Hub Power Company Limited (HUBCO), Pakistan’s largest Independent Power Producer (IPP), has unveiled plans to establish a nationwide Electric Vehicle (EV) charging network through its newly formed subsidiary, Hubco Green Limited.
The move marks a significant step in Pakistan’s shift toward sustainable transportation solutions, with EV charging stations planned for motorways, highways, major cities, and destination points across the country.
Expansion into EV infrastructure and local assembly
In its quarterly report released on Thursday to the Pakistan Stock Exchange (PSX), HUBCO shared updates on its green energy initiatives, including the incorporation of Hubco Green Limited. “In line with our initiative in the EV domain, a new venture, Hubco Green Private Limited, is in process of incorporation with the objective to install EV charging infrastructure across the country,” HUBCO announced.
The company further highlighted its plans to establish a local EV assembly facility. Mega Motor Company (Private) Limited, an associated company, recently secured a Supply and Manufacturing Agreement and a Technical License Agreement with Chinese EV giant BYD Auto Industry Company Limited. These agreements build on an earlier distribution agreement from June 2024 to introduce and sell BYD vehicles in Pakistan.

EV Manufacturing Plant with Export Potential
Beyond the EV charging network, HUBCO is laying the groundwork for an EV manufacturing plant in Pakistan. The proposed facility is expected to have an annual production capacity of 50,000 vehicles, with an estimated 30-40% of output designated for export markets such as Australia and Africa. This expansion aligns with HUBCO’s recent plans to enter the mining sector to source lithium—a key component for EV batteries—and set up a lithium battery manufacturing unit.
Financial Performance: HUBCO posts 11% profit increase in Q1 FY25
In its latest financials for the quarter ending September 30, 2024, HUBCO reported a profit of Rs20.31 billion, reflecting an 11% increase despite a dip in revenue. The IPP saw revenue fall by 5% to Rs32.04 billion, while its cost of revenue dropped nearly 18%, bolstering gross profit to Rs18.05 billion. With a notable rise in other income and a reduced cost of finance, HUBCO achieved a profit margin of 56% for the quarter, up from 49% in the same period last year.
Key Financial Highlights for Q1 FY25
- Revenue and Gross Profit: Total revenue fell to Rs32.04 billion; however, gross profit rose by 8% to Rs18.05 billion.
- Other Income and Profit from Operations: Other income surged by over 265% to Rs1.03 billion, and operational profit rose to Rs18.4 billion, up by 11%.
- Earnings Per Share (EPS): EPS increased to Rs14.74 from Rs13.17 in the same period last year.
Earlier in October, HUBCO also entered into a settlement agreement with the government following the termination of its previous agreement for a 1,292 MW power generation project in District Lasbella, Baluchistan.
With its latest initiatives, HUBCO is strategically positioning itself as a leader in Pakistan’s green energy and EV sectors, advancing the country’s transition to sustainable energy solutions.