Lahore: The Khyber Textile Mills Limited (KTML) is set to host its 63rd Annual General Meeting (AGM) on September 30, 2024, where it will present its annual audited report for the fiscal year ending June 30, 2024. The company aims to tackle the significant financial challenges outlined in the directors' report, following a year marked by operational hardships. According to information available from the Pakistan Stock Exchange (PSX), the AGM will serve as a crucial platform for shareholder engagement and strategic planning.

During the fiscal year, KTML faced a downturn in revenue generation primarily due to the closure of its textile production, a result of restrictions on credit facilities imposed by banks. This setback aligns with a reported net loss of Rs. 4.66 billion, a substantial increase from the previous year’s Rs. 3.92 billion. The company's operational losses were further compounded by rising administrative expenses and depreciating asset values.

The AGM agenda also includes the re-election of directors and the approval of financial statements facilitated through QR codes and weblinks, adhering to modern digital communication standards as mandated by recent regulatory changes. This move towards digital dissemination is expected to enhance shareholder accessibility and engagement.

KTML's leadership remains optimistic about overcoming these financial adversities. The Chairman, Mr. Aurangze Khan, expressed confidence in the company's strategy to navigate its current economic conditions and highlighted the board's commitment to implementing effective operational changes.