Qudsia Bano

Hum Network Limited’s revenue from sales increased 9% to Rs1.3 billion in the first quarter of the ongoing financial year 2022-23 (1QFY23) from Rs1.2 billion over the corresponding period of the previous fiscal. The company’s gross profit, however, decreased 5% to Rs547.5 million in 1QFY23 from Rs575.8 million recorded in 1QFY22. The company posted a net profit of Rs304.7 million in 1QFY23 compared to a profit of Rs250.6 million over the corresponding period of FY22, showing a positive growth of 22% year-on-year, reports WealthPK.

During the fiscal year 2021-22, the company’s gross sales went up to Rs6 billion from Rs4.3 billion in FY21, posting a healthy increase of 39% year-on-year. Net sales were predominantly the result of significant development across all revenue streams, particularly the firm’s news and digital media sectors, which saw comparable increases in revenues of 133% and 84%, respectively.

The gross profit for FY22 stood at Rs2.46 billion, 68% up from Rs1.4 billion in FY21. The profit-after-tax for the year went up by 34% to Rs1.36 billion from Rs1 billion in FY21. Redesigned social media approach and effective cost management, which resulted in managing costs while growing the company’s income, were the key drivers of the year’s significant growth in profits.

The earnings per share of the company have shown an increasing trend since 2019, as EPS increased to Rs1.44 in FY22 from Rs1.07 in FY21.

About Company

Hum Network was incorporated in Pakistan on February 25, 2004, as a public limited company under the Companies Ordinance, 1984, which now stands repealed. The company’s principal business is to launch transnational satellite channels to present a wide variety of cultural heritage. Its core areas of operation are production, advertisement, entertainment and media marketing.

Credit: Independent News Pakistan-WealthPk