Hub Power Company Reports Significant Growth in FY 2024, Outlining Future Renewable Energy Projects

Karachi: The Hub Power Company Limited (HUBCO) has revealed its financial results for the fiscal year ended June 30, 2024, showcasing a robust performance in both its unconsolidated and consolidated financial statements.

According to information available from the Pakistan Stock Exchange (PSX), HUBCO’s consolidated revenue surged to PKR 130.53 billion in 2024, up from PKR 114.26 billion in 2023, marking a 14% increase. The growth in revenue can be attributed to successful operations and expansion in its subsidiaries, particularly noticeable in sectors like renewable energy and mineral exploration.

In unconsolidated terms, HUBCO saw a decline in revenue, posting PKR 41.53 billion in 2024 compared to PKR 44.52 billion the previous year, a decrease of 7%. Despite this, the company’s gross profit on an unconsolidated basis increased by 19%, from PKR 25.64 billion in 2023 to PKR 30.43 billion in 2024. This reflects a stronger operational efficiency excluding the contributions from its subsidiaries.

The net profit figures further illustrate HUBCO’s upward trajectory with consolidated net profits rising by 22% to PKR 70.02 billion, influenced by higher dividends from subsidiaries and a significant share of income from TEL and TN, which had their first full year of operations in 2024. Unconsolidated net profits also grew by 9%, totaling PKR 33.88 billion, driven by increased profits from associates and impacted by higher finance costs and PKR depreciation.

Looking ahead, HUBCO is intensifying its focus on renewable and indigenous power generation. It has been prequalified for Karachi Electric’s 200MW wind/solar hybrid project and is also set to participate in the Sindh Solar Energy Project, with a combined capacity of 270MW. Additionally, the company is exploring energy storage and charging infrastructure through its involvement in Battery Energy Storage Solutions (BESS).

Moreover, HUBCO, through joint ventures like with Ark Metals, Pvt. Ltd., is expanding into mineral exploration and the development of mines in Pakistan, aiming to diversify its energy portfolio and enhance energy security for the country.

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