Karachi: Al Shaheer Corporation Limited has reported its unaudited financial results for the half year ending December 31, 2024, amidst significant governance and financial challenges. The company, which specializes in processing, packaging, and marketing of halal meat, has faced substantial operational hurdles, including a complete turnover of its Board of Directors and ongoing financial losses.
As of the close of the financial year on June 30, 2024, the company’s Board had only one active member, following a series of resignations. By October 2024, the last remaining director had also resigned, leaving the Board vacant. In response, an election of directors was conducted under the Securities & Exchange Commission of Pakistan’s (SECP) guidance on December 17, 2024, leading to the reconstitution of the Board. However, six directors resigned again in July 2025, necessitating another round of appointments in compliance with regulatory standards.
Financially, the company reported a net revenue of 149.59 million for December 2024, a decrease compared to the previous year’s figures. The company also recorded a significant operating loss, driven by fixed overheads and reduced business activity, as core operations remained largely suspended. Al Shaheer Corporation’s gross and net losses underscore the financial strain it is under, with the company incurring a net loss after tax of 218.33 million.
According to information available from the Pakistan Stock Exchange (PSX), the company’s performance represents a very large or significant move compared to the previous year’s results. The company’s share capital remains unchanged at 3.75 billion, with accumulated losses widening to 4.66 billion.
The newly constituted Board is currently focused on stabilizing the company’s governance framework and addressing historical non-compliance issues. The Board aims to revive core business operations while exploring diversification into new sectors, alongside financial and operational restructuring. The management is tasked with identifying growth opportunities to rebuild stakeholder trust and align with regulatory requirements, with the ultimate goal of creating long-term shareholder value.
Despite the challenges faced, the Board has expressed appreciation to shareholders, employees, customers, and regulatory bodies for their continued support during this period. The company’s outlook indicates a commitment to overcoming current difficulties and establishing a sustainable path forward.