Hum Network profit jumps 40%

October 29, 2024 (MLN): Hum Network Limited (PSX: HUMNL) net profit jumped 40.9% to Rs677.47 million [EPS: Rs0.6] during the quarter ending September 2024, from Rs480.86m [EPS: Rs0.42] in the same period last year (SPLY).

The company's revenue rose 8.2% to Rs1.99bn as compared to Rs1.84bn in SPLY.

Moreover, the cost of sales fell by 4.4%, improving the gross profit by 22.8% to Rs1.04bn in Q1 FY25.

The gross margins rose to 52.4% as compared to 46.1% in SPLY.

During the period under review, other income surged 104.3% to stand at Rs109.81m in Q1 FY25 as compared to Rs53.75m in SPLY.

On the expense side, the company's administrative expenses rose 13.6% from a year ago to Rs259.51m, selling and distribution expenses fell 9.6% to Rs119.14m, and other operating expenses rose to Rs0m.

The company’s finance cost marked a decline of 74.9% and stood at Rs1.79m as compared to Rs7.12m in SPLY.

On the tax front, the company paid a higher tax worth Rs93.83m against an expense paid worth Rs53.88m in the corresponding period of last year, an increase of 74.1%.

This translates to an effective tax rate of 12.2% as compared to 10.1% in SPLY.

Amount in thousand except for EPS

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