February 27, 2023 (MLN): The Hub Power Company Limited (PSX: HUBC) on Monday reported a 90% YoY growth in its net profit for the half year ended on December 31, 2022, to Rs24.15 billion from Rs12.71bn in 1HFY22.
This was reflected in the company’s earnings per share which moved up to Rs17.27 from Rs9.41 in the corresponding period last year.
In conjunction with the result, the company also announced an interim cash dividend for the quarter that ended December 31, 2022, at Rs5.75 per share i.e., 57.5%. This is in addition to the interim dividend already paid at Rs15.5 per share i.e., 155%.
According to the financial statement issued to the bourse, HUBC’s consolidated turnover in 1HFY23 increased by 18.2% YoY to Rs54.69bn while the operating cost moved up by only 5.4% YoY which improved the gross margin of the company to 41% in 1hFY23 compared to 34% in 1HFY22.
The consolidated earnings have also improved by the notable surge in the share of gain from associates which stood at Rs13bn compared to Rs830.74mn in 1HFY22.
The other income has jumped by 88.53% YoY to Rs907mn during 1FY23 due to higher income from management services.
On the cost side, the finance cost of the company soared by over 2x YoY to Rs7.12bn compared to Rs3.4bn in the same period of last year.
During the review period, the company paid Rs4.22bn compared to Rs502mn in 1HFY22.
|
Profit and Loss Account for the Half-year Ended December 31, 2022 (Rupees in '000) |
|||
|---|---|---|---|
|
Dec-22 |
Dec-21 |
% Change |
|
|
Turnover |
54,687,004 |
46,267,242 |
18.20% |
|
Operating costs |
(32,102,356) |
(30,459,550) |
5.39% |
|
Gross Profit |
22,584,648 |
15,807,692 |
42.87% |
|
General and administration expenses |
(632,834) |
(457,115) |
38.44% |
|
Other income |
907,279 |
481,243 |
88.53% |
|
Workers' profit participation fund |
(441,267) |
(47,479) |
829.39% |
|
Profit from operations |
22,417,826 |
15,784,341 |
42.03% |
|
Finance costs |
(7,123,591) |
(3,397,248) |
109.69% |
|
Share of gain/loss from associates |
13,077,431 |
830,741 |
1474.19% |
|
Profit before taxation |
28,371,666 |
13,217,834 |
114.65% |
|
Taxation |
(4,217,640) |
(501,865) |
740.39% |
|
Profit for the year |
24,154,026 |
12,715,969 |
89.95% |
|
Basic and diluted earnings per share – in Rupees |
17.27 |
9.41 |
83.53% |
Copyright Mettis Link News
Posted on: 2023-02-27T13:05:13+05:00
