Hub Power Q1 profit doubles

By MG News | Category Q32024 | October 30, 2024 at 11:10 AM GMT+05:00

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October 30, 2024 (MLN): Hub Power Company Limited's (PSX: HUBC) first-quarter profit almost doubled as its revenue and other income rose.

Pakistan’s largest Independent Power Producer (IPP) recorded a net profit of Rs7.79 billion [EPS: Rs6] during the quarter ending September 2024, up 92.4% from Rs4.05bn [EPS: Rs3.12] in the same period last year (SPLY).

Its revenue increased 33.1% to Rs13.11bn as compared to Rs9.85bn in SPLY. Gross profit rose 34.5% to Rs9.35bn in Q1 FY25.

The gross margins improved to 71.3% as compared to 70.6% in SPLY.

During the period under review, other income rose by 521.1% to stand at Rs541.85m in Q1 FY25 as compared to Rs87.24m in SPLY.

The company’s finance cost fell by 32.7% and stood at Rs1.88bn as compared to Rs2.79bn in SPLY.

On a consolidated basis, the company posted a net profit of Rs20.31bn [EPS: Rs14.74], up 10.9% from SPLY.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
	Sep 24	Sep 23	% Change
Sales	13,110,064	9,846,876	33.14%
Cost of sales	(3,757,604)	(2,893,756)	29.85%
Gross Profit/ (loss)	9,352,460	6,953,120	34.51%
Administrative Expenses	-	(195,338)	-
Selling And Distribution Expenses	(217,189)	-	-
Other Income	541,847	87,241	521.09%
Finance Cost	(1,880,245)	(2,792,237)	-32.66%
Profit/ (loss) before taxation	7,796,873	4,052,786	92.38%
Taxation	(11,508)	(5,823)	97.63%
Net profit/ (loss) for the period	7,785,365	4,046,963	92.38%
Basic earnings/ (loss) per share	6.00	3.12	-

Amount in thousand except for EPS

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