January 15, 2024 (MLN): The Hub Power Company Limited (PSX: HUBC), Pakistan’s largest Independent Power Producer (IPP), will hold a meeting of its Board of Directors on January 16, 2024 to consider and approve corporate actions and business developments, the company informed through a notice sent to the local bourse today.
Following the announcement, HUBC’s share price gained 2.6% or Rs3.1 per share [11:11am PST].
The said meeting's agenda might align with its diversification strategy.
The company has strategized to diversify its business portfolio and customer base by venturing into exploration and sustainable infrastructure projects.
HUBCO’s diversification strategy has yielded positive results, with the company recording its highest-ever consolidated profit in FY23, a 2.1x YoY growth as compared to FY22.
The strong growth in earnings was driven by HUBC’s relentless focus on business diversification, operational efficiency, and cost optimization.
HUBCO is Pakistan's largest IPP with a combined installed power generation capacity of 3,581 MW.
In addition, HUBCO through its subsidiaries operates in various business sectors including Oil and Gas, Mining and Industrial Operations, and Maintenance Services.
With investments in Narowal Energy Limited, Laraib Energy Limited, China Power Hub Generation Company, Thar Energy Limited, and Thal Nova Power Thar Ltd, the Group has an established footprint in the power generation sector.
In addition, the company also holds a 49% stake in China Power Hub Operating Company (Pvt) Limited, a joint venture with China Power International Maintenance Engineering Company Limited, to provide O&M to the Super Critical Coal Power Plant at Hub.
The company also holds a minority stake of 8% in Sindh Engro Coal Mining Company which is establishing a coal mining facility at Thar.
