Karachi: The Hub Power Company (HUBC) has released its financial results for the fiscal year 2024, reporting consolidated earnings of PKR 70 billion, which is a 22% increase from the previous year. This performance has slightly exceeded market expectations. Additionally, the company declared a cash dividend of PKR 8.5 per share for the quarter, culminating in a total annual payout of PKR 20.0 per share.

According to AKD Securities Limited, consolidated revenue for the quarter stood at PKR 35 billion, marking increases of 10% and 8% over the previous quarter and the same quarter last year, respectively. The earnings from the power generation segment varied, with significant drops in production at some plants but increases at others, like the Lahore Energy Limited (LEL), which saw a 28% increase in generation.

Financial stability is noted with finance costs remaining largely stable quarter-on-quarter and showing an 18% decrease year-on-year. This improvement is attributed to reduced debt levels and lower financing rates. The profit share from associates, including SECMC, also saw a notable increase, contributing to the overall positive financial outcome.

In addition to its financial achievements, HUBC announced plans to enter into a joint venture with Ark Metals Pvt. Ltd. for the development of mineral mines, expanding its investment in national resource development. This initiative aligns with the company’s strategy to diversify its investment portfolio and enhance shareholder value.