Hub Power Company Limited (HUBCO), the largest Independent Power Producer (IPP) in Pakistan, announced an 11% rise in its profits for the quarter ending September 30, 2024. The company’s profit reached Rs20.31 billion, compared to Rs18.32 billion during the same period last year. The earnings per share also increased to Rs14.74, up from Rs13.17 in the previous year.
However, the revenue from customer contracts saw a decline of 5%, totaling Rs32.04 billion. On a positive note, the cost of revenue dropped significantly by nearly 18%, coming in at Rs13.99 billion. This reduction helped the company achieve a gross profit increase of about 8%, resulting in a healthy gross profit margin of 56%.
One of the most notable aspects of this financial report is the remarkable growth in other income, which surged by over 265%, reaching Rs1.03 billion. This indicates that HUBCO is finding additional ways to generate income outside its core business operations.
Moreover, the company’s finance costs decreased by 23%, which reflects strong operational performance and effective management of expenses.
