Ever after a stiff tussle with Federal Board of Revenue, apex tax authority, with bank accounts freezes and with major international shareholder wanted to get rid of their stake – Hub Power Company manages to post a record profit of Rs 819 Crore in fiscal year 2012.
While Hub Power was in tax fiasco and major shareholders Xenel Industries of Saudi Arabia and National Power International Holdings BV wanted to stake out - Dawood Group, also parent company of Engro Corporation, made another successful bet and acquired shares from major shareholders.
Along with the successful results, Hub Power has also announced a cash dividend of Rs3 per share and this will take the total dividend to Rs6 per share. According to analysts, this improved earnings are primarily attributable to revised Narowal Project. The plant is a 214MW-fuel fired project setup in district Narowal, Punjab.
Hub Power was also benefited because of the weak Ruppe – Given that Hub Power’s tariff payments are made in dollars and this year witnessed a massive decline in Rupee against dollar.
Dawood Group might (yes might) be worried about few operations of Engro Corporation but inclusion of Hub Power in their portfolio proved to be a huge success.
- Hub Power Major Shareholder is Planning to Sold its Stake
- Not Doing Enough: Dawood Fertilizers Removed Rashid Lone from CEO Position
- How Can Hub Power Work without using its Cash?
- Asad Umar, President Engro Corporation Takes Early Retirement
- Exclusive: Khalid Mansoor, Engro Fertilizer’s CEO also left Engro Corporation