Hubco's full-year consolidated profit surges 33.7%

The Hub Power Company Limited’s (HUBC) consolidated profit for the year ended June, 2021 surged 33.7%, clocking in at Rs34.83 billion compared to earnings of Rs26.06 billion in the same period of the preceding year.

Earnings per share (EPS) amounted to Rs25.97 during July-June 2020-21, compared to an EPS of Rs19.31 in the same period of the previous year, according to the consolidated financial results posted on the Pakistan Stock Exchange’s (PSX) website on Monday.

The board of directors also recommended a final cash dividend of Rs5 per share, which is in addition to the combined interim payout of Rs7. The dividend will be paid to the shareholders whose name will appear in the register of members on September 24, 2021.

The improvement in bottomline comes on the back of finance costs that went down from Rs11.91 billion to Rs7.34 billion with lower interest rates helping the company's cause. Share of profit from associates and joint venture (net) also increased from Rs13.7 billion to Rs15.5 billion on a yearly basis.