Hub Power Q1 profit doubles
MG News | October 30, 2024 at 11:10 AM GMT+05:00
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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