Karachi August 26 2024: The Hub Power Company Limited, largest Independent Power Producer of Pakistan, gained more than 7 percent after the announcement of results at Pakistan Stock Exchange.
Company share price surge PKR 10.7 or 7.29 percent after the announcement at Pakistan Stock Exchange.
Company announced cash payout of PKR 8.5 per share which is higher than market expectation of PKR 4.0 per share. Moreover, profitability of the company surged to PKR 70.0 billion for fiscal year 2024 from PKR 57.6 billion in fiscal year 2023.
HUBC also announced that Hub Power Holdings Limited, a wholly owned subsidiary of the Hub Power Company Limited, has entered into a joint venture agreement with a mining company, Ark Metals (Private) Limited and its shareholders, for exploration and development of mineral mines for Pakistan.
Ark Metals currently holds exploration licenses and mining leases in Balochistan and Gilgit-Baltistan while it scouts for potential partnerships in KPK. The company is interested in mining of copper, gold, iron ore and associated minerals.
Ark Metals aims to utilize latest technology to identify, prospect and explore mineralized zones of Pakistan specifically targeting the base mineral rich Balochistan, rare mineral rich Khyber Pakhtunkhwa (KPK) and precious mineral rich Gilgit Baltistan (GB).
