The Hub Power Comapny Limited (HUBC) reported earnings per share of PKR 35.6 for FY25, compared to earnings per share of PKR 54.0 in FY24. Furthermore, in 2QFY26, the company reported earnings per share of PKR 8.2, compared to earnings per share of PKR 3.3 in the same period last year (SPLY). The CKD assembly plant achieved financial close in January 2026, with a total project cost of USD 150 million (USD 90 million in debt and USD 60 million in equity).
The equity portion is shared equally between Hubco and Mega Motors (50/50). Hubco Green has established 16 operational DC fast chargers ranging from 60kW to 120kW. The network now enables EV travel from Karachi to Multan, with connectivity to Peshawar expected by the end of February 2026. Both Thal Nova and TEL have achieved their respective Project Completion Dates. During H1 FY2026, the plants supplied 1,691 GWh to the national grid, generating foreign exchange savings of approximately USD 116 million.
The CPHGC plant is currently undergoing its six year major maintenance cycle. While this involves an extended outage period, it is expected to enhance long term operational reliability. Load factors at the Laraib power plant remained lower during the period due to elevated water flows in the Chenab and Jhelum rivers, which reduced the grid’s requirement. Ark Metals is engaged in mineral exploration. Initial studies, including 6,000 meters of drilling, have indicated promising reserve potential. The company has completed a scoping study for lithium exploration in Gilgit Baltistan and Khyber Pakhtunkhwa and is also evaluating antimony prospects.
These projects are considered long gestation in nature, requiring a phased progression from exploration to mining lease development. Prime has participated in four additional offshore blocks Sapat Bander, Bin Qasim South, Keti Bandar, and Zarar, through a joint venture with Mari and OGDCL. Following a recent court judgment, the company faces an immediate cash impact of approximately PKR 2.5 billion. An additional PKR 4–5 billion impact is anticipated in the second half of the year.
Management continues to evaluate large scale industrial projects to utilize the Hub site’s brownfield capacity. Key initiatives include partnering with PSO and Asia Petroleum to facilitate oil movement to the white oil pipeline. Additionally, an aluminum smelter project, a long gestation industrial initiative also remains under active consideration. Management also provided a detailed breakdown of overdue receivables across the group’s power portfolio: CPHGC at PKR 68 billion, TEL at PKR 8 billion, Thal Nova at PKR 7 billion, Laraib at PKR 6 billion, and Narowal at PKR 1.4 billion.
Important Disclosures
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