Hub Power : Annual Report 2023

Fueling a

Powerful

Legacy

Annual Report 2023

Fueling a Powerful Legacy

HUBCO's impact resonates across communities, energizing both homes and industries with

an unwavering and reliable supply. This year, our theme proudly unfolds its commitment as pioneers in sustainability, paving the way for a greener and brighter future for everyone. With HUBCO's constant dedication, we illuminate a hopeful and optimistic world, striving to make a positive difference in the lives we serve.

Annual Report 2023

Table of Contents

Organizational	04		Sustainability	60
Overview		and Diversity
Vision, Mission & Core Values	05		Corporate Social Responsibility	62
Group Structure	06		Human Resources	64
Geographical Presence	07		Diverse Endeavors	66
Key Highlights	08		Awards & Achievements	68
Company Information	10
A Brief History of HUBCO	12
SWOT Analysis	14
Business Strategy	15

		16			Financial	70
Governance			Performance
Board & Leadership		18	Financial Ratios		72
Board & Functional Committees		23	Dupont Analysis		73
Leadership Team		24	Horizontal and Vertical Analysis of
Organizational Structure		25	Statement of Profit or Loss		74
Chairman's Review		26	Horizontal Analysis of Statement of
CEO's Message		28	Financial Position		76
Report of the Directors		30	Vertical Analysis of Statement of
Urdu Translation of Report of the Directors	46	Financial Position		78
Independent Auditor's Review Report		47	Six Years Statement of
Statement of Compliance		48	Profit or Loss at a Glance		80
Independent Assurance Report		50	Six Years Statement of
Statement of Compliance with the				Financial Position at a Glance		81
Shariah Governance Regulations, 2017	52	Summary of Six Years Cash Flow at a Glance	82
Shariah Compliance Review		53	Statement of Value Addition		83
Shariah Compliance Reports		54	Quarterly Financial Analysis		84
Corporate Governance		56	Statement of Cash Flow - Direct Method	85
Calendar of Corporate Events		58	Graphical Presentation		86
Calendar of Major Events		59	Share Price Sensitivity Analysis		89
4

Unconsolidated
Financial	91		Shareholders'	243
Statements		Information
Independent Auditors' Report		92		Pattern of Shareholding		244
Unconsolidated Profit and Loss Account	97		Categories of Shareholding		251
Unconsolidated Statement of					Key Shareholding		252
Comprehensive Income		98		Shareholders' Enquiries		256
Unconsolidated Statement of					Details of Trading in Shares by Directors,
Financial Position		99		Executives, Their Spouse/Minors		257
Unconsolidated Statement of Cash Flows	100		Glossary		258
Unconsolidated Statement of					Notice of the 32 Annual General Meeting	260
Changes in Equity		101	Proxy Form		292
Notes to the Unconsolidated				Proxy Form (Urdu)		294
Financial Statements		102

Consolidated

Financial 155

Statements

Independent Auditors Report	156
Consolidated Profit and Loss Account	161
Consolidated Statement of
Comprehensive Income	162
Consolidated Statement of Financial Position	163
Consolidated Statement of Cash Flows	164
Consolidated Statement of
Changes in Equity	165
Notes to the Consolidated
Financial Statements	166

5

Annual Report 2023

Organizational

Overview

Company Profile

Since 1997, HUBCO has been the leading and largest IPP of Pakistan, injecting 3,581 MW into the national grid while following the international standards of safety and environmental responsibility. With our unwavering commitment to our vision and mission, we are dedicated to spearheading Pakistan's economic and social transformation by providing indigenous and affordable energy to the nation. As we recognize the crucial role that energy plays in driving economic prosperity, we remain persistent in our mission to fueling lives through energy.

Vision

"Fueling lives through energy."

Mission

"To be a growth-oriented company recognized for international standards in safety and environment in providing reliable and affordable energy; serving the country, its stakeholders and local community as a responsible corporate citizen."

Core Values

Passion

Ownership

Winning

Enjoyment	Renewal
China Power Hub Generation Company Limited (CPHGC):
2x660MW Coal-Based Power plant situated in Hub, Balochistan.
6			7

Group

Structure

The Hub Power Company Limited

Subsidiaries	Joint Ventures
•	Hub Power Holdings Limited (HPHL)	•	Prime International Oil &
•	Hub Power Services Limited (HPSL)		Gas Company Limited (PIOGCL)
•	Laraib Energy Limited (LEL)	•	China Power Hub Operating Company
•	Narowal Energy Limited (NEL)		Limited (CPHOC)

• Thar Energy Limited (TEL)

Associates	Others
• China Power Hub Generation	• Sindh Engro Coal Mining Company
Company (Pvt.) Limited (CPHGC)	Limited (SECMC)

• ThalNova Power Thar (Private) Limited

Geographical Presence

• Gas Processing Plant Capacity
• Coal Mining Capacity