KARACHI: Nimir Industrial Chemicals Limited has elected seven directors on its board at the extra-ordinary general meeting (EOGM) held in Sheikhupura.
The meeting was concluded with the announcement of the Board of Directors election results. Directors elected on the board of Nimir Industrial Chemicals Limited for the next term of three years starting from December 31, 2018 include Khalid Mumtaz Qazi, Umar Iqbal, Muhammad Saeed uz Zaman, Brig. Retd Waseem Zafar Iqbal, Javed Saleem Arif, Ms. Parveen Akhtar Malik and Muhammad Iqbal.
FY2017-2018 has also been a year of challenges for the manufacturing sector. Devaluation of PKR, increase in interest rates and high trade deficit have resulted in a higher cost of production, which has negatively impacted the growth of various industries nationwide.
The new government is forming strategies and policies to curb imports, boost exports to immediately improve the balance of payment and is focused on bringing financial discipline to the nation. This will also have a positive impact on the local industry.
According to last financial report of Nimir Industrial Chemicals Limited, the FMCG industry showed significant improvement as a result of continued national economic growth. Nimir, taking advantage of this economic and industrial growth exceeded the sales and profitability of all previous years. The consolidated sales turnover grew by 57 percent and crossed the Rs15 billion mark.
In other developments, the company enhanced its production capacities and improved its efficiencies after achieving international economies of scale.