HUBCO’s profits surge by 48% during 1HFY21
MG News | February 26, 2021 at 01:30 PM GMT+05:00
February 26, 2021 (MLN): Hub Power Company Limited (HUBC) has posted earnings of Rs. 16.88 billion (EPS: 12.60) for the half-year ended December 31, 2020, i.e. around 48% higher than the earnings recorded in same period of last year.
The company also announced an Interim Cash Dividend for the quarter ended December 31, 2020 @ Rs.3 per share i.e. 30%. This is addition to the interim dividend already paid at Rs. 4 per share i.e. 40%.
The boost in the company’s earnings came from a rise in revenue by 9%, which in turn was a result of recognition of share of profit from China Power Hub Generation Company (CPHGC) as well as an increase in total dispatches. Likewise, the gross profit increased by 10% due to PKR depreciation.
There was a 40% decline in the company’s finance cost due to lower interest rates. Nonetheless, HUBC faced some setback as its income tax expense surged by nearly 13x.
|
Consolidated Profit and Loss Account for the Half-year Ended December 31, 2020 (Rupees in '000) |
|||
|---|---|---|---|
|
Dec-20 |
Dec-19 |
% Change |
|
|
Turnover |
26,791,191 |
24,653,589 |
9% |
|
Operating costs |
(10,913,332) |
(10,182,031) |
7% |
|
Gross Profit |
15,877,859 |
14,471,558 |
10% |
|
General and administration expenses |
(752,226) |
(830,000) |
-9% |
|
Other income |
158,206 |
160,115 |
-1% |
|
Other operating expenses |
(236,717) |
(26,271) |
801% |
|
Profit from operations |
15,047,122 |
13,775,402 |
9% |
|
Finance costs |
(3,730,676) |
(6,251,021) |
-40% |
|
Share of gain/loss from associates |
7,604,838 |
5,153,226 |
48% |
|
Loss on shares to be transferred to GoB |
- |
(1,009,029) |
- |
|
Profit before taxation |
18,921,284 |
11,668,578 |
62% |
|
Taxation |
(2,032,861) |
(157,888) |
1188% |
|
Profit for the year |
16,888,423 |
11,510,690 |
47% |
|
Basic and diluted earnings per share - in Rupees |
12.60 |
8.52 |
48% |
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