Karachi: Sitara Chemical Industries Limited has successfully navigated a challenging economic landscape to post significant gains in the financial year ended June 30, 2024. In the annual review report delivered by the Chairman under Section 192 of the Companies Act, 2017, the company announced a 13% growth in net sales, rising from Rs. 27,493 million in the previous year to Rs. 31,112 million in FY 2024.
The financial year 2023-24 was marked by high inflation, increased taxation, currency depreciation, political instability, and geopolitical tensions, which collectively stunted the national economic growth to 2.38%. Despite these adversities, Sitara Chemical Industries not only improved its gross profits from Rs. 4,480 million to Rs. 4,919 million but also navigated the complexities of the economic environment with a strategic response that ensured business continuity and profitability. According to information available from the Pakistan Stock Exchange (PSX), the company’s earnings per share (EPS) decreased to Rs. 27.32 from Rs. 46.35 the previous year, reflecting the broader economic pressures while maintaining a resilient operational performance.
Governance remained a cornerstone of the company’s strategy. The firm upheld rigorous standards in corporate governance, aligning with both the Companies Act, 2017, and the Listed Companies (Code of Corporate Governance) Regulations, 2019. This adherence supported the company’s stability and strategic decision-making processes throughout a turbulent year. The Board’s effectiveness was rated as Satisfactory, an affirmation of its role in steering the company towards its objectives and ensuring compliance with legal and regulatory mandates.
As Sitara Chemical Industries looks to the future, it remains committed to continuous improvement and effective governance to sustain its growth trajectory and stakeholder confidence amidst ongoing economic fluctuations.