The Hub Power Company Limited (HUBCO), Pakistan’s largest Independent Power Producer (IPP), reported a significant increase in profit for fiscal year 2023. Their profit jumped by nearly 110% to Rs62.01 billion compared to the previous year. This resulted in an earnings per share (EPS) of Rs44.37, a significant increase from the previous year’s EPS of Rs21.95. The company also announced a cash dividend of Rs6 per share, in addition to an interim cash dividend of Rs24 per share already paid during the fiscal year.
On a consolidated basis, HUBCO’s turnover increased by nearly 18% to Rs114.3 billion during FY23. Operating expenses decreased by nearly 4% to Rs61.5 billion, leading to a gross profit of Rs52.78 billion, a 60% increase from the previous year. Other income also showed significant growth, reaching Rs3.59 billion in FY23.
The company’s cost of finance increased by 144% to Rs19.32 billion due to a significant increase in interest rates. However, HUBCO earned a substantial Rs34.32 billion as a share of profits from associates and ventures, a 272% increase from the previous year.
HUBCO has a total installed power generation capacity of 3,581 MW and operates in various sectors including oil and gas, mining, and industrial operations and maintenance services.
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