Hub Power Company Limited (HUBCO), Pakistan’s largest Independent Power Producer (IPP), saw its profit jump by nearly 110% to Rs62.01 billion in fiscal year 2023 that ended June 30.

The company registered a profit of Rs29.58 billion in the same period last year (SPLY), according to a notice sent to the Pakistan Stock Exchange (PSX) on Tuesday.

Earnings per share (EPS) increased to Rs44.37 in the period under review compared to Rs21.95 in SPLY.

The company also announced a final cash dividend of Rs6 per share i.e. 60% for the year. This was in addition to the interim cash dividend already paid at Rs24 per share i.e. 240% during the fiscal year.

On a consolidated basis, the IPP’s turnover surged by nearly 18% to Rs114.3 billion during FY23, compared to Rs97.2 billion recorded in the prior year.

On the other hand, the company’s operating expenses declined by nearly 4% year-on-year, to Rs61.5 billion in FY23.

Resultantly, the gross profit of HUBCO increased by nearly 60% to Rs52.78 billion in FY23.

The company’s other income showed growth of 71% YoY, hitting Rs3.59 billion in FY23, compared to Rs2.1 billion in SPLY.

Meanwhile, the company’s cost of finance jumped to Rs19.32 billion in FY23, an increase of 144%. The increase comes as interest rate increased significantly during the year.

However, HUBCO earned a massive Rs34.32 billion as share of profits from associates and ventures in FY23, an increase of 272% on a yearly basis.

HUBCO has a combined installed power generation capacity of 3,581 MW. The IPP through its subsidiaries operates in various business sectors including oil and gas, mining and industrial operations and maintenance services.