Summit Power Limited has reported an 88 percent drop in profit for the fiscal year 2024-25, as the closure of several plants hit its earnings hard.

According to a price-sensitive disclosure, the company’s consolidated profit fell to Tk 40.57 crore from Tk 332.73 crore a year earlier. Earnings per share slumped to Tk 0.38 from Tk 3.13 during the same period.

The company attributed the steep decline to the shutdown of seven of its 15 plants, which together accounted for 234 megawatts of generation capacity, or 25% of Summit’s total 930.55 MW. The closures resulted in an impairment loss of Tk 152 crore.

Of the remaining plants, four operated only partially under “No Electricity, No Payment” arrangements after their power purchase agreements expired, while three remained idle throughout the year.

Despite the financial setback, the board of directors recommended a 10.50 percent cash dividend for the year ended June 30, 2025 — a marginal increase from the 10 percent declared the previous year.

As of September 30, 2025, sponsor-directors held 63.19 percent of Summit Power’s shares, institutions 18.41 percent, foreign investors 3.65 percent, and the general public 14.75 percent, according to data from the Dhaka Stock Exchange.