Karachi: Hub Power Company (HUBC) is broadening its business scope by entering into partnerships in the auto industry and initiating mineral exploration ventures, as discussed in their latest analyst briefing where FY24 results were also reviewed.

According to JS Global, HUBC reported a consolidated earnings per share (EPS) of Rs15.78 for the fourth quarter of fiscal year 2024, marking a 19% increase from the previous quarter, despite a 14% decrease year-over-year. The full-year EPS stood at Rs53.98, up 22% year-over-year. The increase in profits was largely attributed to contributions from Thar Energy Ltd and the Thal Nova Coal Project, which have both completed their first full operational year. HUBC also received a substantial dividend of US$69 million from China Hub Power Generation Company, supporting the company’s final cash dividend of the year.

Additionally, Hub Power Holdings Ltd, a wholly-owned subsidiary of HUBC, has partnered with BYD Autos, a leading global electric vehicle manufacturer. This collaboration will see the start of bookings for imported BYD cars in the fourth quarter of this year, with plans to establish an auto manufacturing plant in Karachi by 2026.

Furthermore, HUBC is venturing into the exploration and development of mineral mines in Pakistan through a joint venture agreement with Ark Metals Pvt. Ltd. The company is also exploring opportunities in the exploration and production (E&P) space following its acquisition of ENI Pakistan’s development and production assets.