Lahore: Waves Home Appliances Limited (WAVESAPP) has released its Annual Audited Financial Statements for the fiscal year ending December 31, 2024. This marks the first set of audited financials following the implementation of a Scheme of Arrangement with its parent, Waves Corporation Limited (WAVES), sanctioned by the Lahore High Court on May 27, 2022. Under this arrangement, WAVES transferred its home appliances business to WAVESAPP, establishing it as a subsidiary of the holding company.

The Board of Directors, composed of seven members, includes two non-executive, two independent (including one female director), and two executive directors. This diverse team brings a wide range of expertise in business, finance, banking, and regulatory matters. The Board remains committed to overseeing the company's operations with integrity and sound judgment, aiming to deliver value to shareholders and stakeholders.

Throughout the year, the Board conducted a formal evaluation of its performance and that of its committees. New directors were appointed during elections, enhancing the Board with individuals whose skills align with WAVESAPP's strategic goals. The Board focused on fostering a cohesive governance framework to enhance the company's effectiveness.

WAVESAPP upholds high standards of corporate governance and regulatory compliance. Regular Board meetings were conducted to review financial statements, business plans, budgets, capital expenditures, bank borrowings, and related party transactions. The Board also monitored the implementation of pending matters related to the sanctioned Scheme, providing strategic direction and policy guidance to ensure the company's resilience.

The WAVES brand is recognized for its transparent and collaborative business culture, which is responsive to economic challenges. This commitment is expected to continue in the coming years. According to information available from the Pakistan Stock Exchange (PSX), the company's performance reflects its strategic oversight and adaptability in a challenging economic environment.

The Board extended gratitude to its members for their dedication and valuable contributions, noting that their efforts are crucial to the company's success and the safeguarding of shareholder interests.