PSX - 8300
The General Manager
Pakistan Stock Exchange Limited Stock Exchange Building
Stock Exchange Road Karachi.
The Hub Power Company Ltd | ||
09'h Floor Ocean Tower | T | +92 21 3587 4677-86 |
Block-9, Main Clifton Road | +92 21 3583 9018 | |
Karachi Pakistan | F | +92 21 3587 0397 |
September 3, 2025
SUBJECT: FINANCIAL RESULTS FOR THE YEAR ENDED JUNE 30, 2025
Dear Sir,
We would like to inform you that the Board of Directors of The Hub Power Company Limited ("Company"), in their meeting held on Wednesday, September 3, 2025 at 10:00 am (PST) at the Head Office of the Company, reviewed and approved the annual audited financial statements of the Company for the year ended June 30, 2025, and recommended the following for the approval of the members.
- Final Cash Dividend for the Financial year ended June 30, 2025 @ Rs. 10 per share i.e. 100%.
(Interim dividends at Rs. 5 per share i.e. 50% have already been paid during the financial year) Bonus /Right Shares - NIL
The financial results of the Company for the year ended June 30, 2025 are attached.
The Annual General Meeting of the Company will be held on Wednesday, October 15, 2025 at 10:00 am at Marriott Hotel, Karachi.
The above entitlement will be paid to the Shareholders whose names will appear in the register of the members on Tuesday, October 7, 2025.
The Share Transfer Books of the Company will be closed from Wednesday, October 8, 2025 to Wednesday, October 15, 2025 (both days included). Transfers received in order at the Company's Share Registrar at "M/s. FAMCO Share Registration Services (Pvt) Limited, 8-F, Next to Hotel Faran, Nursery, Block-6, P.E.C.H.S, Shahra-e-Faisal, Karachi" at close of business (5 pm) on Tuesday, October 7, 2025 will be treated in time for the purpose of above entitlement to the transferees.
The Annual Report of the Company will be transmitted through PUCARS at least 21 days before holding of Annual General Meeting.
Yours sincerely,
For and behalf of
The Hub Power Company Limited
Faiza Kapadia Raffay Company Secretary
Cc: The Director, Securities and Exchange Commission of Pakistan, SECP, NIC Building, Jinnah Avenue, Blue Area, Islamabad.
hubpower.com
THE HUB POWER COMPANY LIMITED UNCONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED JUNE 30, 20252 0 2 5 | 2024 | |||
Note | (Rs. '000s) | (Rs. '000s) | ||
Revenue from contract with customer - net | 5 | 13,209,513 | 41,534,404 | |
Cost of revenue | 6 | (4,151,668) | (11,100,728) | |
GROSS PROFIT | 9,057,845 | 30,433,676 | ||
Dividend income | 7 | 14,913,572 | 16,094,659 | |
General and administration expenses | 8 | (548,332) | (1,322,712) | |
Other income | 9 | 536,000 | 523,927 | |
Other operating expenses | 10 | (807,333) | (129,186) | |
PROFIT FROM OPERATIONS | 23,151,752 | 45,600,364 | ||
Finance costs | 11 | (3,242,836) | (10,691,325) | |
PROFIT BEFORE TAXATION | 19,908,916 | 34,909,039 | ||
Taxation | 12 | (829,438) | (1,029,863) | |
PROFIT FOR THE YEAR | 19,079,478 | 33,879,176 | ||
Basic and diluted earnings per share (Rupees) | 36 | 14.71 | 26.12 |
The annexed notes from 1 to 45 form an integral part of these unconsolidated financial statements.
M. Habibullah Khan Chairman
Kamran Kamal Chief Executive
Muhammad Saqib Chief Financial Officer
THE HUB POWER COMPANY LIMITEDUNCONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED JUNE 30, 2025
2 0 2 5
Note (Rs. '000s)
2 0 2 4
(Rs. '000s)
Profit for the year
19,079,478
33,879,176
Other comprehensive income for the year:
Items that will not be reclassified to profit or loss in subsequent periods
58,861 | 9,799 |
813,020 | 1,168,702 |
Gain on remeasurement of post employment benefit obligation 26.1
Gain on revaluation of equity investment at fair value through other comprehensive income
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
37
871,881
19,951,359
1,178,501
35,057,677
The annexed notes from 1 to 45 form an integral part of these unconsolidated financial statements.
M. Habibullah Khan Chairman
Kamran Kamal Chief Executive
Muhammad Saqib Chief Financial Officer
THE HUB POWER COMPANY LIMITED UNCONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2025ASSETS
NON-CURRENT ASSETS
Fixed Assets
2 0 2 5
Note (Rs. '000s)
2 0 2 4 (Rs. '000s)
Property, plant and equipment | 13 | 4,449,228 | 4,901,011 | |||
Intangibles | 14 | 342 | ||||
Long term investments | 15 | 64,806,359 | 63,993,339 | |||
Long term loan to subsidiary | 16 | 3,266,568 | ||||
Long term deposits | 7,695 | 14,314 | ||||
72,529,850 | 68,909,006 | |||||
CURRENT ASSETS | ||||||
Stores, spares and consumables | 17 | 432,985 | 638,189 | |||
Stock-in-trade | 18 | 300,781 | 2,263,240 | |||
Trade debts | 19 | - | 62,917,423 | |||
Loans and advances | 20 | 34,475 | 85,710 | |||
Prepayments and other receivables | 21 | 17,358,827 | 20,220,475 | |||
Cash and bank balances | 22 | 876,269 | 2,355,983 | |||
19,003,337 | 88,481,020 | |||||
TOTAL ASSETS | 91,533,187 | 157,390,026 | ||||
EQUITY AND LIABILITIES | ||||||
SHARE CAPITAL AND RESERVES | ||||||
Share Capital | ||||||
Authorised | 17,000,000 | 17,000,000 | ||||
Issued, subscribed and paid-up | 23 | 12,971,544 | 12,971,544 | |||
Capital Reserve | ||||||
Share premium | 5,600,000 | 5,600,000 | ||||
Revenue Reserve | ||||||
Unappropriated profit | 57,681,012 | 55,241,237 | ||||
76,252,556 | 73,812,781 | |||||
NON-CURRENT LIABILITIES Long term loans | 24 | 9,737,403 | ||||
Long term lease liabilities | 25 | 128,080 | 154,292 | |||
128,080 | 9,891,695 | |||||
CURRENT LIABILITIES | ||||||
Trade and other payables | 26 | |||||
Provision for taxation | ||||||
Unclaimed dividend | ||||||
Unpaid dividend | ||||||
Interest / mark-up accrued Short term borrowings | 27 | |||||
Current maturity of long term loans | 24 | |||||
Current maturity of long term lease liabilities | 25 | |||||
15,152,551 | 73.685,550 | |||||
TOTAL LIABILITIES | 15,280,631 | 83,577,245 | ||||
TOTAL EQUITY AND LIABILITIES | 91,533,187 | 157,390,026 | ||||
COMMITMENTS AND CONTINGENCIES | 28 | |||||
8,065,017 | 38,476,743 |
2,517,561 | 2,368,297 |
303,805 | 231,202 |
175,019 | 216,501 |
14,664 | 752,248 |
4,050,790 | 26,568,108 |
- | 5,051,764 |
25,695 | 20,687 |
The annexed notes from 1 to 45 form an integral part of these unconsolidated financial statements.
M. Habibullah Khan Chairman
Kamran Kamal Chief Executive
Muhammad Saqib Chief Financial Officer
THE HUB POWER COMPANY LIMITED UNCONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED JUNE 30, 2025Note | 2 0 2 5 (Rs. '000s) | 2 0 2 4 (Rs. '000s) | |
ISSUED CAPITAL | |||
Balance at the beginning and end of the year | 23 | 12,971,544 | 12,971,544 |
SHARE PREMIUM | |||
Balance at the beginning and end of the year | 5,600,000 | 5,600,000 | |
UNAPPROPRIATED PROFIT | |||
Balance at the beginning of the year | 55,241,237 | 42,883,762 | |
Profit for the year | 19,079,478 | 33,879,176 | |
Other comprehensive income for the year | 871,881 | 1,178,501 | |
Total comprehensive income for the year | 19,951,359 | 35,057,677 | |
Transactions with owners in their capacity as owners | |||
Final dividend for the fiscal year 2023-24 @ Rs. 8.50 | (11,025,812) | (7,782,926) | |
(2022-23 @ Rs. 6.00) per share First interim dividend for the fiscal year 2024-25 @ Rs. 5.00 (2023-24 @ Rs. 5.00) per share | (6,485,772) | (6,485,772) | |
Second interim dividend for the fiscal year 2024-25 @ Nil (2023-24 @ Rs. 4.00) per share | (5,188,618) | ||
Third interim dividend for the fiscal year 2024-25 @ Nil (2023-24 @ Rs. 2.50) per share | - | (3,242,886) | |
Balance at the end of the year
TOTAL EQUITY
(17,511,584) (22,700,202)
57,681,012 55,241,237 76,252,556 73,812,781
The annexed notes from 1 to 45 form an integral part of these unconsolidated financial statements.
M. Habibullah Khan Chairman
Kamran Kamal Chief Executive
Muhammad Saqib Chief Financial Officer
THE HUB POWER COMPANY LIMITED
UNCONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED JUNE 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
2 0 2 5
Note (Rs. '000s)
2024
(Rs. '000s)
Profit before taxation Adjustments for: Depreciation | 13.4 | 19,908,916 539,246 | 34,909,039 1,897,569 |
Amortisation | 14.1 | 342 | 642 |
Dividend income from subsidiaries and equity investment | 7 | (14,913,572) | (16,327,453) |
Provision for Workers' Profits Participation Fund | 10.1 | 239,952 | |
Gain on disposal of fixed assets | 9 | (139,529) | (2,667) |
Provision against slow moving stores, spares and consumables | 17.1 | 57,493 | 229,971 |
Loss on diposal of RFO | 10 | 372,831 | |
Staff gratuity | 26.1 | 46,806 | 42,496 |
Interest income | 9 | (109,739) | (288,466) |
Gain on mutual fund investments | (286,732) | ||
Interest / mark-up expense | 11 | 2,778,641 | 10,228,329 |
Provision for Net Realizable Value - Stores and spares | 174,986 | - | |
Mark-up on lease liabilities | 11 | 20,664 | 26,163 |
Amortisation of transaction costs | 11 | 26,526 | 25,246 |
Operating profit before working capital changes | 8,716,831 | 30,740,869 | |
Working capital changes | 34 | 33,772,941 | (5,107,616) |
Cash generated from operations | 42,489,772 | 25,633,253 | |
Interest income received | 132,037 | 256,197 | |
Interest / mark-up paid | (3,516,225) | (10,779,730) | |
Staff gratuity paid | (41,100) | (55,000) | |
Taxes paid | (680,174) | (315,123) | |
Net cash generated from operating activities | 38,384,310 | 14,739,597 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Dividend received from subsidiaries and equity investment | 17,912,469 | 14,677,671 | |
Fixed capital expenditure | (100,218) | (38,289) | |
Proceeds from disposal of fixed assets | 13.2 | 152,284 | 2,851 |
Long term loan (disbursed to) / repaid by subsidiary - net | (3,266,568) | 3,845,520 | |
Long term deposits and prepayments | 6,619 | (1,005) | |
Short term investment made | (40,874,664) | ||
Short term investments redeemed | 41,161,396 | ||
Net cash generated from investing activities | 14,991,318 | 18,486,748 | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Dividends paid | (17,480,463) | (22,593,093) | |
Proceeds from privately placed Sukuk | - | 12,000,000 | |
Repayment of privately placed Sukuk | (6,000,000) | (12,000,000) | |
Proceeds from short term borrowing - net | 1,546,821 | ||
Repayment of long term loans | 24 | (14,815,693) | (8,969,648) |
Repayment of long term lease liabilities | 25 | (41,868) | (39,875) |
Net cash used in financing activities | (36,791,203) | (31,602,616) | |
Net increase in cash and cash equivalents | 16,584,425 | 1,623,729 | |
Cash and cash equivalents at the beginning of the year | (18,212,125) | (19,835,854) | |
Cash and cash equivalents at the end of the year | 35 | (1,627,700) | (18,212,125) |
The annexed noles from 1 lo 45 form an integral part of these unconsolidated financial statements.
M. Habibullah Khan Chairman
Kamran Kamal
Chief Executive
Muhammad Saqib Chief Financial Officer
THE HUB POWER COMPANY LIMITED CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED JUNE 30, 2025
2 0 25 | 2 0 24 | ||
Note | (Rs.'000s) | (Rs.'000s) | |
CONTINUING OPERATIONS | |||
Revenue from contracts with customers - net | 5 | 83,351,492 | 130,525,533 |
Cost of revenue | 6 | (43,527,604) | (62,179,577) |
GROSS PROFIT | 39,823,888 | 68,345,956 | |
General and administration expenses | 7 | (1,960,726) | (2,161,796) |
Other income | 8 | 4,021,179 | 3,304,801 |
Insurance claim against alternator damage and consequent loss of revenue | 9 | 320,319 | |
Other operating expenses | 10 | (3,848,630) | (2,452,182) |
PROFIT FROM OPERATIONS | 38,035,711 | 67,357,098 | |
Finance costs | 11 | (15,230,753) | (26,743,574) |
Share of profit from associates and joint ventures - net | 12 | 41,310,192 | 49,360,882 |
PROFIT BEFORE TAXATION FROM CONTINUING OPERATIONS | 64,115,150 | 89,974,406 | |
Taxation | 13 | (12,502,566) | (14,656,150) |
PROFIT FOR THE YEAR FROM CONTINUING OPERATIONS | 51,612,584 | 75,318,256 | |
DISCONTINUED OPERATIONS | |||
Profit / (loss) from discontinued operations | 41 | 161,977 | (20,874) |
NET PROFIT FOR THE YEAR | 51,774,561 | 75,297,382 | |
Attributable to: | |||
- Owners of the holding company | 46,131,156 | 70,018,253 | |
- Non-controlling interests | 5,643,405 | 5,279,129 | |
51,774,561 | 75,297,382 | ||
EARNINGS PER SHARE (BASIC AND DILUTED) - RUPEES | |||
- Continuing operations | 35.44 | 53.98 | |
- Discontinued operations | 0.12 | (0.00) | |
Basic and diluted earnings per share attributable to owners of | |||
the holding company (Rupees) | 42 | 35.56 | 53.98 |
The annexed notes from 1 to 51 form an integral part of these consolidated financial statements.
M. Habibullah Khan
Chairman
Kamran Kamal Chief Executive
Muhammad Saqib Chief Financial Officer
THE HUB POWER COMPANY LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED JUNE 30, 2025
2 0 2 5 | 2 0 2 4 | ||
Note | (Rs. '0O0s) | (Rs. '000s) | |
Profit for the year Other comprehensive income / (loss) for the year: /fems that will not De rec/ass//°/erf to profit or loss in | 51,774,561 | 75,297,382 |
subsequent periods
100,696 | 39,109 |
813,020 | 1,168,702 |
Gain on remeasurement of post employment benefit obligation - net of tax
Gain on revaluation of equity investment at fair value
through other comprehensive income 43
ftems that will be reciass/6ec/ to profit or lossin subsequent periods
- Share of foreign currency translation reserve of
913,716
1,207,811
joint venture - net of tax | 180,096 | (219,985) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 52,868,373 | 76,285,208 |
Total comprehensive income attributable to equity shareholders from: | ||
- Continuing operations | 52,706,396 | 76,306,082 |
- Discontinued operations | 161,977 | (20,874) |
52,868,373 | 76,285,208 | |
Total comprehensive income attributable to: | ||
- Owners of the holding company | 47,226,140 | 71,011,737 |
- Non-controlling interests | 5,642,233 | 5,273,471 |
52,868,3 | 76,85,208 |
The annexed notes from 1 to 51 form an integral part of these consolidated financial statements.
M. Habibullah Khan Chairman
Kamran Kamal Chief Executive
Muhammad Saqib Chief Financial Officer
THE HUB POWER COMPANY LIMITEDCONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT JUNE 30, 2025
ASSETS
NON-CURRENT ASSETS
Fixed Assets
Property, plant and equipment Intangibles
Long term investments
Long term deposits and others
CURRENT ASSETS
Stores, spares and consumables Stock-in-trade
Trade debts Contract asset Loans and advances
Deposits, prepayments and other receivables Cash and bank balances
TOTAL ASSETS
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Share Capital Authorised
Issued, subscribed and paid-up
Capital Reserve
Share premium Revenue Reserves
Operation & maintenance reserve
Unappropriated profit
ATTRIBUTABLE TO OWNERS OF THE HOLDING COMPANY
NON-CONTROLLING INTERESTS
NON-CURRENT LIABILITIES
Long term loans
Long term lease liabilities Deferred taxation
CURRENT LIABILITIES
Trade and other payables Provision for taxation Unclaimed dividend Unpaid dividend
Interest / mark-up accrued Refund liability
Short term borrowings
Current maturity of long term loans
Current maturity of long term lease liabilities
TOTAL EQUITY AND LIABILITIES
Note
14
15
16
17
18
19
20
21
22
23
24
25
25
25.3
26
27
28
29
30
21
31
26
27
2 0 2 5 2 0 2 4
(Rs. '000s) (Rs. '000s)
124,751,778 128,939,945
1,519,444 1,464,036
196,124,862 151,057,613
15,713 23,444
322,411,797 281,485,038
4,573,028 | 4,705,612 |
1,609,093 | 4,214,351 |
28,966,134 | 99,740,148 |
- | 8,505,150 |
1,603,767 | 301,469 |
24,310,692 | 24,747,491 |
31,247,676 | 29,105,160 |
92,310,390 171,319,381
414,722,187 452,804,419
17,000,000 17,000,000
12,971,544 12,971,544
5,600,000 5,600,000
3,129,120 -
198,007,417 171,797,319
219,708,081 190,368,863
24,213,824 19,603,615
243,921,905 209,972,478
71,824,944 | 88,940,900 |
134,136 | 154,292 |
35,730,838 | 25,468,708 |
107,689,918 114,563,900
34,677,770 | 67,434,192 |
7,051,952 | 6,561,676 |
303,805 | 231,202 |
186,218 | 1,218,757 |
3,764,321 | 6,374,703 |
4,786,690 | - |
5,686,292 | 29,365,984 |
6,597,412 | 16,167,972 |
55,904 | 913,555 |
63,110,364 128,268,041
414,722,187 452,804,419
COMMITMENTS AND CONTINGENCIES 32
The annexed notes from 1 to 51 form an integral part of these consolidated financial statements.
M. Habibullah Khan Chairman
Kamran Kamal Chief Executive
Muhammad Saqib Chief Financial Officer
THE HUB POWER COMPANY LIMITED | ||||
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | ||||
FOR THE YEAR ENDED JUNE 30, 2025 | ||||
Note | 2 0 2 5 (Rs. '000s) | 2 0 2 4 (Rs. '000s) | ||
ISSUED CAPITAL | ||||
Balance at the beginning and end of the year 25 | 12,971,544 | 12,971,544 | ||
SHARE PREMIUM | ||||
Balance at the beginning and end of the year | 00 000 | _ 5,600,000 | ||
REVENUE RESERVES | ||||
OPERATION & MAINTENANCE RESERVE | 3,129,120 | |||
UNAPPROPRIATED PROFIT | ||||
Balance at the beginning of the year | 171,797.319 | 123,492,680 | ||
Profit for the year | 46,131,156 | 70,018,253 | ||
Other comprehensive income for the year | 1,094,984 | 993,484 | ||
Total comprehensive income for the year | 47,226,140 | 71,011,737 | ||
Transfer to Operation & Maintenance reserve 25.3 | (3,129,120) | |||
Share issue cost from discontinued operations | (34,041) | |||
Adjustment in respect of - change in net assets of associate - net of tax 16.1 | (236,653) | |||
- allocation of net assets from owners to NCI due to right issue | (101,208) | |||
(11,025,812) | (7,782,926) |
(6,485,772) | (6,485,772) |
(5,188,618) | |
(3,242,886) |
Transactions with owners in their capacity as owners Final dividend for the fiscal year 2023-24 @ Rs. 8.50
(2022-23 @ Rs. 6.00) per share
First interim dividend for the fiscal year 2024-25 @ Rs. 5.00 (2023-24 @ Rs. 5) per share
Second interim dividend for the fiscal year 2024-25 @ Rs. Nil (2023-24 @ Rs. 4.00) per share
Third interim dividend for the fiscal year 2024-25 @ Rs. Nil (2023-24 @ Rs. 2.50) per share
(17,511,584) | (22,700,202) | |
Share issuance cost | (3,436) | (6,896) |
Balance at the end of the year | 198,007,417 | 171,797,319 |
ATTRIBUTABLE TO OWNERS OF THE HOLDING COMPANY | 219,708,081 | 190,368,863 |
NON-CONTROLLING INTERESTS (NCI) | ||
Balance at the beginning of the year | 19,603,615 | 15,971,894 |
Arising on acquisition of subsidiary during the year | 51,579 | |
Profit for the year | 5,643,405 | 5,279,129 |
Other comprehensive loss for the year | (1,172) | (5,658) |
Total comprehensive income for the year | 5,642,233 | 5,273,471 |
Adjustment in respect of allocation of net assets from owners to NCI due to right issue | 101,208 | |
Dividends to NCI | (1,184,811) | (1,640,848) |
Share issuance cost | (902) | |
Balance at the end of the year | 24,213,824 | 19,603,615 |
TOTAL EQUITY | 243,921,905 | 209,972,478 |
The annexed notes from 1 to 51 form an integral part of these consolidated financial statements. |
M. Habibullah Khan Chairman
Kamran Kamal Chief Executive
Muhammad Saqib Chief Financial Officer
THE HUB POWER COMPANY LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED JUNE 30, 2025
Note | 2 0 2 5 (Rs. '000s) | 2 8 2 4 (Rs. '000s) | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Profit before taxation from continuing operations | 64,115,150 | 89,974,406 | ||
Profit / (loss) from discontinued operations | 170,374 | (20,874) | ||
Adjustments for: | 64,285,524 | 89,953,532 | ||
Depreciation | 14.3 | 5,471,198 | 6,760,071 | |
Amortisation | 39,253 | 68,231 | ||
Provision against slow moving stores, spares and consumables | 18.1 | 124,592 | 263,412 | |
Provision for Workers' Profits Participation Fund | 10 | 239,952 | ||
Loss on RFO disposal | 10 | 366,730 | ||
Trade debts written off | 10 | 2,555,472 | ||
Provision for Net Realizable Value - Stores and spares | 10 | 174,986 | ||
Staff gratuity | 109,322 | 125,770 | ||
Gain on investment - Mutual Fund | 8 | (683,307) | ||
Interest income | 8 | (2,360,666) | (1,407,887) | |
Gain on disposal of fixed assets - net | 8 | (119,249) | (32,580) | |
Dividend income from equity investment | (232,794) | |||
Loss on foreign currency balance | 13.384 | 213,318 | ||
Interest / mark-up expense | 13,761.747 | 25,262,467 | ||
Amortisation of transaction costs | 11 | 610,271 | 609,133 | |
Share of profit from associates and joint ventures - net | (41,261,324) | (49,312,014) | ||
Gain on dilution of equity interets in subsidiary | 41 | (985,829) | ||
Realised profit on management services to an associate | (48,868) | (48,868) | ||
Operating profit before working capital changes | 42,293,188 | 72,221,791 | ||
Working capital changes | 39 | 52,423,266 | (3,259,526) | |
Cash generated from operations | 94,716,454 | 68,962,265 | ||
Interest income received | 2,378,230 | 1,375,618 | ||
Interest / mark-up paid | (16,334,105) | (25,574,652) | ||
Staff gratuity paid | (100,248) | (110,709) | ||
Taxes paid | (1,899,498) | (2,489,800) | ||
Net cash generated from operating activities | 78,760,833 | 42,162,722 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Fixed capital expenditure | ||||
Proceeds from disposal of fixed assets | ||||
Long term investments made | ||||
Dividend received from associate, joint venture and equity investment | 16.5 | |||
Short term investment made | ||||
Short term investments redeemed | ||||
Long term deposits, prepayments and others | ||||
Net cash (used in) / generated from investing activities | (1,367,957) | 18,217,842 | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Dividends paid to owners of the holding company | ||||
Dividends paid to non-controlling interests | ||||
Repayment of long term loans | 26 | |||
Loan to MMCPL - an associate company | ||||
Proceeds from privately placed Sukuk | ||||
Repayment of privately placed Sukuk | ||||
Proceeds from short term borrowings - net | ||||
Repayment of long term lease liabilities | 27 | |||
Share issuance cost | ||||
Net cash used in financing activities | (59,932,510) | (39,895,163) | ||
Net increase in cash and cash equivalents | 17,460,366 | 20,485,401 | ||
Cash and cash equivalents at the beginning of the year | 10,739,176 | (9,532,907) | ||
Cash and cash equivalents acquired under business combination | 105 | |||
Cash and cash equivalents transferred at dilution of interest in investment | (1,078,058) | |||
Loss on foreign currency balance | (13,384) | (213,318) | ||
Cash and cash equivalents at the end of the year | 40 | 27,108,205 | 10,739,176 | |
The annexed notes from 1 to 51 form an integral part of these consolidated financial statements. | ||||
(2,364,177) | (1,842,746) |
132,004 | 34,151 |
(87,780) | |
216,000 | 20,114,603 |
(71,058,789) | |
71,742,096 | |
(35,091) | (386) |
(17,480,463) | (22,593,093) |
(2,175,868) | (1,111,414) |
(28,478,084) | (20,287,046) |
(1,400,000) | |
17,000,000 | |
(11,000,000) | (12,000,000) |
1,546,821 | |
(910,390) | (903,610) |
(34,526) |
M. Habibullah Khan
Chairman
Kamran Kamal Chief Executive
Muhammad Saqib Chief Financial Officer
Report of the DirectorsThe Directors of your Company are pleased to present the Annual Report of the Company along with its audited hnancial statements for the year ended June 30, 2025.
About the CompanyThe Hub Power Company Limited (HUBCO) is the first and one of the largest Independent Power Producers (IPP) in Pakistan and directly and indirectly operates and owns various power plants with a combined installed power generation capacity of 2,289 MW.
HUBCO's wholly owned subsidiary, Narowal Energy Limited (NEL), continues to operate a 225MW RFO-fired, engine-based combined cycle power station located in Narowal, Punjab, contributing reliable power to the national grid.
HUBCO has 74.95% controlling stake in Pakistan's first hydel IPP, Laraib Energy Limited, which is a run-of-the river 84MW hydel power plant near the New Bong Escape, in Azad Jammu and Kashmir.
The Project is registered as a Clean Development Mechanism (CDM) project by CDM Executive Board under the United Nations Framework Convention on Climate Change (UNFCCC), thus achieving the distinction of becoming the first Hydropower Project in Pakistan/AJ&K to have been registered with UNFCCC as a CDM plant. During the year under review, LEL contributed 354 GWh of clean energy into the national grid with no fuel cost, thereby saving "USD 30 million in foreign exchange for the country.
HUBCO has two wholly owned subsidiaries for its future growth initiatives, Hub Power Services Limited (HPSL) and Hub Power Holdings Limited (HPHL). HPHL has been established to invest in future growth projects, whereas HPSL manages the 0&M of HUBCO's existing power generation plants, including the two indigenous coal-based growth projects in Thar, Sindh. China Power Hub Generation Company Limited (CPHGC) is HUBCO's joint venture with China Power International Holdings (CPIH), which owns a 1320MW imported coal-based power plant and an integrated coal jetty situated in Hub.
With 60% equity ownership, HUBCO established Thar Energy Limited (TEL), a 330MW mine-mouth lignite-bred power plant at Thar Block II, Sindh. Meanwhile, Fauji Fertilizer Company Limited (FFCL) and China Machinery Engineering Corporation (CMEC) hold 30% and 10% equity stakes, respectively.
HPHL also holds 38.3% shares and management control in ThalNova Power Thar Pvt. Ltd. (TNPTL), a 330MW mine-mouth lignite-bred power plant at Thar Block II, Sindh.
The Company also holds stake in Sindh Engro Coal Mining Company Limited (SECMC), a leading coal producer in Pakistan with the world's largest lignite coal reserves located in Thar. The mining capacity now stands at 7.6 Mt/annum with Phase II catering for our two power plants in Thar of 330MW each.
HUBCO, through its wholly-owned subsidiary HPHL, has a 50:50 joint venture, Prime International Oil and Gas Company Limited (Prime), which is focused to expand its footprint in oil and gas sector in Pakistan. During the year under review, Prime was successful in acquiring two new exploration blocks (Sukhpur II & Naing Sharif) in close vicinity of its existing facilities. In Sukhpur Block, Prime is the Operator with Oil and Gas Development Company Limited (OGDCL), Mari Energies Limited and Turkish Petroleum Corporation (TPAO) as its non-operated JV Partners, while in Naing Sharif OGDCL is the operator and Prime is a non-operated JV Partner. In addifion to this, Prime has also farmed into Baran Block during the year and continues to pursue other similar opportunities. During the year under review, Prime along with its JV Partners continued to identify drilling opportunities with the
aim of maximizing production from existing gas fields. Prime has also commenced the exploration activity in the newly acquired exploration blocks and is currently preparing to drill an exploration well utilizing modern drilling techniques to optimize indigenous gas production.
In November 2024, Hub Power Holdings Limited (HPHL) entered into a joint venture agreement with a mining company, Ark Metals (Private) Limited and its shareholders, for the exploration and development of mineral mines in Pakistan.
In May 2024, Mega Motor Company (Private) Limited (MMCPL) was incorporated as a subsidiary of Hub Power Holdings Limited (HPHL) and was subsequently converted into a 50:50 joint venture between HPHL and Mega Conglomerate. In June 2024, MMCPL entered into a Distribution Agreement with BYD Auto Industry Company Limited to launch new energy vehicles in Pakistan.
Following the brand launch in Lahore in August 2024 and the product launch in October 2024, customer deliveries of BYD's two primary models, Alto 3 and the Seal, commenced in February 2025.
HUBCO Green (Private) Limited (HGL), a wholly owned subsidiary of Hub Power Holdings Limited (HPHL), was incorporated in November 2024 to develop a robust EV charging infrastructure across Pakistan and promote the widespread adoption of electric vehicles in the country. HGL has successfully installed 8 EV charging stations across Karachi, Lahore and Islamabad, including motorway.
Operational HighlightsOperational highlights of our plants and associates during the yedr under review are as follows:
Overview of the Company's Power Generation ShareWe are committed to developing a sustainable import substitution strategy. Our Thar coal-based plants are ranked amongst the highest in the merit order as their cost of power generation is substantially lower compared to imported fuels. Including the operating subsidiaries and associates, the Company contributed 4,444GWh, which is "3% in the country's total power generation of 127,157GWh.
Operational highlights of our plants and associates during the year under review are as follows:
Plant Name | FY 2024-25 | FY 2023-24 |
TEL Plant | 1,594 | 1,940 GWh |
TNPTL Plant | 1,768 | 1,971 GWh |
CPHGC Plant | 675 | 476 GWh |
Laraib Plant | 354 | 416 GWh |
Narowal Plant | 38 | 201 GWh |
Hub Plant | 15 | Nil |
FUTURE OUTLOOK
Electric Mobility LandscapeHUBCO, through its subsidiary HPHL, entered the New Energy Vehicle (NEV) market by establishing Mega Motor Company (Private) Limited (MMCPL) as the official partner for BYD vehicles in Pakistan. The company held a brand launch in Lahore in August 2024 and a product launch in October 2024, with customer deliveries of two primary models, the BYD Alto 3 and BYD Seal, commencing in
February 2025. Subsequent to year end, MMCPL has launched Pakistan's first plug-in hybrid pickup, BYD - Shark 6, which has received tremendous response in the market. The company has five locations operational across Pakistan, including three experience centres (1 each in Karachi, Lahore and Islamabad) and two care centres (one each in Karachi and Lahore). As the global automotive sector is poised for a significant evolution towards electric mobility, HPHL, via MMCPL, remains vigilant for promising opportunities to expand its portfolio of new energy products and services. The company is committed to acting on sound business prospects as they develop to enable the widespread adoption of sustainable transport.
HPHL's wholly owned subsidiary, HUBCO Green (Private) Limited (HGL) has entered into collaboration agreements with Pakistan State Oil (PSO), PARCO Gunvor and Attock Petroleum Limited (APL) for setting up Direct Current (DC) EV fast charging stations across the country. HGL has operationalized eight DC fast chargers cumulatively in Karachi, Lahore and Islamabad and further installations are underway at various locations.
Exploring Strategic Land UtilizationHUBCO has also signed a Memorandum of Understanding (MoU) with PSO for the development of Single Point Mooring (SPM) system along with an oil terminal at Hub, Balochistan. This initiative aims to strategically utilize available land to unlock new avenues for business expansion, improve energy logistics and contribute meaningfully to the economic development of both HUBCO and Pakistan.
GOVERNANCE Board of DirectorsThe Board reviewed Company's strategic direction, annual corporate plans and targets, long-term investments and borrowing. The Board is committed to ensuring the highest standard of governance. The Current Board of Directors of the Company including non-elected directors, consists of:
Independent Directors 3
Other Non-Executive Directors 3 (Male) Executive Director 1 Non-Executive Directors (Female) 2During the year, six meetings of the Board of Directors were held. Attendance of the Directors were as follows:
"Na"mes''". " | " | " "" | . . Attendânce | ||
Mr. M. Habibullah Khan | 6/6 | ||||
Mr. Aly Khan | 5/6 | ||||
Ms. Aleeya Khan | 3/6 | ||||
Mr. Manzoor Ahmed | 6/6 | ||||
Mr. Saad lqbal | 6/6 | ||||
Mr. Shafiuddin Ghani Khan | 6/6 | ||||
Ms. Samina Mumtaz Zehri | 5/6 | ||||
Mr. Syed Bakhtiyar Kazmi | 6/6 |
Pattern of Shareholding
The Pattern of Shareholding as required under the Code of Corporate Governance is attached with this Report. Details of trades in shares of the Company by Directors and Key Management Personnel and their spouses and minor children are reported on page XXX of the Annual Report.
Committees of the Board
The Board committees and their members are disclosed on page XXX of the Annual Report.
Chief Executive and Directors' RemunerationChairman, non-executive directors and independent directors are entitled only to the fee for attending the meetings. The levels of remuneration are appropriate and commensurate with the level of responsibility and expertise to govern the company successfully and with value addition. Remuneration of Chief Executive and Directors for the year ended June 30, 2025, are disclosed on the page XXX of the Annual Report.
Directors' Training
Of the nine (9) Directors, one (1) Director is exempt from the Corporate Governance Leadership Skills (CGLS) training based on his experience as Director on the Board of Listed Companies. A total of seven members of the Board are cemfied Directors.
Adequacy of Internal Financial Controls
Directors confirm compliance with the highest standard of Corporate Governance and that the internal controls are sound in design and have been effectively implemented and monitored.
Summary of Financial PerformanceConsolidated | Year ended June 30, 2025 | Year ended June 30, 2024 |
Turnover | 83,351 | 130,526 |
Operating Costs | 43,528 | 62,180 |
*Net Profit | 46,131 | 70,018 |
*Earnings per share (Rs.) | 35.44 | 53.98 |
Consolidated financial highlights of the Company during the year under review are as follows: Rs. in million
*attributable to owners of the holding company
The Consolidated net profit during the year under review is Rs. 46,131 million resulting in earnings per share of Rs. 35.44 compared to net profit of Rs. 70,018 million and earnings per share of Rs.
53.98 last year. The decrease in profits is mainly due to early termination of Power Purchase Agreement of Hub Plant.
Rs. in million
Unconsolidated | Year ended June 30, 2025 | Year ended June 30, 2024 |
Turnover | 1 3,21 0 | 41,534 |
Operating Costs | 4,1 52 | 11,101 |
Net Profit | 1 9,079 | 33,879 |
Earnings per share (Rs.) | 1 4.71 | 26.12 |
The Unconsolidated net profit earned by the Company during the year under review is Rs. 19,079 million, resulting in earnings per share of Rs. 14.71 compared to a net profit of Rs. 41,534 million and earnings per share of Rs. 26.12 last year. The decrease in unconsolidated profit is mainly due to early termination of the Power Purchase Agreement of Hub Plant pursuant to Negotiated Settlement Agreement between the Company, GoP and CPPA(G).
Appropriations and movement in reserves have been disclosed in the Statement of Changes in Equity on page XXX of the Annual Report.
Related Party Transact1onsBoard Audit & Risk Committee reviewed the related party transactions and the Board approved them. These transact1ons were in line with the requirements of International Financial Repomng Standards (IFRS), the Companies Act, 2017 and the related party transactions policy of the Company. The Company maintains a thorough and complete record of all such transact1ons.
Name of Related Party | Nature of Transaction | Justification |
Hub Power Services Limited | ||
Narowal Energy Limited | ||
Thar Energy Limited | To share the common | |
Laraib Energy Limited Hub Power Holding Limited ThalNova Power Thar (Private) Limited | Reimbursement of Expenses | resources / expenses on propomonate basis to minimize Company's and |
Mega Motors Company (Private) | group companies' costs. | |
Limited | ||
HUBCO Green (Private) Limited |
The Company has entered into the following related party transactions on mutually agreed terms, along with their justification:
The details of related party transactions are disclosed on page XXX of the Annual Report. Credit Rating
Credit rating is an assessment of the credit standing of entities in Pakistan. PACRA since 2008, when the Company initiated its rating process, has maintained long-term and short-term entity rating at AA+ and Al+ respectively for the Company. These ratings denote a very low expectation of credit risk and indicate very strong capacity for timely payment of financial commitments. NEL's long term rating is maintained as AA- and short-term rating is Al+ which are indicative of very high credit quality and very strong capacity for timely payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.
Financial StatementsThe Unconsolidated and Consolidated financial statements of the Company have been audited by Messrs. A.F. Ferguson & Co., Chartered Accountants, the auditors, without any qualification.
Corporate & Financial Reporting FrameworkThe Directors are pleased to conhrm compliance with Corporate and Financial Reporhng Framework of the Securities & Exchange Commission Pakistan (SECP) and the Code of Corporate Governance for the following:
The financial statements, prepared by the management of the Company, fairly portray its state of affairs, the result of its operations, cash flows and changes in its equity;
Proper books of account of the Company have been maintained;
Appropriate accounting policies have been consistently applied in preparation of financial statements and accounting estimates are based on reasonable and prudent judgment;
IFRSs as applicable in Pakistan, have been followed in preparation of financial statements and any departure therefrom has been adequately disclosed; and
There are no doubts in the Company's ability to continue as a going concern.
Rs. in million
Fiscal year ending June | 2025 | 2024 | 2023 | 2022 | 2021 | 20]0 |
Turnover | 13,210 | 41,534 | 44,516 | 62,544 | 32,292 | 27,524 |
Profit | 19,079 | 33,879 | 30,942 | 21,128 | 21,434 | 10,167 |
Assets | 91,533 | 157,390 | 151,823 | 154,008 | 160,007 | 164,521 |
Dividend | 17,512 | 22,700 | 31,132 | 14,917 | 9,080 | - |
Value of investments of provident fund and gratuity scheme based on their respective audited accounts as of June 30, 2024, are as follows:
Fund | Rs. in million |
Provident Fund | 3.9 |
Gratuity Fund | 292.0 |
Risk Management Strategy for Mitigation Risk
The Company remains steadfast in upholding rigorous standards in risk management, recognizing that a comprehensive and forward-looking approach is essential for operational resilience and longterm strategic success. Our Enterprise Risk Management (ERM) framework, embedded within our corporate governance structure, facilitates the proactive identification, evaluation and mitigation of risks across all levels of the organisation.
To address principal risks, we have deployed robust mitigation strategies, including diversifying energy sources, establishing alternative revenue streams and strengthening operational resilience through targeted maintenance and capacity-building programs. These efforts are guided by our defined risk appetite, ensuring that risk-taking is aligned with our strategic objectives and that potential impacts are effectively managed.
Through continuous monitoring and timely reporhng, our proactive risk management framework enables us to adapt swiftly to emerging uncertainties, safeguard stakeholder value, and maintain sustainable performance in a dynamic operating environment.
For further information on key risks and mitigation, please refer to page number xx of the Annual Report.
Health, Safety & Environment (HSE)At HUBCO, health, safety and environmental well-being of our employees, contractors, local communities and ecosystem are central to our operations. We view a safe workplace not only as a legal and moral obligation but as the foundation for sustainable business success.
Our integrated Health, Safety & Environment (HSE) Management System aligns with international standards including ISO 45001, ISO 14001 and the Process Safety Management (PSM) standard based on OSHA CFR 1910.119. This system is designed to prevent serious, process-related incidents that could affect personnel, contractors, off-site communities, or the environment and cause significant loss.
For more details, please refer to page number xx of the Annual Report.
Environment, Social & Governance (ESG)HUBCO progressively embeds ESG principles at the core of its operations, reflecting its commitment to sustainable and responsible growth. Since establishing the Sustainable Growth Committee (SGC) in 2024, HUBCO has strengthened its governance framework to oversee ESG strategy and performance. In 2025, HUBCO initiated the process of developing a comprehensive ESG strategy along with measurable targets through 2030 and an ESG policy, which are planned to be formalized in the following fiscal year. These efforts mark a significant milestone in our sustainability journey aligned with global standards and the United Nations Sustainable Development Goals (SDGs).
In FY 2024-25, HUBCO undertook its inaugural greenhouse gas (GHG) emissions accounting, enhancing transparency and environmental accountability for the company's operational impact. Alongside environmental initiatives, HUBCO has advanced social responsibility efforts, focusing on workplace safety, diversity, equity, inclusion and active community engagement in alignment with its strategic sustainability goals.
For more details, please refer to page number xx.
Human Resources Management (HRM)At HUBCO, our Human Resources Management (HRM) strategy continues to focus on ensuring leadership continuity, fostering employee growth and promoting a diverse and inclusive workplace culture. A key component of our strategy is a well-structured succession plan aimed at identifying critical roles, developing internal talent and securing leadership pipelines for the future.
In FY 2024-25, our learning and development initiatives expanded further, introducing a wide range of capability-building programs, knowledge-sharing sessions and mentorship opportunities aligned with strategic business needs. To promote employee well-being, we enhanced our sports and engagement activities across all sites and inaugurated onsite childcare facilities, supporting working parents. These efforts, combined with cultural celebrations and inclusive events, continue to nurture a positive, high-performing and collaborative work environment. In addition, HUBCO maintains a
zero-tolerance policy towards child labor and forced or compulsory labor, strictly adhering to national laws and international standards.
For more details, please refer to page number xx.
Diversity, Equity & Inclusion (DEI)At HUBCO, our commitment to diversity, equity and inclusion (DEI) is deeply rooted in our organizational values. In FY 2024-25, our DEI efforts focused on inclusive recruitment practices, awareness sessions to foster understanding and the continued success of the HUBCO Women Circle, which empowered female employees through meaningful engagement and storytelling. In addition, our Anti-Harassment Policy remains firmly in place to ensure a safe, respectful and supportive work environment for all employees.
Speak Up PolicyHUBCO's Speak Up Policy, approved by the Board, provides a secure and confidential mechanism for employees, contractors, vendors and customers to report concerns regarding unethical conduct, policy violations or misconduct without fear of retaliation. Complaints are centrally handled through a dedicated channel managed by the Head of Internal Audit, with provisions to escalate matters involving senior officials to the Chairman of the Board Audit & Risk Committee. All disclosures are assessed for credibility and investigated with strict adherence to fairness, conhdentiality and due process. The policy ensures protection against any form of retaliation and offers interim safeguards where necessary. Quarterly reports on the status and outcomes of reported cases are submitted to the Board Audit & Risk Committee, ensuring oversight and continuous improvement of the framework.
For more details, please refer to page number xx.
AuditorsThe retiring auditors Messrs. A. F. Ferguson & Co., Chartered Accountants being eligible, offer themselves for reappointment.
The Company remains grateful to its Shareholders, employees, business partners and all other stakeholders for their confidence in the Company and their support in the Company's journey on the path of growth and prosperity.
By Order of the Board
KAI'•IRAN KAI' AL
Chief Executive
I'•I. HABIBULLAH KHAN
Chairman