Karachi: The Hub Power Company Limited has reported a decline in both consolidated and unconsolidated net profits for the quarter ended March 31, 2025. The Board of Directors has provided a detailed overview of the company's financial and operational performance during this period.
The consolidated net profit stood at Rs. 34,249 million, translating to Earnings Per Share (EPS) of Rs. 26.40. This represents a notable decrease from the Rs. 49,547 million net profit and EPS of Rs. 38.20 recorded in the same quarter last year. The reduction in profit is primarily attributed to the termination of the Power Purchase Agreement (PPA) of the Hub Plant and the amendments to the PPA of the Narowal Plant.
Similarly, the unconsolidated net profit decreased to Rs. 18,566 million, with an EPS of Rs. 14.31, down from Rs. 21,958 million and EPS of Rs. 16.93 in the corresponding period last year. The decline in unconsolidated profit was mainly due to the termination of the Hub Plant's PPA, although this was partially offset by higher dividend income from subsidiaries and reduced finance costs due to loan prepayments.
Operationally, the company reported significant metrics for its sites, including a net electrical output of 22 GWh for Narowa, 259 GWh for Laraib, 538 GWh for CPHGC, 1,102 GWh for TEL, and 1,300 GWh for TN. The load factors for these sites were 1.6%, 46.9%, 7%, 56%, and 66%, respectively.
In the exploration and production sector, Prime International Oil and Gas Company Limited (PIOGCL) has approved the JV budget for the new South West Miano Ill exploration block. Following the execution of the exploration license and petroleum concession agreement, Prime is proceeding with the obligations under the work programme. The company is planning the first exploration well and procuring long-lead items necessary for drilling.
According to information available from the Pakistan Stock Exchange (PSX), Hub Power Company is categorized under the designated market category. The company is taking strategic steps to expand its exploration and development activities by forming alliances with other oil and gas firms and engaging in bid rounds conducted by the Ministry of Energy's Petroleum Division.
In terms of growth projects, Mega Motor Company (Private) Limited has launched its flagship experience and care centers in Karachi, Lahore, and Islamabad, as part of efforts to electrify Pakistan's transport sector. The company is receiving positive customer response and growing interest in BYD vehicles, while also progressing towards establishing a local vehicle assembly plant for New Energy Vehicles in Pakistan.
Furthermore, HUBCO Green (Private) Limited has collaborated with major Oil Marketing Companies, including Pakistan State Oil (PSO) and Attock Petroleum Limited, to establish EV fast charging stations nationwide. Hub Power Company is also exploring potential investments in greenfield new energy projects and has signed a Memorandum of Understanding with PSO to explore developing a Single Point Mooring system and an oil terminal at Hub, Balochistan.
The company expressed gratitude towards its shareholders, employees, business partners, and stakeholders for their continued support in its pursuit of growth and prosperity.