Karachi: Indus Dyeing and Manufacturing Company Limited has released its Chairman’s Review for the financial year ending June 30, 2024. The company reported a reduction in overall profitability, with net profit after tax decreasing from Rs. 707.95 million to Rs. 72.99 million. The board cited the implementation of enhanced corporate governance processes and maintaining high standards as key priorities during the fiscal year.

The report outlined the company’s efforts to sustain shareholder value while complying with corporate governance regulations, including adherence to the Companies Act, 2017, and the Listed Companies (Code of Corporate Governance) Regulations, 2019. The review highlighted the performance of the Board of Directors, emphasizing that their duties were carried out effectively and in accordance with the developed comprehensive criteria.

Sales of the company stood at Rs. 67.71 billion, showing a decrease in the gross profit margin from 7.46% to 6.02%. According to information available from the Pakistan Stock Exchange (PSX), the company’s management is working towards improving efficiencies in operations, sales, and marketing in response to the challenging economic landscape. The board has confirmed that internal control systems are sound and have been effectively monitored by the Board Audit Committee.

The Chairman’s Review also acknowledged the commitment of the company’s workforce and expressed appreciation for the support of shareholders. Indus Dyeing’s management is focusing on expanding market share and maintaining competitive positioning as it moves forward into the next financial year.