September 12, 2023 (MLN): Hub Power Company Limited (PSX: HUBC) has disclosed its financial results for the year ended 30 June 2023, showing a significant 2.10x YoY increase in profitability to Rs62.01 billion [EPS: Rs44.37] compared to Rs29.58bn [EPS: Rs21.95] in the same period last year.
Along with the FY23 financial results, the board of directors of HUBC has also announced a final cash dividend for the period ended June 30, 2023, at Rs6 per share i.e. 60%.
This is in addition to interim dividends of Rs24 per share i.e. 240%, that have already been paid during the financial year.
Going by the results, the company's top line climbed by 17.60% YoY to Rs114.26bn in FY23 as compared to Rs97.16bn in SPLY.
The operating costs of the company fell by 4.01% YoY to Rs61.48bn in FY23 compared to Rs64.06bn in FY22, attributed to better management of expenses.
The growth in sales along with a decline in the operating costs resulted in the gross profit improving by 59.55% to Rs52.78bn compared to Rs33.10bn in FY22.
Similarly, during the review period, other income went up by 68.78% YoY to stand at Rs3.59bn in FY23 as compared to Rs2.12bn in SPLY.
On the expense side, the company observed an increase in general and admin expenses by 33.03% YoY to clock in at Rs1.37bn during the review period.
Conversely, other expenses of HUBC went significantly down by 80% to Rs79.42 million compared to Rs398.05m recorded last year.
Profitability was significantly boosted by a substantial increase of 3.71x in the share of profit from associates and joint ventures to clock in at Rs34.32bn in FY23 compared to Rs9.32bn in FY22.
The company’s finance costs rose by 2.44x YoY and stood at Rs19.32bn as compared to Rs7.93bn in FY23, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs8.41bn against the Rs5.53bn paid in the corresponding period of last year, depicting an increase of 52.20% YoY.
| Consolidated (un-audited) Financial Results for Year ended 30 June 2023 (Rupees in '000) | |||
|---|---|---|---|
| June 23 | June 22 | % Change | |
| Turnover | 114,263,041 | 97,158,401 | 17.60% |
| Operating costs | (61,484,961) | (64,055,721) | -4.01% |
| Gross Profit | 52,778,080 | 33,102,680 | 59.44% |
| General and administration expenses | (1,368,334) | (1,028,552) | 33.03% |
| Insurance claim against alternator damage and consequent loss of revenue | 509,664 | 0 | – |
| Share of profit from associates and joint ventures – net | 34,316,400 | 9,232,486 | 271.69% |
| Other Income | 3,585,499 | 2,124,367 | 68.78% |
| Other expenses | (79,423) | (398,052) | -80.05% |
| Finance cost | (19,323,473) | (7,927,791) | 143.74% |
| Profit before tax | 70,418,413 | 35,105,138 | 100.59% |
| Taxation | (8,411,271) | (5,526,411) | 52.20% |
| Net profit for the period | 62,007,142 | 29,578,727 | 109.63% |
| Basic and diluted earnings/ (loss) per share | 44.37 | 21.95 | – |
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Posted on: 2023-09-12T11:35:09+05:00
