Lahore: ICC Industries Limited, formerly known as ICC Textiles Limited, has announced its 37th Annual General Meeting (AGM) scheduled for October 28, 2025, at the company’s registered office in Lahore. The meeting is set to address ordinary business matters, including the confirmation of minutes from the previous AGM, the adoption of audited financial statements for the fiscal year ending June 30, 2025, the appointment of statutory auditors, and other business with the Chair’s permission.
The financial year ending on June 30, 2025, saw ICC Industries Limited experiencing an after-tax loss of Rs. 16.54 million, compared to the Rs. 11.65 million loss in the previous year. Revenue decreased to Rs. 50.15 million from Rs. 52.97 million, primarily due to reduced rental occupancy of its factory premises. Administrative expenses rose by Rs. 2.38 million, mainly driven by enhanced minimum wage requirements.
According to information available from the Pakistan Stock Exchange (PSX), the financial statements reveal a decrease in revenue by Rs. 2.83 million, signifying a moderate move. The company’s accumulated losses have reached Rs. 777.99 million, and its current liabilities exceed current assets by Rs. 270.83 million, raising concerns about its ability to continue as a going concern. However, the management remains optimistic about achieving satisfactory levels of profitability in the future.
The company’s strategy includes providing warehousing services in a significant portion of its covered area, anticipating improved performance in the coming periods. The domestic economy is expected to improve, with easing inflation, a reduced policy rate, and strengthened external support contributing to stability. However, political polarization, regional security concerns, and global market volatility pose risks to investor confidence.
ICC Industries Limited’s board of directors, comprising seven members, has been actively involved in policy and decision-making processes. The board and its committees, including the Audit and Human Resource Committees, have been instrumental in reviewing internal controls and financial statements, as well as overseeing HR policies. The board’s performance evaluation mechanism found its overall effectiveness satisfactory.
The company, now primarily engaged in renting out its vacant factory buildings and labor colony, reports no female employees due to the nature of jobs, which mainly consist of security guards, electricians, and laborers. The company remains committed to corporate social responsibility and recognizes its responsibility towards the community, employees, and the environment.
ICC Industries Limited’s financial position reveals total equity of Rs. 895.75 million and total liabilities of Rs. 334.00 million. The authorized share capital stands at Rs. 320.00 million, with issued, subscribed, and paid-up share capital at Rs. 300.01 million. The company has maintained proper books of accounts, adhered to appropriate accounting policies, and followed International Financial Reporting Standards applicable in Pakistan.
The company’s directors have implemented a plan to consolidate its position by repaying bank borrowings through sponsors’ loans, selling inefficient textile machinery, and renting out vacant buildings to generate revenue. Despite the financial challenges, the company has potential to generate substantial revenue from its current operations.