Karachi: In its recently released financial statement, The Hub Power Company Limited reported a significant increase in revenue and profits for the first quarter ended September 30, 2024. The results, reflecting a robust performance despite economic challenges, were disclosed during a board meeting at the company's headquarters in Karachi on, October 30, 2024.

The company's revenue from contracts with customers saw a substantial rise, totaling PKR 32.04 billion in the reported quarter, compared to PKR 33.73 billion in the corresponding quarter of the previous year. This revenue surge was mainly due to improved operational efficiencies and market conditions. According to information available from the Pakistan Stock Exchange (PSX), Hub Power's cost of revenue was also notably lower at PKR 13.99 billion, down from PKR 16.99 billion, resulting in a gross profit of PKR 18.05 billion against the previous PKR 16.74 billion.

Administrative expenses were slightly higher at PKR 0.50 billion compared to PKR 0.35 billion, yet the company managed to achieve a higher profit from operations of PKR 18.41 billion. This is an increase from PKR 16.56 billion recorded in the previous year. Notably, the finance costs reduced to PKR 5.46 billion from PKR 7.07 billion, and profits before taxation stood at PKR 23.29 billion, up from PKR 21.52 billion.

The consolidated net profit for the period was PKR 20.31 billion, an increase from the PKR 18.32 billion reported in the same period last year. Earnings per share also rose to PKR 14.74 from PKR 13.17.

In the same announcement, the company disclosed that there would be no distribution of cash dividends, bonus shares, or rights shares for the quarter. The quarterly report will be transmitted to shareholders through PUCARS within the specified time frame.

The performance of Hub Power in this quarter demonstrates a strong financial position and promises continued growth and stability in the challenging energy sector of Pakistan.