⚡ Flash Summary

HUM Network Limited (HUMNL) reported unconsolidated financials for the quarter ended September 30, 2025. Net revenue decreased from Rs. 1.99 billion in 2024 to Rs. 1.60 billion in 2025. Profit after tax also declined significantly from Rs. 677.47 million to Rs. 415.15 million, resulting in a lower EPS of Rs. 0.37 compared to Rs. 0.60 in the same period last year, attributed primarily to reduced revenues.

📌 Key Takeaways

• 📉 Revenue declined: Net revenue decreased from Rs. 1,989.87 million to Rs. 1,602.47 million year-over-year.
• 📉 Profit drop: Profit after tax fell from Rs. 677.47 million to Rs. 415.15 million.
• 📉 EPS decrease: Earnings per share decreased from Rs. 0.60 to Rs. 0.37.
• 📊 Cost efficiency focus: Company emphasizes focus on cost efficiencies to support future growth.
• 📺 Program lineup: HUM TV launched dramas like Laadli, Jama Taqseem, Masoom, and season 2 of Sultan Salahuddin Ayyubi.
• 🌐 Digital expansion: HNL is expanding its digital presence to align with changing audience preferences.
• 🤝 Social responsibility: Continued commitment to uplifting education through Momina & Duraid Foundation.
• 📉 Consolidated revenue decreased: Consolidated net revenue decreased from Rs. 2,249.37 million to Rs. 1,761.72 million year-over-year.
• 📉 Consolidated profit decrease: Consolidated profit after tax decreased from Rs. 712.14 million to Rs. 315.90 million.
• 🎬 Film releases: HUM Films released ‘Hum Sub’ and brought Turkish animated hit ‘Smart Momo Rabbit’ to Pakistani cinemas.
• 📰 HUM News commitment: Channel emphasizes accurate, evidence-based journalism.
• 🏏 Ten Sports rights: Secured broadcasting rights for cricket events, including the Pakistan, Afghanistan, and UAE Tri-Nation T20I Series.
• 🌱 Economic recovery signs: Pakistan’s economy shows signs of recovery, but momentum remains modest amid global slowdown.
• 💼 Adaptability: HNL remains strategically adaptable, enhancing efficiency and diversifying revenues to navigate challenges.

🎯 Investment Thesis

Given the decline in revenue, profit, and EPS, and potential liquidity concerns. The price target is reduced, reflecting the diminished financial performance and heightened risk. The time horizon is medium-term, pending signs of revenue recovery and improved profitability.