Karachi: The Chairman of Pakistan International Bulk Terminal Limited (PIBT) has released a comprehensive review of the company's performance for the fiscal year ending June 30, 2024, detailing robust corporate governance and significant operational growth.
The review highlights a year of substantial achievement with PIBT managing to increase its handled volumes from 4,842,829 metric tons in the previous year to 6,410,112 metric tons, reflecting a direct impact of governmental economic policies that included lifting import restrictions and strengthening the Pakistani Rupee against the USD. According to information available from the Pakistan Stock Exchange (PSX), these measures have significantly contributed to the company's volume growth.
The Board of PIBT has been pivotal in this performance, emphasizing strong corporate governance aligned with the Companies Act, 2017, and the Listed Companies (Code of Corporate Governance) Regulations, 2019. This governance framework has enabled the company to enhance stakeholder value and maintain a commitment to high standards of accountability.
The chairman also emphasized the board's diversity, which includes independent, non-executive, and executive directors, and a female director, helping to ensure a broad range of perspectives in decision-making. Regular board meetings and strategic oversight were crucial in driving better resource utilization and financial discipline, ultimately aligning business strategies with long-term sustainable growth and value creation.
Furthermore, the board has reinforced a strong internal control system, crucial for effective operations, reliable financial reporting, and full legal compliance. An annual review led by the Board, with insights from the audit committee, has affirmed the robustness of these controls, with ongoing improvements planned to safeguard stakeholder interests.
In line with its commitment to corporate social responsibility, PIBT has increased its focus on supporting underprivileged communities through educational, vocational, and healthcare initiatives. The board's proactive approach to sustainability, emphasizing environmental, social, and governance principles, aims to enhance the company's societal impact and support its strategic objectives.
The Chairman expressed gratitude towards the management team, employees, and stakeholders for their continued support and commitment, which has been integral to PIBT’s success and resilience during challenging times.