April 29, 2024 (MLN): Hub Power Company Limited (PSX: HUBC) reported its profit and loss statement for the first quarter of 2024, wherein the profit after tax clocked in at Rs7.03 billion [EPS: Rs5.42] compared to a profit of Rs5.91bn [EPS: Rs4.56] in the same period last year (SPLY).
Along with the results, the company announced an interim cash dividend of Rs2.5 per share.
This is in addition to the interim dividends already paid at Rs9 per share.
Going by the results, the company's top line rose by 16.5% YoY to Rs10.76bn as compared to Rs9.24bn in SPLY.
The operating costs also rose by 5.5% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 21.2% YoY to Rs7.79bn in Q1 2024.
The gross margins improved to 72.44% as compared to 69.58% in SPLY.
During the review period, other income went up by 70.3% YoY to stand at Rs2.6bn in Q1 2024 as compared to Rs1.53bn in SPLY.
On the expense side, the company observed a decrease in general and administrative expenses by 5.5% YoY and other expenses by 91.5% YoY to clock in at Rs234.51m and Rs43.88m respectively during the review period.
The company’s finance cost, however, surged by 68.9% YoY and stood at Rs2.68bn as compared to Rs1.59bn in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs407.79m against the Rs139.27m paid in the corresponding period of last year, depicting an increase of 192.8% YoY.
| Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Mar 24 | Mar 23 | % Change | |
| Sales | 10,758,690 | 9,238,772 | 16.45% |
| Operating costs | (2,965,101) | (2,810,475) | 5.50% |
| Gross Profit/ (loss) | 7,793,589 | 6,428,297 | 21.24% |
| General and Administrative Expenses | (234,510) | (248,217) | -5.52% |
| Other Income | 2,604,270 | 1,529,506 | 70.27% |
| Other Operating Expenses | (43,884) | (516,369) | -91.50% |
| Finance Cost | (2,676,917) | (1,585,227) | 68.87% |
| Profit/ (loss) before taxation | 7,442,548 | 6,049,257 | 23.03% |
| Taxation | (407,789) | (139,268) | 192.81% |
| Net profit/ (loss) for the period | 7,034,759 | 5,909,989 | 19.03% |
| Basic earnings/ (loss) per share | 5.42 | 4.56 | – |
Amount in thousand except for EPS
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Posted on: 2024-04-29T11:35:18+05:00
