Karachi: Feroze1888 Mills Limited, in its Chairman's Review for the fiscal year ended June 30, 2024, highlighted the firm's resilience in the face of high inflation and supply chain disruptions exacerbated by global conflicts.
The year 2023-24 was marked by considerable economic adversity, characterized by soaring energy costs and increased policy rates, which led to another year of significant double-digit inflation. Despite these hurdles, Feroze1888 managed to sustain its growth trajectory, although profit margins were impacted by the rising cost of doing business and a highly competitive export market.
According to information available from the Pakistan Stock Exchange (PSX), the company’s emphasis on customer intimacy and proactive strategy adjustments has played a crucial role in maintaining its market position. The company continues to focus on stability and continuity, enhancing its cost competitiveness through sustainable investments and fulfilling its commitments to the United Nations Sustainable Development Goals (UNSDGs).
The board of directors, re-elected as per the Companies Act, 2017, comprises members with a breadth of experience. The board has effectively provided strategic direction and oversight, ensuring compliance with the Companies Act, 2017, and the Listed Companies (Code of Corporate Governance) Regulations, 2019. This includes the approval of significant policies and budgets, and establishing robust internal controls. The annual board performance evaluation confirmed that their operations align with established criteria, affirming their effectiveness.
Despite anticipating ongoing economic challenges, Feroze1888 remains committed to its strategic objectives, aiming to continue delivering on its promises to global customers, shareholders, and employees. The company earnestly seeks continued divine support for its growth and the welfare of all stakeholders and the country.
The chairman expressed deep gratitude towards the stakeholders for their ongoing support and also acknowledged the dedicated efforts of the company’s employees and the board’s commitment to guiding the company through these challenging times.