Pakistan Company News

Financial results of Ittefaq Iron Industries Limited for Quarter ended March 31, 2019

Karachi, Ittefaq Iron Industries Limited informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Lahore on April 25, 2019.

The agenda of the meeting was discussion of profit and loss account for quarter ended March 31, 2019 which portrayed a profit of Rs. 64,245,826 with earnings per share 0.45 basic and diluted respectively.

Further, nil payment of cash dividend, bonus shares and right shares was agreed.

Alshafi Group of Companies carries its legacy from Ittefaq Foundries; established by Mian Muhammad Sharif in early 1940s, from a small foundry to a group of companies having several sugar, textile, paper and steel mills. After its separation from Ittefaq Foundries during early 1990s; Alshafi Group inherited Ittefaq Sugar Limited and Brother Steel (Pvt) Ltd. Afterwards Kashmir Sugar Mills Ltd, Kashmir Feeds Ltd, Alshafi steel (Pvt) Ltd, Ittefaq sons (Pvt) Ltd, Ittefaq Bio Tech (Pvt) ltd and Kashmir Poultry Breeders (Pvt) Ltd and hatchery farms that later merged in Kashmir Feeds limited, were established during the period from 1990 to date. The group is now a days actively working on to unveil its power generation projects with both of its sugar units. Since 1990 Alshafi Group, being the trustee of Ittefaq Hospital Trust (established 1984), is contributing in health care and social uplift of local community. Ittefaq Hospital Trust is equipped with latest medical equipment for surgery, and diagnosis. Renowned Physicians and Surgeons are available round the clock for all medical emergencies. Considering a constructive obligation by Alshafi Group towards the health sector, a teaching and Nursing College was established 2013 to prepare skilled staff in Health care. Ittefaq Hospital Trust has a remarkable history of helping the under privileged class through its charity ventures.