Karachi: Interloop Limited, a major player in the textile industry, has announced a significant increase in its financial performance for the fiscal year 2024, alongside comprehensive changes to its Board of Directors. According to information available from the Pakistan Stock Exchange (PSX), the company's revenue surged to Rs. 156.13 billion, marking a 31% growth compared to the previous year, while net profits escalated to Rs. 15.77 billion.
In a detailed review presented by the Chairperson in line with section 192 of the Companies Act, 2017, Interloop celebrated the successful election of its Board of Directors in October 2023, expressing appreciation for the outgoing directors' contributions and welcoming new members. The restructured Board, comprising nine directors with diverse educational and professional backgrounds, aims to bolster corporate governance and strategic oversight.
The election process brought about a notable increase in gender diversity, with women now representing 44% of the Board. This aligns with the company's commitment to gender diversity and inclusion. Ms. Farwa Hasnain was specifically appointed as an Independent Director in January 2024, filling a casual vacancy and adding to the Board's expertise.
The Chairperson highlighted the Board's commitment to maintaining high standards of corporate governance and compliance with legal regulations. The Board's focus includes strategic guidance, ensuring adherence to the company's mission, vision, and values, and maintaining effective communication with shareholders.
Board Committees, according to the Chairperson, have played a crucial role in supporting the Board's functions and enhancing professional standards through clearly defined Terms of Reference and regular meetings. The annual self-evaluation process, aligned with global best practices and the Listed Companies (Code of Corporate Governance) Regulations, 2019, concluded that the Board's performance in 2024 was highly satisfactory.
On the operational front, Interloop's strategic initiatives and focus on operational efficiencies have driven its strong financial outcomes. The company has also been actively investing in renewable energy projects to reduce its carbon footprint and lower production costs, emphasizing its commitment to sustainability.
Interloop's efforts extend beyond financial performance, with significant contributions to social development through initiatives in education, health, and women's empowerment. The company remains dedicated to enhancing its sustainability practices and supporting community development.
The Chairperson extended gratitude to the Management, staff, regulatory bodies, government officials, and shareholders for their continuous support, anticipating sustained growth and success in the coming years.