Business
May 1, 2021
KARACHI: Hub Power Company (Hubco) has announced a net profit of Rs8.8 billion for the quarter ended March 31, 2021, up 20.54 percent from net profit of Rs7.38 billion recorded in the same period last year.
The earnings per share (EPS) for the quarter clocked in at Rs6.61 against EPS of Rs5.55 last year. The company did not announce any payout along with the corporate results.
“The increase in profit is mainly due to higher share of profit from an associate (China Power Hub Generation Company Limited, which started commercial operations on August 17, 2019), depreciation of rupee against USD and lower financing costs,” company noted.
HUBCO to acquire Eni’s upstream operations
Executes agreements in joint venture with employees of Italian company
PHOTO: HUBCO
KARACHI:
Eni, the Italian oil and gas exploration firm, has finally ended its 20-year of journey in Pakistan, as it agreed on a price to sell its local businesses to a joint venture of diversifying Hub Power Company (Hubco) and Eni employees, according to a bourse filing on Monday.
“The Hub Power Company together with Eni’s local employees (in 50:50 joint venture) has executed definitive agreements to acquire all the upstream operations in Pakistan of Eni and renewable energy assets owned by Eni in Pakistan,” Hubco Company Secretary Sohail Kassamali said in a notification to Pakistan Stock Exchange (PSX).
Hubco’s profit jumps 47% in Jul-Dec 2020
Surge comes on back of rupee depreciation, drop in finance cost
PHOTO: HUBCO
KARACHI:
Hub Power Company’s (Hubco) consolidated profit increased 47% to Rs16.88 billion in the first half ended December 31, 2020 mainly due to surge in profit from an associate company, rupee depreciation and significant cut in cost of finance, according to a bourse filing on Friday.
“The increase in profit is mainly due to higher share of profit from associate, China Power Hub Generation Company Limited (CPHGC), which started commercial operations on August 17, 2019, depreciation of rupee against dollar and lower financing costs,” Hubco said in a report to Pakistan Stock Exchange (PSX).
Business
January 6, 2021
The stock market on Tuesday ended flat following a choppy session, as institutions sold their holdings to book profits and seasoned investors anxiously waited for cabinet approval on construction sector and government nod on energy bonds, dealers said.
Topline Securities in a note said the benchmark KSE-100 shares index witnessed a choppy session as it touched an intra-day high of 44,830 (up 0.32 percent) and an intra-day low of 44,458 (down 0.51 percent) to eventually close flat at 44,650 (down 0.08 percent).
Kot Addu Power Company Limited (Kapco) remained in the limelight, owing to the partial payment pertaining to the circular debt, with its stock closing at the upper circuit.
Karachi
December 13, 2020
Mindful of challenges associated with any big public welfare initiative, Defence Housing Authority (DHA) residents believe that it would not be easy to revive DHA Cogen Limited, which will generate electricity and supply desalinated water under a memorandum of understanding signed on Friday.
Under the MoU that the Hub Power Company’s (Hubco) signed with the DHA, the revived company will generate and supply 84 megawatts of electricity to K-Electric, besides providing three million gallons of potable water to the Cantonment Board Clifton (CBC) per day.
Additionally, Hubco and the DHA plan to develop five million gallons of potable water per day through a project based on sea water reverse osmosis technology, for which Hubco already possesses the first right of refusal, an official of the power company has told The News.