Karachi: In a comprehensive disclosure to the Pakistan Stock Exchange, the chairman of Pace Pakistan Limited has reviewed the company's performance over the past fiscal year, highlighting a moderate economic recovery and significant challenges within the real estate sector. The company navigated these challenges while maintaining strict adherence to corporate governance standards.

According to information available from the Pakistan Stock Exchange (PSX), the fiscal year witnessed a 2.4% increase in GDP, driven by broad-based growth across multiple sectors, with agriculture expanding by 6.3% and the services sector by 1.2%. Despite these economic gains, the real estate industry, where Pace operates, faced hurdles including new taxes, decreased foreign investment, and rising construction costs which collectively impacted the sector's profitability.

The Board of Directors of Pace Pakistan has been proactive in adapting to these conditions, focusing on strategic planning, risk management, and regulatory compliance. The board also maintained effective internal control systems and participated in robust decision-making processes to ensure the company's stability and compliance with applicable laws.

The company has also engaged with the International Monetary Fund (IMF) to initiate a three-year program aimed at bolstering the economy and enhancing investment flows. This strategic move is expected to provide a sustainable path toward future growth.

Overall, the chairman expressed gratitude towards shareholders, directors, and employees for their dedication during challenging times, assuring that the company remains committed to continuous improvement and long-term success.