Karachi: Pakistan Synthetics Limited has navigated through a tumultuous fiscal year marked by severe economic trials including rampant inflation and escalating operational costs, yet managed to record a turnover of Rs 13.799 billion and a profit after tax of Rs 347.765 million, according to a review report presented by the Chairman under section 192 of the Companies Act, 2017.

Amidst a challenging economic environment characterized by high inflation, increased business costs, restrictive import policies, and tax regime alterations, the company has shown resilience. According to information available from the Pakistan Stock Exchange (PSX), the fiscal year ending on June 30, 2024, witnessed the company not just sustaining operations but also achieving noteworthy financial outcomes.

The Chairman’s report underscores the company’s robust governance and legal structures that bolster compliance with laws and contribute to long-term growth. The Board of Directors has been pivotal in overseeing governance and ethical standards, ensuring the company navigates its challenges effectively. This governance has been integral to the company’s performance, with the Board fulfilling its duties as mandated by the Companies Act, 2017, and adhering to the Code of Corporate Governance.

Further, the annual board evaluation tagged the board’s performance as satisfactory, pointing out continuous improvements and efficient management of company affairs. The Board's engagement spans from strategic planning to fiscal oversight, which has been vital in steering the company towards its current success.

The Chairman also extended gratitude towards customers, employees, suppliers, and governmental bodies for their continued support, which has been crucial for the company during these demanding times.