ISLAMABAD: Despite over a yearlong COVID-19 pandemic that has badly affected economic activities in Pakistan and elsewhere, HUM Network Limited, a leading electronic media group in Pakistan has earned 3.679 billion rupees net revenues in 2020.
HUM Network Limited, listed at the Pakistan Stock Exchange, consisted of HUM TV, HUM Films, Hum Sitaray, Hum News, Hum Masala, Masala TV Food Mag and GLAM 360 Magazine. Former GM PTV and a legendary person, Sultana Siddiqui, established HUM Network Limited in Karachi. Now her son Duraid Qureshi is the Chief Executive Officer (CEO) of this famous media group.
HUM Network is one of the two media entities listed at the stock exchange. Media Times Limited is the second media company listed at PSX. Listing of companies at stock exchange makes it mandatory for them to publish and share their financial results with the shareholders and general public.
In comparison with group’s income in 2019, HUM Network Limited reported a decline of only 300 million rupees in its net revenues for 2020. However, when compared with this electronic media group’s annual net revenues in 2017 and 2018, in 2020 the group has lost almost one billion rupees revenue mainly because of slump in social and economic activities in the country and abroad in the backdrop of the pandemic.
Like revenues, the cost of production of the group also dropped to 2.756 billion in 2020, from 3.495 billion rupees in 2019.
According to annual report of HUM Network Limited for the year 2020, in 2015 the net revenues of the group amounted to 3.721 billion which increased to 3.942 billion in 2016, 4.463 billion rupees in 2017 and 4.6 billion in 2018. In 2019, a year before the outbreak of coronavirus, the net revenue of this group fell to 3.979 billion because of a slowdown in business activities after formation of PTI.
The COVID-19, nevertheless, added fuel to fire and further dampened overall business, consequently, HUM Network Limited net revenues dropped to 3.679 billion in 2020.
Thus, in two consecutive calendar years (2019 and 2020), the famous electronic media network in Pakistan has reported a decline in its income in comparison with 2017 and 2018. Importantly, in 2020, the gross profit of the group stood at 784.256 million, double than 2019 (290.635 million). However, the group has reported a loss of 136.12 million before taxation in 2020 and 113.238 million rupees post-tax losses.
From 2016 to 2018, HUM Network Limited reported a significant profit after taxation. For example, the group earned 747 million post-tax profit in 2015 which surged to 1.01 billion in 2017. Nonetheless, in 2019 and 2020, the group has reported post-tax losses because of slump in economic activities in the country. In the Pakistan’s electronic media, HUM Network is considered the leading entertainment media entity in the country. Several TV series, shows, and HUM Awards have gained popularity in the country and abroad.