HUBC’s profit takes a hit, drops 27% in HY25

MG News | February 26, 2025 at 11:36 AM GMT+05:00

0:00

February 26, 2025 (MLN): Hub Power Company Limited (PSX: HUBC) reported a decline of 27.37% in its profitability, with its profit after tax dropping to Rs25.79 billion [EPS: Rs17.99] for the half-year ended December 31, 2024, compared to Rs35.5bn [EPS: Rs24.95] in the same period last year.

The company declared an interim cash dividend of Rs5 per share, equivalent to 50%.

The company’s revenue from contracts with customers decreased by 25.31% YoY to Rs47.54bn, mainly due to lower sales.

However, the cost of revenue also declined by 23.37% to Rs23.11bn, leading to a gross profit of Rs24.43bn, reflecting a 27.05% decrease.

General and administration expenses remained largely unchanged at Rs1.04bn, while distribution and marketing expenses stood at Rs495.53mn.

Other operating expenses surged significantly by 1059.59% to Rs3.62bn, impacting overall profitability.

Meanwhile, other income saw a sharp increase of 97.47% to Rs2.33bn, supporting the bottom line.

The company's finance costs declined by 31.96% YoY to Rs9.56bn, reflecting lower borrowing costs.

Share of profit from associates and joint ventures decreased by 10.78% to Rs20.16bn.

As a result, profit before taxation dropped by 23.13% to Rs32.22bn.

The company’s taxation expense increased slightly by 0.34% to Rs6.43bn.

Attributable to the owners of the holding company, net profit stood at Rs23.33bn, down 27.89% YoY, while non-controlling interest stood at Rs2.45bn, reflecting a 21.99% decline.

Consolidated Profit and Loss For The Half Year Ended December 31, 2024 (Rs '000s)
Particulars	Dec-24	Dec-23	%Change
Revenue from contracts with customers - net	47,536,071	63,643,237	-25.31%
Cost of revenue	(23,107,436)	(30,155,648)	-23.37%
GROSS PROFIT	24,428,635	33,487,589	-27.05%
General and administration expenses	(1,037,832)	(1,038,141)	-0.03%
Distribution & marketing expenses	(495,533)	-
Other income	2,332,787	1,181,335	97.47%
Insurance claim against alternator damage and consequent loss of revenue	-	38,122
Other operating expenses	(3,616,513)	(311,879)	1059.59%
PROFIT FROM OPERATIONS	21,611,544	33,357,026	-35.21%
Finance costs	(9,557,307)	(14,046,015)	-31.96%
Share of profit from associates and joint ventures - net	20,162,517	22,599,911	-10.78%
PROFIT BEFORE TAXATION	32,216,754	41,910,922	-23.13%
Taxation	(6,431,613)	(6,409,505)	0.34%
PROFIT FOR THE PERIOD	25,785,141	35,501,417	-27.37%
Attributable to:
- Owners of the holding company	23,334,655	32,360,304	-27.89%
- Non-controlling interest	2,450,486	3,141,113	-21.99%
Basic and diluted earnings per share (EPS) (Rupees)	17.99	24.95	-27.90%

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