Hubco Dividend History: Payouts by Year and How They Are Announced

The Hub Power Company (Hubco, ticker HUBC) declared Rs 20.00 per share in dividends for its fiscal year to 30 June 2026: three interims of Rs 5.00 and a final of Rs 5.00, or 200% of the Rs 10 face value. On 28 October 2026 it added a first interim of Rs 5.00 for FY2027. Its record also includes two years with no dividend at all. This guide sets out the Hubco dividend history from the company's own filings, explains how announcements work and shows where the money now comes from.

Key takeaways

• Hubco's fiscal year runs from July to June. Dividends declared for the year were Rs 20.00 a share in FY2026, Rs 15.00 in FY2025, Rs 20.00 in FY2024 and Rs 30.00 in FY2023, the highest in the record shown here.
• Hubco paid nothing for FY2019 or FY2020. Its FY2020 annual report said delayed payments and circular debt had squeezed cash flow.
• A dividend quoted in percent is the rupee amount divided by the Rs 10 face value: Rs 5.00 is 50%. It is not a yield.
• Hubco is now mainly a holding company. Its original 1,200 MW Hub plant stopped selling power when its purchase agreement was terminated from 1 October 2024, and its main income in FY2026 was Rs 29.3 billion of dividends from the power plants and other businesses it owns.
• The FY2026 dividend was 52% of consolidated earnings per share (EPS) of Rs 38.26 but 106% of standalone EPS of Rs 18.86, the profit from which dividends are actually paid.

What Hubco does now and how it makes money

Hubco was incorporated in 1991 to build the oil-fired Hub power station in Balochistan, which the company describes as the first independent power producer (IPP) in Pakistan's history. For almost three decades that plant was its core business: it sold electricity to its sole customer, the Central Power Purchasing Agency (Guarantee) Limited, under a 30-year power purchase agreement (PPA) that began in 1997. Under a negotiated settlement agreement dated 17 October 2024, that PPA was terminated early with effect from 1 October 2024, and the Hub plant is now shut down while management evaluates other uses for it.

What remains is a group of investments. The power plants Hubco owns or part-owns had a combined capacity of 2,289 MW in its FY2026 annual report:

• China Power Hub Generation Company (CPHGC), a 1,320 MW imported-coal plant at Hub and a joint venture with China Power International Holdings; 47.5% held through Hub Power Holdings, Hubco's investment subsidiary.
• Thar Energy, a 330 MW plant burning lignite from the Thar coalfield; 60% owned, with Fauji Fertilizer holding 30%.
• ThalNova Power Thar, another 330 MW Thar lignite plant; 38.3% held through Hub Power Holdings.
• Narowal Energy, a 225 MW plant fired by residual fuel oil; wholly owned.
• Laraib Energy, an 84 MW run-of-the-river hydropower plant in Azad Jammu and Kashmir; 74.95% owned.

Beyond power, Hubco holds 50% of Prime International Oil & Gas, which bought ENI's Pakistan business, 8% of Sindh Engro Coal Mining, and 50% of Mega Motor Company, which sells BYD vehicles in Pakistan.

This structure explains the two sets of accounts. The consolidated accounts add up the whole group: FY2026 revenue of Rs 71.1 billion and profit attributable to Hubco's shareholders of Rs 49.6 billion. The standalone accounts show Hubco as a single company, whose income in FY2026 was Rs 29.3 billion of dividends received from its subsidiaries and investments, leaving a profit of Rs 24.5 billion. It is the standalone company that pays shareholders.

How to read a Hubco dividend announcement

Hubco announces each dividend in a "Financial Results" letter to the Pakistan Stock Exchange (PSX) on the day its board approves the accounts. On 28 October 2026, for example, the board recommended an interim cash dividend for the quarter ended 30 September 2026 "@ Rs. 5 per share i.e. 50%".

The percentage is always of the face value, or par value, which is Rs 10 for Hubco. Rs 5 is therefore 50%, and the FY2026 total of Rs 20 is 200%. Because the shares trade far above Rs 10, the percentage is not a return on the price you pay; for that see our guide to dividend yield.

The same letter sets the dates that decide who is paid:

• Record date: shareholders on the register at the close of business on this date are entitled. For the October 2026 interim it was 9 November 2026.
• Book closure: days on which the registrar records no share transfers, here 10 to 12 November 2026.
• AGM approval: interim dividends are paid on the board's decision, while a final dividend is recommended by the board and approved by shareholders at the annual general meeting (AGM).
• Credit: Hubco notifies the PSX when a dividend has been credited to bank accounts.

To be on the register by the record date, a buyer has to purchase before the stock goes ex-dividend, because trades take time to settle. The PSX quote page shows an "XD" tag next to a stock that is trading ex-dividend. Our explainer on ex-dividend and record dates covers this in more detail.

Worked example: 1,000 shares and withholding tax

Hubco's notice of its 35th AGM, dated 24 September 2026, set withholding tax on dividends at 15% for shareholders on the Federal Board of Revenue's active taxpayers list (ATL) and 30% for everyone else. For 1,000 shares on the register on 9 November 2026:

• Gross dividend: 1,000 x Rs 5.00 = Rs 5,000.
• On the ATL: Rs 750 withheld, Rs 4,250 credited.
• Not on the ATL: Rs 1,500 withheld, Rs 3,500 credited.

Under section 242 of the Companies Act 2017, listed companies must pay cash dividends electronically into the shareholder's designated bank account. When Hubco credited its FY2026 final on 2 November 2026, it told the PSX it had withheld the dividends of shareholders who had not provided an IBAN or a copy of their national identity card (CNIC).

Hubco dividend history by fiscal year

The table counts the dividends declared for each fiscal year: the interims declared during the year plus the final recommended after it closes. Amounts for FY2015 to FY2018 are as shown in Hubco's FY2020 annual report; later years come from the statements of changes in equity and results notices.

Three things stand out. First, the gap: no interim or final was declared for FY2019 or FY2020. Hubco's FY2020 annual report explained that late payments from the power purchaser and growing circular debt (unpaid bills that build up across Pakistan's power chain) had left the company too short of cash to declare one. Second, the size of FY2023, which began with a single interim of Rs 15.50. Third, the shape of FY2026: four equal payments of Rs 5.00.

Recent announcements with dates

Note the quarter Hubco skipped. When the board met on 30 October 2024, a month after the Hub plant's PPA ended, it declared no dividend for the first quarter of FY2025.

The results behind the dividend

Profit more than doubled in FY2023 and peaked in FY2024, helped by Hubco's share of profits from associates and joint ventures, which rose from Rs 9.2 billion in FY2022 to Rs 49.4 billion in FY2024. Revenue then fell in FY2025 and FY2026, which the company attributes mainly to the termination of the Hub PPA and a renegotiated PPA for Narowal. Profit recovered in FY2026 on a larger share of associates' profits (Rs 45.3 billion) and lower finance costs.

The standalone line tells the dividend story more directly. In FY2026 standalone profit rose to Rs 24.5 billion, or EPS of Rs 18.86, which Hubco put down mainly to higher dividends from the Thar projects after they reached their project completion dates.

The first quarter of FY2027, to 30 September 2026, was ahead of the same quarter a year earlier. Consolidated revenue was Rs 22.1 billion against Rs 17.4 billion a year earlier, profit attributable to shareholders Rs 12.8 billion against Rs 11.6 billion, and EPS Rs 9.86 against Rs 8.96. Standalone EPS was Rs 6.26 against Rs 6.09, on dividend income of Rs 9.7 billion.

Payout ratio and dividend policy

The payout ratio is the share of earnings paid out as dividends; our payout ratio guide explains how to read it. For Hubco the answer depends on which earnings you use:

On the group's earnings, Hubco paid out between 37% and 68% in these four years. On the standalone company's earnings, it has paid out roughly all of them, or more, in three of the last four years. Both views are true: a large part of group profit sits in subsidiaries and associates and reaches Hubco only when they pay dividends of their own.

The dividend policy in Hubco's 2026 annual report sets no target payout. It says dividends follow the Companies Act 2017, SECP and PSX rules and approvals by the board and shareholders. The chairman's review describes a balanced approach between shareholder distributions and reinvestment, with financial flexibility an important consideration.

Cash and debt in plain words

At 30 June 2026 the group held Rs 25.8 billion of cash and bank balances and Rs 4.0 billion of short-term investments. Long-term loans, including the current portion, were Rs 70.4 billion, down from Rs 105.1 billion two years earlier, and short-term borrowings had fallen to Rs 2.0 billion from Rs 29.4 billion. Trade debts, the amounts customers owe the group, fell to Rs 32.4 billion from Rs 99.7 billion at June 2024. Total equity was Rs 258.0 billion.

The FY2026 cash flow shows how the dividend was funded. Operating activities brought in Rs 11.4 billion, while dividends received from associates, joint ventures and equity investments added Rs 43.9 billion. Out went Rs 32.4 billion of dividends to Hubco's shareholders, Rs 8.4 billion to minority shareholders in its subsidiaries and Rs 7.4 billion of loan repayments. In other words, Hubco's ability to pay depends on what its plants and investments pass up to it.

When Hubco announces dividends

Hubco's board meets after each quarter, and the 2026 annual report lists tentative dates for FY2027: the first quarter in the last week of October 2026 (held on 28 October), the half-year to 31 December 2026 in the last week of February 2027, the third quarter to 31 March 2027 in the last week of April 2027, and the full year to 30 June 2027 in the last week of August 2027. As of 14 November 2026 the company had not confirmed an exact date for the February meeting. It normally notifies the PSX of each board meeting in advance, as it did on 20 October 2026 for the 28 October meeting, and publishes a newspaper notice of dividend and book closure after each declaration.

How StocksXray scores Hubco

Hubco closed at Rs 204.20 on 13 November 2026, with a 52-week range of Rs 186.10 to Rs 249.99. The current price is on the Hubco stock page and the history on the interactive HUBC chart.

On that date our Market X-Ray scored Hubco 70 out of 100, ranking it 71st of 568 PSX stocks with high confidence. For Pakistan the X-Ray is price-based: it describes how the stock has traded, not how healthy the business is. The parts scored trend 54, momentum 55, stability 84, liquidity 96 and income 72. How the X-Ray Score works explains each part, and the Hubco research report shows the numbers. Our fair-value estimate for Hubco was marked "data under review" on 14 November 2026, because too few models gave a usable value.

Turning the history into a yield

The dividends with record dates in the 12 months to 13 November 2026 were four payments of Rs 5.00, a total of Rs 20.00. Against the Rs 204.20 close, that is a trailing yield of 9.8%; the FY2026 total gives the same figure. A yield looks backward and changes with every price move and every new declaration. Readers abroad can convert rupee amounts with our USD to PKR converter, and the KSE-100 index page and Pakistan economy page give the market context.

Risks Hubco itself lists

The risk and opportunity report in Hubco's 2026 annual report, and the notes to its accounts, highlight these:

• Circular debt and late payment. Delayed payments by power purchasers to its plants could leave subsidiaries short of cash and reduce the dividends they pass up to Hubco. The company says the build-up of circular debt has almost stopped and its investments have been paid regularly by and large.
• Fuel supply and demand. Disruption to fuel supply, or weak demand for electricity, can stop plants from running, although Hubco calls the risk minimal for its mine-mouth Thar plants.
• Plant availability. Downtime beyond what the concession documents allow can cost capacity payments and trigger liquidated damages.
• Regulation and tax. Changes in laws and policy can affect results. The accounts disclose that after a Federal Constitutional Court order of 27 January 2026, Hubco paid super tax on dividend income for tax years 2023 to 2025, and that it is appealing a Rs 6,333 million demand relating to tax year 2020.
• Geopolitical events. Closure of or hostilities near the Strait of Hormuz or Red Sea can delay imported equipment and raise freight and insurance costs.

Common mistakes when reading Hubco dividend data

• Treating the percentage as a yield. 50% means Rs 5 on a Rs 10 face value, not 50% of the share price.
• Mixing up fiscal and calendar years. FY2026 is July 2025 to June 2026; its final was paid in November 2026.
• Using the annual report's ratio table as dividends for the year. That table in the 2026 report shows Rs 25.00 for FY2026 because it counts dividends paid during the year, including the Rs 10.00 final for FY2025.
• Judging payout on group profit alone. The standalone company pays the dividend, and on standalone EPS the payout has been above 100%.
• Assuming the next payment matches the last. Hubco skipped the first quarter of FY2025 and paid Rs 15.50 in a single interim in FY2023.

Frequently asked questions

What is Hubco's dividend history? Hubco declared Rs 9.50 per share for FY2015, Rs 11.00 for FY2016, Rs 7.50 for FY2017 and Rs 7.40 for FY2018, then nothing for FY2019 and FY2020. Since then it has declared Rs 12.00 (FY2021), Rs 6.50 (FY2022), Rs 30.00 (FY2023), Rs 20.00 (FY2024), Rs 15.00 (FY2025) and Rs 20.00 (FY2026). Its fiscal year ends on 30 June.

How much dividend did Hubco pay for FY2026? Hubco declared Rs 20.00 per share for the year to 30 June 2026, or 200% of the Rs 10 face value. That was three interims of Rs 5.00 and a final of Rs 5.00, which shareholders approved at the AGM on 20 October 2026 and which was credited on 2 November 2026.

What is the latest Hubco dividend announcement? On 28 October 2026 Hubco's board declared an interim cash dividend of Rs 5.00 per share (50%) for the quarter ended 30 September 2026, the first for FY2027. Shareholders on the register on 9 November 2026 were entitled, and the share transfer books were closed from 10 to 12 November 2026.

When does Hubco announce its dividends? Dividends are declared at the board meetings that approve the quarterly and annual accounts. Hubco's 2026 annual report gives the last week of February 2027 for the half-year results and the last week of April 2027 for the third quarter as tentative dates. The full-year results are listed for the last week of August 2027.

Why did Hubco not pay a dividend in 2019 and 2020? No dividend was declared for the fiscal years to June 2019 and June 2020. Hubco's FY2020 annual report said late payments and growing circular debt in the power sector had squeezed its cash flow too much to declare one. Payments resumed with an interim of Rs 4.00 for FY2021.

How is the Hubco dividend percentage calculated? It is the dividend in rupees divided by the Rs 10 face value of one share. Rs 5.00 is 50% and Rs 10.00 is 100%. It does not tell you the dividend yield, which compares the dividend with the market price.

How much tax is deducted from Hubco dividends? According to Hubco's AGM notice of 24 September 2026, tax is withheld at 15% for shareholders on the active taxpayers list and 30% for others. A valid exemption certificate given to the share registrar before book closure removes the deduction. The rates come from the Income Tax Ordinance 2001 and can change.

Sources and data notes

• HUBCO Integrated Annual Report 2026 (FY2026 accounts, six-year summary, group structure, risks, corporate calendar): https://hubpower.com/wp-content/uploads/2026/09/HUBCO-Integrated-Annual-Report-2026.pdf
• Hubco annual reports FY2024, FY2022 and FY2020 (dividends by fiscal year): https://financials.psx.com.pk/lib/DownloadPDF.php?id=236528, https://financials.psx.com.pk/lib/DownloadPDF.php?id=191941, https://financials.psx.com.pk/lib/DownloadPDF.php?id=151710
• Hubco results and dividend notices to PSX, 2024 to 2026: https://hubpower.com/investors/ and https://dps.psx.com.pk/download/document/287190.pdf
• Hubco notice of 35th AGM: https://dps.psx.com.pk/download/document/283365.pdf
• Credit of final cash dividend, 2 November 2026: https://dps.psx.com.pk/download/document/288442.pdf
• PSX company page for HUBC: https://dps.psx.com.pk/company/HUBC
• Earlier fiscal years are on the share count in issue at the time. Prices and X-Ray scores are dated; this article does not cover dividends declared after 14 November 2026.

Educational information, not financial advice.