CHAIRMAN'S REVIEW
During the second half of 2024-25, Pakistan’s economy began showing signs of stabilization following a challenging period marked by political uncertainty, high inflation, and external shocks. Although GDP growth for FY 2024–25 was modest as it was dependent on global market trends and implementation of domestic reforms. Fiscal consolidation measures secured a critical IMF agreement, though a long-term macroeconomic strategy remains essential for sustained stability. Prudent fiscal and monetary policies will continue to shape the country’s economic direction.
Amid these conditions, the Company maintained its leadership in the packaging sector by responding proactively to evolving market requirements and economic headwinds. Leveraging state-of-the art equipment, a skilled workforce, and a strong commitment to customer satisfaction, the Company continued to expand its capabilities. The Flexible Packaging Division delivered strong market performance. Furthermore, successful commissioning of SOS/Carrier Bag project shall also help to further diversify product offerings. In response to shifts in cement industry consumption, the Company sold all of its Papersack Lines with proceeds strategically deployed to meet working capital requirements in a high interest rate environment.
The Board of Directors remained actively engaged in strategic oversight, addressing major risk areas, and ensuring robust corporate governance. All Directors, including Independent Directors, contributed to decision-making and the annual self-evaluation process in line with the Code of Corporate Governance.
Sustainability remained a key strategic priority. The Company met approximately 40% of its energy needs through solar and hydroelectric sources and expanded its recycling initiatives, reducing its carbon footprint while achieving cost efficiencies. These measures reinforce the Company’s commitment to environmental responsibility and long-term value creation. The Company is also in the process of further enhancing its solar power capability by adding another 2.7MW.
Looking ahead, the Company is well positioned to capitalize on market opportunities through operational excellence, financial discipline, and strategic investments. Management remains committed to delivering sustainable growth, enhancing shareholder value, and navigating future challenges with resilience.
I would like to extend my thanks and appreciation to all the staff members, customers, suppliers, bankers, shareholders and the Board of Directors for their commitment and hard work.
Akbarali Pesnani
Chairman
BOARD OF DIRECTORS
Mr. Akbar Ali Pesnani
Chairman
Mr. Akbar Ali Pesnani is an MBA and a fellow member of both the Institute of Chartered Accountants and Institute of Cost and Management Accountants of Pakistan. He was the Chairman of Gwadar Port and Gwadar Port Implementation Authority from 2004 to 2006, and has served on the Boards of, Mirpurkhas Sugar Mills, Clariant Pakistan Ltd and Agha Steel Limited. Mr. Pesnani has been associated with the Aga Khan Development Network (AKDN) at senior levels for over 49 years. Mr. Pesnani has also served as a Diplomatic Representative for AKDN in Tajikistan for 7 years and as an Envoy of His Highness the Aga Khan, in Afghanistan for about 2 years.
Presently, he is the Chairman of Jubilee General Insurance Company Limited and the Aga Khan Cultural Service Pakistan. He is also a Director on the Boards of Cherat Cement Company Limited and Pakistan Cables Limited. His association with the Ghulam Faruque Group dates back almost 44 years.
Mr. Amer Faruque
Chief Executive
Mr. Amer Faruque is the Chief Executive of the Company. He is a Bachelor of Science (BS) graduate in Business Administration majoring in Management/Marketing from Drake University, Des Moines, Iowa, USA. He serves as a member of the Board of Directors of Mirpurkhas Sugar Mills Ltd., Faruque (Pvt.) Ltd., Greaves Pakistan (Pvt.) Ltd., Greaves CNG (Pvt.) Ltd., and Executive Director Marketing of Cherat Cement Co. Ltd. In the past he has served as a member of the Board of Governors of Ghulam Ishaq Khan (GIK) Institute of Engineering Sciences and Technology and Lahore University of Management Sciences (LUMS) and the Centre of International Private Enterprise (CIPE). He is also the Honorary Consul of Brazil in Peshawar.
Mr. Aslam Faruque
Director
Mr. Aslam Faruque is a graduate with a major in Marketing. He is the Chief Executive of Mirpurkhas Sugar Mills Ltd., Unicol Ltd. and UniEnergy Ltd. He is on the Board of Directors of Greaves Airconditioning (Pvt.) Ltd. and Greaves Engineering Services (Pvt.) Ltd.
In the past, he has served as the Chairman and Senior Vice Chairman of Pakistan Sugar Mills Association – Center. He also served as Chairman of Pakistan Sugar Mills Association Sindh Zone, and Director of Sui Southern Gas Company Ltd., State Life Insurance Corporation of Pakistan and Pakistan Industrial Development Corporation.
Mr. Shehryar Faruque
Director
Mr. Shehryar Faruque is a graduate from Davis & Elkins College, Elkins, WV, USA. He serves on the Board of Directors of Faruque (Private) Limited and Zensoft (Private) Limited.
In the past, he has served as Director of Cherat Cement Company Limited, Mirpurkhas Sugar Mills Limited, Cherat Packaging Limited, Greaves CNG (Private) Limited, Greaves Pakistan (Private) Limited, NBP Fullerton Asset Management Company (NAFA) and Summit Bank Limited.
Mr. Arif Faruque
Director
Mr. Arif Faruque is a Swiss – qualified Attorney-at-Law and also holds Masters degrees in both Law and Business Administration from the United States of America. He recently completed the Owner President Management Program at Harvard Business School. He is the Chief Executive of Faruque (Pvt.) Ltd. He is on the Board of Directors of Mirpurkhas Sugar Mills Ltd. and Cherat Cement Company Ltd. Besides the above, he is also a member of the Board of Governors of Lahore University of Management Sciences (LUMS).
Mr. Ali H. Shirazi
Director
Mr. Ali H. Shirazi is Atlas Group Director Finance Services and President/Chief Executive of Atlas Battery Limited. He serves on the Board of Atlas Assets Management Limited, Atlas Insurance, Cherat Packaging Limited, Pakistan Cables Limited, National Foods Limited and Pakistan Society for Training and Development. Previously he has also served on the Board of National Clearing Company of Pakistan Limited (NCCPL).
He graduated with a BA from Yale University, USA in 2000 and thereafter completed his Masters in Law from Bristol University, UK in 2005.
Mr. Ali H. Shirazi is a ‘Certified Director’ from the Pakistan Institute of Corporate Governance and in 2018 completed the Owner / President Management Program (OPM) from Harvard Business School.
Mr. Abid Vazir
Director
Mr. Abid Vazir has been associated with Ghulam Faruque Group since 2000. He is serving as the Director and Chief Operating Officer of Cherat Packaging Limited. Furthermore, he is also serving as the Director of Greaves Airconditioning (Pvt.) Ltd., Greaves Engineering Services (Pvt.) Ltd. and Greaves CNG (Pvt.) Ltd. Mr. Vazir is also a member of the Executive Committee of the Management Association of Pakistan and is currently serving as its Vice President.
Mr. Abid Vazir holds an MBA degree from Lahore University of Management Sciences (LUMS), enrolled in the Dean’s Honors List. He belongs to the first batch of graduates of College of Business Management (IoBM) and holds an MBA degree from the Institute. Mr. Vazir is an Associate member of the Institute of Chartered Secretaries of Pakistan and a Certified Director from Pakistan Institute of Corporate Governance (PICG)
Mr. Sher Afzal Khan Mazari
Director
Mr. Sher Afzal Mazari is a progressive agriculturist who is committed to developing long term sustainable solutions to the current challenges of farming and land management. Prior to this, he had a 34-year corporate career across a range of industries from Chemicals to Foods and Fast-Moving Consumer Goods.
After graduating from Boston University, Sher Afzal began his career with ICI and then moved to Unilever, where he worked for 25 years. During this time, he has worked in senior General Management, Marketing, Communications Corporate Affairs and Sustainable Business roles, initially in Pakistan and then overseas, covering regions as diverse as Asia, Middle East and Africa.
He is deeply committed to driving a sustainable business agenda, and believes that the ESG framework should be at the core of business strategy and operations, for the long-term benefit of all stakeholders and the environment.
Mr. Sher Afzal’s deep understanding and knowledge of operating in developing, emerging and frontier markets has convinced him on the vital need for tailoring global business best practice to suit local environments. He is also a firm believer in ethical and transparent business operations that not only meet local regulatory requirements but are also in strict compliance with global standards of corporate governance.
Ms. Maleeha Humayun Bangash
Director
Ms. Maleeha Bangash is a highly accomplished Corporate & Investment Banking, Digital Banking & Financial Industry expert with more than 26 years of experience obtained in Singapore, Turkiye and Pakistan. She has a diverse background, having worked in the textile and telecommunications industries, as well as banking, financial services, and investments.
Ms. Bangash obtained her MBA from University of Chicago, Booth School of Business, in Investment & Finance, where she graduated with Honors. Earlier, she had obtained an MBA from LUMS, in Finance & Marketing.
As a strategist and result oriented leader, she has demonstrated the ability of setting up and building highly successful companies as well as turning around troubled firms into profitable market players, by driving revenues and growth. She brings with her 19 years C-Suite experience in Banking & Investment, Private Equity/V.C, Mergers & Acquisitions & Capital Markets. She is passionate about financial inclusion and involved in the Fintech/ Digital Banking space since past 9 years in various capacities.
Most recently engaged as CEO/MD ICRU World Bank Group and in IFC-International Finance Corporation, Singapore as expert (consultant) Digital Banking transformation, Climate/Green Banking & SME (East Asia Pacific region). She has served as Founding Member (Commissioner) CCP, where she led areas of Advocacy, Mergers & Acquisitions Review, and Competition Research, She recently served as Ambassador for the SME Finance Forum, Washington (A G20 Initiative managed by the IFC), and is an active member of the Singapore FinTech Association- SFA. As CEO of BAJO Digital Ventures, she is working on Digital Banking, Financial Inclusion, Credit Scoring/Fintech, and Digital outreach projects.
Ms. Maleeha Bangash commenced her career in Corporate & Investment Banking and has worked in Corporate Banking group of HBL Bank, Singapore. In Makara Capital (Global Capital Partners), Singapore she originated and structured Private Equity (early stage) & Venture Capital deals. She covered UAE, South Asia and South East Asia Investors and Projects. In Global Strategies Pte. Ltd., Singapore, Maleeha Bangash, developed investment options by initiating alliances, negotiating agreements with Citibank, Credit Suisse, Merrill Lynch, Morgan Stanley and UBS as product/platform providers. Her responsibilities included portfolio management (Capital Markets/Equity Markets); managing client portfolios, for Investors/ Clients from Singapore, South Africa, Mainland China, Hong Kong, Malaysia, United Kingdom, India, Australia, New Zealand. As Dy. Chief Executive Officer, she successfully turned around AL Habib Asset Mgt.
Ms. Bangash received the 100 Most Prominent Women in Anti-Trust (Global) award in 2009 & 2018 selected on merit (profile and achievement). She received Miracle Woman Award for outstanding professional achievements in Banking & Finance. She has attended international workshops and obtained certifications of international institutions including, OECD, ICN, The Hague Academy, IFC/ World Bank Group, Finastra UK, Rekabet Kurumu, KOSGEB. She also speaks the Turkish language which she learnt at TOMER Ankara.
