Karachi: Fecto Cement Limited has recently announced its annual performance under Section 192(4) of the Companies Act, 2017, detailing a resilient fiscal year that ended on June 30, 2024. According to information available from the Pakistan Stock Exchange (PSX), despite the global economic slowdown due to high interest rates and tightening fiscal policies, the company has navigated the adverse environment with strategic initiatives and efficiency improvements, achieving a modest growth of 1.60% in volumes.

The annual report highlighted several key strategies and accomplishments for the year. The company faced significant challenges due to high energy costs and interest rates, yet managed to push through with a 12.94% increase in volumes, primarily attributed to stringent working capital management and optimization of plant machinery. This was complemented by higher capacity utilization and favorable coal prices, leading to a profit after tax of Rs. 317 million.

Board evaluations pointed to satisfactory compliance with corporate governance regulations, emphasizing diversity, strategic planning, and robust governance. The Board of Directors undertook an annual evaluation to ensure the company's alignment with its objectives and the continuous improvement in its governance practices.

Fecto Cement's governance structure was notably strengthened by setting a tone at the top for a transparent and effective control environment. The management's regular presentations to the board about the company's strategic directions and financial performance were critical in maintaining oversight and accountability.

The Chairman extended a heartfelt appreciation to all stakeholders for their unwavering support and trust, which has been instrumental in navigating through the challenging economic landscape and positioning Fecto Cement for future growth.