Karachi, The Hub Power Company (HUBC) has reported a significant 44% year-on-year increase in its earnings for the first half of fiscal year 2024, alongside announcing a cash dividend of PKR 4.0 per share for the quarter. This financial milestone exceeds analyst expectations, with the company achieving consolidated quarterly earnings of PKR 15.28 billion, marking a 15% increase year-on-year, despite a quarterly decline of 11%.

According to AKD Securities Limited, the consolidated revenue for the quarter reached PKR 29.9 billion, a decrease of 11% from the previous quarter, attributed to lower generation from its subsidiaries and associate power plants. Notably, the company's power plants, including CPHGC, TEL, NEL, TNPTL, and LEL, displayed varied generation performance, contributing to the overall revenue dynamics.

The report further highlights that the share of profit from associates decreased by 12% quarter-on-quarter to PKR 10.56 billion. Additionally, the company faced a 100% increase in operational expenses, which, along with flat finance costs and a substantial 221% increase in other income, influenced the earnings outcome.

HUBC's announcement of a PKR 4.0 per share dividend for the quarter brings the total payout for the first half of the fiscal year to PKR 9.0 per share, compared to PKR 21.25 per share in the same period last year. The financial report detailed a comprehensive analysis of the company's performance, including sales, gross profit, operational expenses, finance costs, and share of profit, underscoring a robust year-on-year growth in earnings per share from PKR 17.27 to PKR 24.95.

This financial disclosure reflects HUBC's strategic management of its operational challenges, finance costs, and revenue streams, positioning the company for continued growth in the energy sector.