February 14, 2024 (MLN): Hub Power Company Limited (PSX: HUBC) unveiled its first-quarter fiscal year 2024 financial performance, wherein the profit after tax clocked in at Rs17.18 billion compared to a profit of Rs14.68bn in the same period last year (SPLY).
This translates to an earnings per share (EPS) of Rs11.78, compared to Rs10.25 in SPLY.
Along with the results, the Board of Directors (BoD) of HUBC recommended an interim cash dividend for the quarter at Rs4 per share i.e. 40%.
This is in addition to the interim dividend already paid at Rs5 per share i.e. 50%.
Going by the results, the company's top line grew by 19.19% YoY to Rs29.91bn as compared to Rs25.1bn in SPLY.
The operating costs also rose by 7.58% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 30.23% YoY to Rs16.75bn in 2QFY24.
The gross margins improved to 56.00% as compared to 51.25% in SPLY.
Moreover, during the review period, other income went up by 81.85% YoY to stand at Rs900.49 million in 2QFY24 as compared to Rs495.18m in SPLY.
On the expense side, the company observed an increase in general and administration expenses by 97.13% YoY while a fall in other expenses by 60.90% YoY to clock in at Rs692.23m and Rs161.74m respectively during the review period.
The company’s finance costs increased by 45.83% YoY and stood at Rs6.98bn as compared to Rs4.78bn in 2QFY23, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs3.2bn against the Rs3.11bn paid in the corresponding period of last year, depicting an increase of 2.84% YoY.
| Consolidated (un-audited) Financial Results for Quarter ended 31 December, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Dec 23 | Dec 22 | % Change | |
| Turnover | 29,913,346 | 25,097,172 | 19.19% |
| Operating costs | (13,161,916) | (12,234,253) | 7.58% |
| Gross Profit | 16,751,430 | 12,862,919 | 30.23% |
| General and administration expenses | (692,232) | (351,159) | 97.13% |
| Share of profit from associates and joint ventures – net | 10,565,372 | 9,986,254 | 5.80% |
| Other Income | 900,485 | 495,180 | 81.85% |
| Other operating expenses | (161,742) | (413,610) | -60.90% |
| Finance cost | (6,977,367) | (4,784,680) | 45.83% |
| Profit before taxation | 20,385,946 | 17,794,904 | 14.56% |
| Taxation | (3,202,985) | (3,114,507) | 2.84% |
| Net profit for the period | 17,182,961 | 14,680,397 | 17.05% |
| Basic earnings/ (loss) per share | 11.78 | 10.25 | – |
Amount in thousand except for EPS
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Posted on: 2024-02-14T11:24:54+05:00
