{"id":7302,"date":"2024-08-27T02:18:28","date_gmt":"2024-08-27T02:18:28","guid":{"rendered":"https:\/\/gsrra.com\/?p=7302"},"modified":"2024-08-27T02:18:29","modified_gmt":"2024-08-27T02:18:29","slug":"pakistans-largest-ipp-hubco-posts-profit-of-rs75-3bn-in-fy24","status":"publish","type":"post","link":"https:\/\/gsrra.com\/?p=7302","title":{"rendered":"Pakistan\u2019s largest IPP HUBCO posts profit of Rs75.3bn in FY24"},"content":{"rendered":"\n

Electricity Production is a good business in Pakistan, all power producers have earned handsome profits.<\/em><\/strong><\/a><\/p>\n\n\n\n

<\/a><\/a><\/a><\/a><\/a>Hub Power Company Limited (HUBCO), Pakistan\u2019s largest Independent Power Producer (IPP), saw its profit increase by over 21% to Rs75.29 billion in the fiscal year 2023-24 which ended June 30.<\/strong><\/p>\n\n\n\n

On a consolidated basis, the company registered a profit of Rs62 billion in the same period of the previous year, according to a notice sent to the Pakistan Stock Exchange (PSX) on Monday.<\/p>\n\n\n\n

Earnings per share (EPS) increased to Rs53.98 in the period under review compared to Rs44.37 in the same period last year (SPLY).<\/p>\n\n\n\n

The company also announced a final cash dividend of Rs8.5 per share i.e. 85%. This was in addition to an interim cash dividend of Rs11.5 per share i.e. 115% during the financial year.<\/p>\n\n\n\n

HUBCO\u2019s earnings up 17% in 2QFY24<\/a><\/strong><\/p>\n\n\n\n

On a consolidated basis, the IPP\u2019s revenue from contracts with customers surged by over 14% to Rs130.5 billion in FY24, compared to Rs114.3 billion recorded in the prior year.<\/p>\n\n\n\n

The company\u2019s cost of revenue inched up over 1% to Rs62.2 billion in FY24, compared to Rs61.5 billion in SPLY.<\/p>\n\n\n\n

Consequently, the gross profit of HUBCO increased by over 29% to Rs68.3 billion in FY24. This translates to a profit margin of 48% in FY24, as compared to 46% in SPLY<\/p>\n\n\n\n

Meanwhile, the company\u2019s other income declined marginally, hitting Rs3.3 billion in FY24, compared to Rs3.6 billion in SPLY.<\/p>\n\n\n\n

The company saw its other operating expenses surge to Rs2.45 billion, up 30 times compared to a meager Rs79 million in FY23.<\/p>\n\n\n\n

HUBCO saw its cost of finance jump to Rs26.7 billion in FY24, an increase of over 38%. The increase comes as interest rates increased significantly during the year.<\/p>\n\n\n\n

On the other hand, HUBCO earned Rs49.4 billion as a share of profits from associates and ventures in FY24, an increase of nearly 44% yearly.<\/p>\n\n\n\n

The IPP paid Rs14.7 billion in taxes in FY24, up 74%.<\/p>\n\n\n\n

HUBCO has a combined installed power generation capacity of 3,581 MW. The IPP through its subsidiaries operates in various business sectors including oil and gas, mining and industrial operations, and maintenance services.<\/p>\n\n\n\n

Reference Link:- https:\/\/www.brecorder.com\/news\/40319336<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Electricity Production is a good business in Pakistan, all power producers have earned handsome profits. Hub Power Company Limited (HUBCO), Pakistan\u2019s largest Independent Power Producer (IPP), saw its profit increase by over 21% to Rs75.29 billion in the fiscal year 2023-24 which ended June 30. On a consolidated basis, the company registered a profit of […]<\/p>\n","protected":false},"author":1,"featured_media":7303,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[2],"tags":[2974,1961,2975,132,105,2972,2971,36,2973],"class_list":["post-7302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sample-category","tag-energy-2","tag-business","tag-business-environments","tag-economy","tag-geopolitics-2","tag-hubco","tag-ipps","tag-pakistan","tag-power-production"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/7302","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7302"}],"version-history":[{"count":1,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/7302\/revisions"}],"predecessor-version":[{"id":7304,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/7302\/revisions\/7304"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/media\/7303"}],"wp:attachment":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}