Karachi, August 25, 2022 (PPI-OT): PSMC, HUBC and FATIMA – Result Reviews

PSMC: 2QCY22 Result Review

Pak Suzuki Motor Company Limited (PSMC) announced its 2QCY22 result today where it posted NPAT of PkR443mn (EPS: PkR5.4) compared to loss of PkR460mn (LPS: PkR5.6) in the first quarter. This brings cumulative loss for 1HCY22 to PkR17mn (LPS: PkR 0.2). Earnings for the quarter are up 6%YoY despite lower gross margins due to higher volumes. The result is higher than our expectations due to significantly higher other income.

HUBC: FY22 Result Review

Hub Power Company Ltd (HUBC) announced the result for 4QFY22 today, in which the consolidated NPAT was PkR7.0bn (EPS: PkR5.4), down 20%YoY. This takes FY22 NPAT to PkR28.5bn (EPS: PkR22.0), decreasing by 15%YoY. The result is in line with our estimates, but in a surprising turn, the company has decided to not pay out dividend with the last quarter of the year.

FATIMA: 2QCY22 Result Review

Fatima Fertilizer Company (FATIMA) announced its 1HCY22 result, where it posted consolidated PAT of PkR167mn (EPS: PkR0.08) vs PAT of PkR5.54bn (EPS: PkR2.64). This takes cumulative 1HCY22 PAT to PkR5.8bn (EPS: PkR2.79) vs PAT of PkR9.3bn (EPS: PkR4.44) in same period last year. The decline in earnings is primarily attributable to higher than expected taxation charges.