HUBCO Plans to Install EV Charging Infrastructure Across Pakistan

HUBCO Plans to Install EV Charging Infrastructure Across Pakistan

Karachi, October 31, 2024 – Hub Power Company Limited (HUBCO) has announced its groundbreaking initiative to install Electric Vehicle (EV) charging infrastructure throughout Pakistan. This development marks a significant step towards enhancing the country’s electric mobility landscape and reducing its carbon footprint.

In a financial statement released on Thursday for the period ending September 30, 2024, HUBCO detailed its commitment to this green initiative. The company is in the process of incorporating a new venture, Hubco Green (Private) Limited, which aims to establish a robust network of EV charging stations across key locations, including motorways, highways, major urban centers, and popular destination charging points.

HUBCO’s ambitious project aligns with its broader strategy to promote new energy vehicles in Pakistan. To support this vision, Mega Motor Company (Private) Limited, a subsidiary of HUBCO, has recently entered into a supply and manufacturing agreement with BYD Auto Industry Company Limited. This agreement, along with a technical license arrangement, positions HUBCO to set up a local vehicle assembly plant dedicated to new energy vehicles, marking a significant advancement in Pakistan’s automotive sector.

In its financial results for the quarter, HUBCO reported a consolidated net profit of Rs 19.125 billion, translating to earnings per share (EPS) of Rs 14.74. This represents a slight increase compared to the previous year’s net profit of Rs 19.08 billion and EPS of Rs 13.17. The company attributed this growth primarily to a reduction in operating and finance costs, although it noted a lower share of profit from associates and joint ventures.

Conversely, the unconsolidated net profit for the same period was Rs 7.78 billion, with an EPS of Rs 6, up from Rs 4.05 billion and EPS of Rs 3.12 during the corresponding period last year. HUBCO clarified that the decrease in unconsolidated profit was largely due to increased revenues and higher dividend income, along with a reduction in finance costs.

HUBCO’s venture into EV infrastructure is timely, considering the global shift towards sustainable energy solutions. By investing in EV charging facilities, HUBCO is not only contributing to environmental sustainability but also positioning itself as a leader in the renewable energy sector in Pakistan.

As electric vehicle adoption continues to rise globally, HUBCO’s initiative could significantly boost the accessibility and convenience of EV ownership in Pakistan. The establishment of a comprehensive EV charging network is expected to enhance consumer confidence and accelerate the transition to cleaner transportation options.

With its strategic investments in electric mobility, HUBCO is setting a precedent for the energy sector in Pakistan, underscoring its commitment to a greener future. The company’s plans are expected to create numerous opportunities in the local market, while also contributing to the nation’s economic growth and environmental sustainability efforts.