HUBCO’s profits surge by 48% during 1HFY21

MG News | February 26, 2021 at 01:30 PM GMT+05:00

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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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