February 26, 2021 (MLN): Hub Power Company Limited (HUBC) has posted earnings of Rs. 16.88 billion (EPS: 12.60) for the half-year ended December 31, 2020, i.e. around 48% higher than the earnings recorded in same period of last year.
The company also announced an Interim Cash Dividend for the quarter ended December 31, 2020 @ Rs.3 per share i.e. 30%. This is addition to the interim dividend already paid at Rs. 4 per share i.e. 40%.
The boost in the company’s earnings came from a rise in revenue by 9%, which in turn was a result of recognition of share of profit from China Power Hub Generation Company (CPHGC) as well as an increase in total dispatches. Likewise, the gross profit increased by 10% due to PKR depreciation.
There was a 40% decline in the company’s finance cost due to lower interest rates. Nonetheless, HUBC faced some setback as its income tax expense surged by nearly 13x.
Consolidated Profit and Loss Account for the Half-year Ended December 31, 2020 (Rupees in '000) | |||
|---|---|---|---|
Dec-20 | Dec-19 | % Change | |
Turnover | 26,791,191 | 24,653,589 | 9% |
Operating costs | (10,913,332) | (10,182,031) | 7% |
Gross Profit | 15,877,859 | 14,471,558 | 10% |
General and administration expenses | (752,226) | (830,000) | -9% |
Other income | 158,206 | 160,115 | -1% |
Other operating expenses | (236,717) | (26,271) | 801% |
Profit from operations | 15,047,122 | 13,775,402 | 9% |
Finance costs | (3,730,676) | (6,251,021) | -40% |
Share of gain/loss from associates | 7,604,838 | 5,153,226 | 48% |
Loss on shares to be transferred to GoB | – | (1,009,029) | – |
Profit before taxation | 18,921,284 | 11,668,578 | 62% |
Taxation | (2,032,861) | (157,888) | 1188% |
Profit for the year | 16,888,423 | 11,510,690 | 47% |
Basic and diluted earnings per share – in Rupees | 12.60 | 8.52 | 48% |
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