Hub Power Expands into Electric Vehicles and Boosts Stake in Coal Mining

Karachi: Hub Power Company Limited (HUBCO) has announced significant strides in its diversification strategy during the financial year 2024, marked by a new partnership in the electric vehicle sector and increased investment in coal mining, according to the company’s Annual Report.

The chairman highlighted the strategic partnership with BYD Auto Industry Company Limited, a leader in new energy vehicles, to introduce electric vehicles in Pakistan through Mega Motor Company (Private) Limited (MMCPL). This partnership is poised to position HUBCO as a prominent player in the emerging new energy vehicle sector in Pakistan, enhancing its portfolio and aligning with sustainable development goals.

In the energy sector, HUBCO has increased its stake in the Sindh Engro Coal Mining Company (SECMC) through a definitive agreement with one of the shareholders. This move underscores the company’s confidence in the Thar coal projects’ potential to contribute to long-term energy sustainability in Pakistan.

According to information available from the Pakistan Stock Exchange (PSX), HUBCO’s associate, China Power Hub Generation Company (CPHGC), declared its first dividend, reflecting positively on HUBCO’s financial health and value to shareholders.

The company’s dedication to environmental, social, and governance (ESG) initiatives, and diversity, equity, and inclusion (DEI) efforts are also noteworthy. The establishment of a DEI committee and the design of a comprehensive ESG policy demonstrate HUBCO’s commitment to fostering a sustainable and inclusive future. Additionally, HUBCO invested Rs. 257 million in corporate social responsibility (CSR) initiatives, contributing to education, healthcare, and infrastructure in the communities it serves.

As HUBCO continues to expand its portfolio across various industries, including power generation and gas exploration, it remains dedicated to delivering sustainable value and contributing positively to Pakistan’s economic landscape.

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