Hub Power Company Announces Financial Results and New Joint Venture

Karachi: The Hub Power Company Limited (“Company”) revealed its annual audited financial results for the fiscal year ending June 30, 2024, and announced a new joint venture for mineral exploration in Pakistan.

The Company reported significant financial outcomes with a gross profit of Rs. 68.35 billion for the year ended June 30, 2024, up from Rs. 52.78 billion in the previous year. The profit from operations surged to Rs. 67.34 billion, marking an increase from Rs. 55.43 billion recorded last year. Following these results, the Company’s Board of Directors recommended a final cash dividend of Rs. 8.50 per share, which is in addition to an interim dividend of Rs. 11.5 per share already paid during the financial year.

According to information available from the Pakistan Stock Exchange (PSX), in the context of material information, Hub Power Holdings Limited, a wholly owned subsidiary of the Company, has entered into a joint venture agreement with Ark Metals (Private) Limited. This venture aims to explore and develop mineral mines in Pakistan, contingent upon necessary regulatory approvals.

The annual general meeting for the Company is scheduled for September 30, 2024, in Karachi. Shareholders listed in the register as of September 20 will be eligible to attend. The share transfer books will be closed from September 23 to September 30, 2024.

On the unconsolidated front, the Company posted a profit before taxation of Rs. 34.91 billion for 2024, up from Rs. 32.12 billion the previous year, with basic and diluted earnings per share increasing to Rs. 26.12 from Rs. 23.85.

The post Hub Power Company Announces Financial Results and New Joint Venture appeared first on .