Karachi: Ghazi Fabrics International Limited reported a higher gross loss of Rs. 408.87 million for the fiscal year ended June 30, 2024, compared to Rs. 351.99 million in the previous year. The company's annual general meeting detailed these figures while presenting the audited financial statements.

In his address at the 35th Annual General Meeting, the Chairperson highlighted the financial standing of the company, reporting a nominal decrease in loss after tax to Rs. 666.31 million from Rs. 667.67 million year-over-year, marking a 0.20% reduction. The loss per share similarly saw a slight adjustment, settling at Rs. 20.42 compared to Rs. 20.46 in the prior year.

According to information available from the Pakistan Stock Exchange (PSX), the company's performance has seen some fluctuation over the years. The ongoing financial strategies and operational adjustments are reflective of efforts to stabilize the company's financial health.

The Board of Directors underwent an annual evaluation as mandated by the Code of Corporate Governance, which deemed the board's performance satisfactory but also identified areas for improvement. The company remains committed to aligning its strategies with best practices to enhance board effectiveness.

Additionally, the Audit Committee and Human Resources & Remuneration Committee convened regularly to support the board's functions. The company benefits from an independent Internal Audit department, which employs a risk-based audit methodology. The outcomes of these audits are regularly reviewed by the Board to inform necessary actions.

The Chairperson concluded the meeting by acknowledging the contributions of employees, the trust and support of customers, and the backing from financial institutions, which have been crucial to the company's operations.