Karachi: Pakistan Cables Limited has announced its financial results and strategic initiatives in the Annual Report for the fiscal year ending June 30, 2024, during which the company navigated significant economic and market challenges to post a profit. This year also marks the 70th anniversary of the company, celebrating its long-standing success and contributions to the industry.
2024 has been a tumultuous year for the company, with an unstable economic environment exacerbated by low foreign exchange reserves, soaring energy prices, and political instability. The cost of copper peaked historically in May 2024, reaching $11,105 per ton, impacting the company's financial strategies. Despite these adversities, Pakistan Cables adapted its operations, achieving a Profit after Tax of Rs. 209 million, equivalent to earnings per share of Rs. 4.22. According to information available from the Pakistan Stock Exchange (PSX), the company's dedication to overcoming these market fluctuations has been evident.
The introduction of a state-of-the-art manufacturing facility in Nooriabad has been a significant development for Pakistan Cables this year. The new facility is set to enhance productivity with its advanced technology and optimized processes. Notably, the Nooriabad site has incorporated sustainable practices, such as a 2 MW solar plant and a fully operational Effluent Treatment Plant, showcasing the company's commitment to environmental responsibility.
In recognition of its export achievements, the company received accolades at the 46th FPCCI Export Awards for the seventh consecutive year, underlining its robust performance in international markets. Additionally, the company has made significant strides in promoting diversity and inclusion through initiatives like PURAZM, an internship program for differently-abled individuals, and winning the DEI “GOLD Award” for Women Empowerment and Gender Equality.
The company’s governance remained robust, with the Board of Directors playing a crucial role in steering the company through strategic decisions and ensuring compliance with best practices. The internal control system maintained by the company has proven effective in managing risks and enhancing operational efficiency.
As Pakistan Cables steps into the 2024-2025 fiscal year, it is poised to tackle new challenges and seize opportunities, particularly in renewable energy sectors and infrastructure development, ensuring continued growth and sustainability.