Hum Network Ltd (PSX: HUMNL) ended FY2025 still in profit, but with thinner margins and a markedly weaker fourth quarter as Pakistan’s advertising market seized up. Management says the shock had little to do with India’s geo-blocking of Pakistani channels on YouTube and everything to do with an advertising freeze tied to boycott, divestment and sanctions (BDS) campaigns that targeted multinational consumer brands – many of which are among the country’s largest media buyers. At the same time, Hum’s digital engines – principally YouTube – continued to hum, cushioning the blow as audiences and marketers migrate online.
Hum’s top line for FY2025 (year ended 30 June 2025) came in at roughly Rs11.5 billion on a consolidated basis, compared to Rs12.3 billion in FY2024, with gross margin easing to 46% from 50% a year earlier, according to the company’s published financial highlights. Profit after tax was Rs1.2 billion, down from Rs2.9 billion in FY2024. These headline figures underscore the network’s resilience through most of the year – until the final quarter, when advertising demand abruptly fell away. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
