by the general public, with the IPO opening today.

    Previously, the company had issued 7,48,400 IPO shares, which constituted 10% of the issued capital, specifically allocated to project-affected locals in Solukhumbu district from the 14th to the 30th of Shrawan, 2080.

    NIC Asia Capital Limited has been appointed as the issue manager for this IPO. Interested investors can apply for a minimum of 10 units and a maximum of 10,000 units.

    Mid-Solu Hydropower Limited has received an issuer rating of [ICRANP-IR] BB+ (pronounced ICRA NP issuer rating double B plus) from ICRA Nepal. This rating indicates a moderate risk of default in terms of meeting financial obligations on time.

    The company, initially established as a private limited entity on April 19, 2017, transitioned to a public limited company on June 30, 2021, to facilitate public participation. Currently, Mid-Solu Hydropower Limited is engaged in the development of a 9.5-MW Mid-Solu Khola Hydropower Project in Solukhumbu district, Province 1 of Nepal. This project follows a run-of-the-river (R-o-R) model and is being developed with a 40.9% probability of exceedance.

  • “ICRA Nepal Reaffirms BB+ Issuer Rating for Mid Solu Hydropower, Signaling Moderate Default Risk”

    “ICRA Nepal Reaffirms BB+ Issuer Rating for Mid Solu Hydropower, Signaling Moderate Default Risk”


     

    ICRA Nepal Limited has reaffirmed the issuer rating of Mid Solu Hydropower Limited as BB+, which means they have a moderate risk of default in timely servicing of financial obligations. The rating is an overall opinion on the creditworthiness of the company and not tied to any specific debt instrument.

  • Upper Solu Hydro Electric Company Reports Net Profit of 1.08 Crores in Q3; Financial Expenses Increased By Huge Margin of 244.73%

    Upper Solu Hydro Electric Company Reports Net Profit of 1.08 Crores in Q3; Financial Expenses Increased By Huge Margin of 244.73%


    Upper Solu Hydro Electric Company Limited (USHEC) has released its unaudited third-quarter report for FY 2079/2080, reporting a net profit of Rs. 1.08 Crores, indicating a 78.98% decline from the relevant period of the previous fiscal year. The company’s paid-up capital remains at Rs. 1.35 Arba, and it has a negative reserve of Rs 3.64 Crores. Additionally, USHEC generated electricity sales worth Rs. 53.39 Crores in Q3 of FY 79/80, while finance expenses increased significantly by 244.73%, amounting to Rs. 30.73 Crores, affecting the company’s profitability for the period. The management analysis states that electricity was produced entirely from the organization’s project during the quarter period, and electricity was sold from the 132 KV transmission line, but reduced water flow in the river resulted in lower income than previous quarters. The company’s annualized EPS stood at Rs. 1.07, and its net worth per share was Rs. 97.30.

  • Gurans Life Insurance Company Holds Annual General Meeting on Baisakh 06 to Approve 13.27% Bonus Dividend and Merger-Related Agendas

    Gurans Life Insurance Company Holds Annual General Meeting on Baisakh 06 to Approve 13.27% Bonus Dividend and Merger-Related Agendas


     

    Gurans Life Insurance Company Limited (GLICL) has scheduled its 13th Annual General Meeting for the 6th of Baisakh, 2080. The meeting will begin at 10:30 a.m. that day at the company’s headquarters in Tinkune, Kathmandu.

    Among the other items on the agenda, the AGM will approve 13.2712772% bonus shares for fiscal year 2078/79. The Board of Directors decided on Chaitra 09 to distribute 13.2712772% bonus shares for fiscal year 2077/78. The dividend will be paid from the company’s paid-up capital of Rs. 2,23,93,70,000. The bonus shares are thus worth Rs. 29,71,93,000. Pass the resolution to amend the Articles of Association to reflect the increased capital of the company as a result of the issuance of bonus shares.

     

  • Sahas Urja’s net profit fell 37.26% in the second quarter.

    Sahas Urja’s net profit fell 37.26% in the second quarter.


    Sahas Urja Limited’s net profit fell 37.26 percent in the second quarter of the current fiscal year 2079/80. The hydroelectric firm reported in its unaudited financial report for the second quarter published today that its net profit declined to Rs 21.59 crore in the second quarter of the fiscal year 2079/80 from Rs 34.42 crore in the comparable period of the previous fiscal year 2078/79.

    The share capital stands at Rs. 3.50 arba, with reserves at Rs. 2.31 arba. Its annualized EPS is Rs. 12.34, its net worth per share is Rs 166.13, and the firm is traded at a P/E ratio of 46.02 times.

    The 86 MW Solu Khola (Dudh Koshi) Hydropower Project is currently under construction by the business. Because Solu Khola is still in the process of internal testing, the money from energy sales has not yet begun, and the other income reported in the financial statement is unreal because it is earned using the NFRS system’s IFRIC 12: Service Concession Arrangement basis.