Karachi: Descon Oxychem Limited has issued a statement highlighting a successful year in operations despite facing significant challenges related to rising energy costs and declining commodity prices. The company’s management has implemented strategies to mitigate these impacts, maintaining its position as a market leader.
According to information available from the Pakistan Stock Exchange (PSX), the board of directors reported an earnings per share (EPS) of PKR 2.90 for the fiscal year 2023-24, reflecting the company's ability to navigate a difficult business environment. The board has recommended a cash dividend of 20% for shareholders, indicating a strong cash flow.
The board has emphasized its commitment to corporate governance, ensuring strict compliance with established codes. Regular reviews of business performance and strategic issues are conducted quarterly, with a focus on financial performance and risk management. Committees, including the Audit Committee and the Human Resource and Remuneration Committee, have played key roles in guiding management and identifying areas for improvement.
Descon Oxychem has expanded its market presence both domestically and internationally, successfully exporting to new markets to mitigate potential disruptions in the local market. The company's approach reflects a proactive strategy to absorb additional production capacity and navigate changing business conditions.
The chairman expressed gratitude to stakeholders for their support and acknowledged the efforts of the management team and fellow directors throughout the year. The company is positioned to adapt to the rapidly evolving business landscape while maintaining its operational integrity.