Karachi: Al Shaheer Corporation Limited has announced significant challenges in its financial and governance structures, according to its Directors’ Review Report dated September 5, 2025. The report outlines the company’s unaudited financial results for the nine-month period ending March 31, 2024.
The company, engaged in the processing, packaging, and marketing of halal meat products, has faced governance disruptions with frequent resignations among its board members. As of June 30, 2024, the board was reduced to a single active member, and by October 2024, the board was left entirely vacant. Attempts to stabilize corporate governance were made with a reconstitution of the board on December 17, 2024, under the guidance of the Securities & Exchange Commission of Pakistan (SECP). However, the stability was short-lived as six directors resigned in July 2025, necessitating further replacements in accordance with regulatory requirements.
Financially, the company reported a very large or significant move in net revenue, dropping to 571.72 million from 5.37 billion in March 2023. This decline was accompanied by a very large or significant move in gross profits, resulting in a loss of 443.72 million compared to a profit of 635.14 million the previous year. The operating loss also saw a very large or significant move, growing to 3.10 billion from an operating profit of 591.29 million last year. The net loss after tax for the period stood at 3.19 billion, a very large or significant move from the previous year’s net profit of 210.34 million.
According to information available from the Pakistan Stock Exchange (PSX), the company’s operational activities were minimal, limited to certain export orders due to the suspension of core operations. Fixed overheads, in the absence of routine business activity, were identified as significant contributors to the financial losses.
The company’s newly constituted board is working to stabilize governance, address non-compliance issues, and explore strategic alternatives, including the revival of core operations and diversification into new sectors. The management aims to realign with regulatory standards and forge a sustainable future path. This includes identifying growth opportunities and enhancing shareholder value under board oversight.
The report concludes with an acknowledgment of the challenges faced and expresses appreciation for the support from shareholders, employees, customers, and regulatory bodies during this period. The company’s share capital stands at 3.75 billion, with substantial losses affecting accumulated profits, now reflecting a negative balance of 4.12 billion. The report notes a decline in total assets to 4.55 billion from 8.50 billion in the previous year, indicative of the company’s ongoing financial challenges.