HUBCO future looks green

The earnings of Hub Power Company Limited (HUBCO) will get boost in near future due to rising indexation factor and the inauguration of Narowal expansion and Laraib Project, which will become operational by June 2013, according to the research note of Arif Habib Limited.

According to their expectation, largest private power station of the country could post an earning of Rs 7,155 million in FY12 and Rs 7,856 million in FY13. Furthermore, it is expected that company will pay a dividend of Rs 5.8/share and Rs 6.40/share in FY12 and FY13 respectively. For FY11, the company announced final dividend of Rs 3.0/share which took the cumulative payout to Rs 5.5/share.

Meezan together with KAPCO and HUBCO launches short-term Sukuk

Two renowned power companies Kot Addu Power Company (KAPCO) and Hub Power Company (HUBCO) together with Meezan Bank are issuing six-month Sukuk.

Earlier, KAPCO sold Rs 1.5 billion on June 25 while HUBCO about to sell Rs 2 billion in Sukuk.

Both the short term sukuk arranged by Meezan Bank and together constitute the first such move in the Pakistani market.

From: Halal Tamweel

Corporates announce dividends

Board of Directors of Hub Power Company on Wednesday, recommended an interim cash dividend of Rs1.25 per share (i.e. 12.50 per cent) for second quarter ending on December 31, 2005.

Board announced the interim dividend after its meeting held at London on Tuesday.

Interim dividend will be paid to shareholders whose names appear in the Register of Members at the close of business on March 14, 2007. The Share Transfer Books will remain closed from March 15, 2007 to March 26, 2007 (both days inclusive).

The Company net profit for the period shrank to Rs526.049 million from Rs628.674 million for the corresponding period of 2005.

Hubco profit jumps, plans to acquire SSGC

Private power producer, Hub Power Co, on Tuesday reported a better-than-expected 13.2 per cent jump in quarterly net profit, an increase analysts said was due to higher plant utilisation.

Hubco’s earnings growth has been constrained by a tariff structure that falls as the company reduces its debts, but future ventures could provide additional upside for dividend payouts, analysts say.

The firm has expressed interest in acquiring a 51 per cent stake in state-run Sui Southern Gas Co Ltd (SSGC), which the government plans to privatise this fiscal year. It also plans to bid for three combined cycle power generation projects.

Hubco elects 12 directors

The shareholders of the Hub Power Company (Hubco) have elected 12 directors for a period of three years. This was announced in a statement of the company issued here on Wednesday. It said that the election was made at the 15th annual general body meeting held in Islamabad. The statement said that the 12 directors elected by the shareholders commencing from September 20 are: Mohammad A. Alireza, Dr. Fereydoon Abtahi, Robin A. Bramley, Malcolm P. Clampin, Taufique Habib, Vince R. Harris, Arif Ijaz, Qaiser Javed, Ali Munir, S. Nizam A. Shah, M. Ashraf Tumbi and Yutaka Ueda. It was pointed out that the full board comprises 15 directors of which 12 are elected. In addition, there are two nominee directors and the chief executive who is also a director.

Kapco posts Rs3,687m profit in six months