CHAIRMAN'S REVIEW
On behalf of the Board of Directors, I am pleased to present the Chairman’s Review for the year, in accordance with Section 192 of the Companies Act, 2017.
During FY 2024–2025, Pakistan’s economy recorded moderate GDP growth of 2.7–3.04%, supported by the services and industrial sectors, while facing pressures from a high fiscal deficit and the lingering impact of floods. Inflation declined to around 4.5%, and the current account improved due to higher remittances, contained imports, and stronger revenue mobilization.
The agriculture sector grew by 0.56%, compared to 6.25% in the previous year, as the crops sub-sector contracted by about 6.8% due to adverse weather, pest infestations, and weaker cotton and maize output. In the sugarcane segment, cultivation spanned 1.19 million hectares, with production of approximately 84.24 million metric tons, reflecting minor changes in area and a slight decline in yields.
The paper and board industry continued to face challenges arising from high input and energy costs and competition from imported products. Demand from key sectors, such as textiles and packaging, remained stable, while government measures on tariffs and anti-dumping offered some relief. Local manufacturers continued to focus on operational efficiency, quality enhancement, and selective export opportunities.
Despite these industry and macroeconomic challenges, the Company managed its resources effectively and served its diversified customer base across the Sugar and Paper divisions, with continued emphasis on quality, volume growth, and product development. The integration of renewable energy solutions further reinforced the Company’s commitment to sustainable and responsible operations.
The Board ensured strong oversight during the year, with regular meetings of the Board, Audit Committee, and Human Resource Committee to review performance, evaluate strategic initiatives, and ensure regulatory compliance. Independent Directors contributed meaningfully to governance, policy formulation, and strategic decision-making. The Board also completed its annual self-evaluation in line with the Code of Corporate Governance to assess performance and identify areas for further improvement.
The Company is committed to fostering a diverse, equitable, and inclusive (DE&I) workplace. It prioritizes DE&I in its ethical and sustainable practices, focusing on increasing diversity through inclusive recruitment strategies and diverse interview panels.
Looking ahead, the Company will continue to invest in its people, processes, and technology to drive efficiencies, strengthen customer engagement, and support sustainable growth. The Board and Management remain focused on safeguarding shareholder value through cost optimisation, diversification, and community development.
I would like to extend my sincere appreciation to our shareholders, customers, suppliers, bankers, employees, and fellow Board members for their continued trust and support. Together, we remain committed to long-term, sustainable value creation.
BOARD OF DIRECTORS
Mr. Arif Faruque
Chairman
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 Cherat Packaging 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. Aslam Faruque
Chief Executive
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 Cherat Packaging 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. Amer Faruque
Director
Mr. Amer Faruque is a Bachelor of Science (BS) graduate in Business Administration majoring in Management / Marketing from Drake University, Des Moines, Iowa, USA. He is the Chief Executive of Cherat Packaging Limited. He serves as a member of the Board of Directors of 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.
Ms. Farzana Faruque
Director
Ms. Farzana Faruque holds a BA (Hons) in Graphic Design and Communications from Chelsea College of Art and Design, United Kingdom. After completing her degree, she pursued her interest in health and wellness and subsequently obtained certifications as a Health Coach and Fitness Trainer.
Ms. Faruque has professional experience in the wellness and consumer-health sectors. She founded an indoor cycling fitness studio and co-founded a health and detox food brand in 2015. She also manages social media and marketing operations for Studio X, a multi-discipline fitness and wellness facility in Karachi. In addition to her corporate and entrepreneurial roles, she provides freelance marketing consultancy services.
She has been serving as a Director of Mirpurkhas Sugar Mills Limited and contributes to the Company through her background in design, communications, and brand development.
Mr. Wasif Khalid
Director
Mr. Wasif Khalid is a fellow member of Institute of Chartered Accountant of Pakistan (ICAP) and fellow member of Pakistan Institute of Public Finance Accountants (PIPFA). He has also done his master in Business Administration (Marketing and Operations Management) from Hamdard University, Karachi.
He is the Chief Operating Officer of Mirpurkhas Sugar Mills Ltd. and Chief Financial Officer of Zensoft (Pvt.) Ltd. Mr. Khalid is also serving on the Board of Director of Mirpurkhas Sugar Mills Ltd., Greaves Airconditioning (Pvt.) Ltd., Greaves CNG (Pvt.) Ltd., Greaves Engineering Services (Pvt.) Ltd. and as an Executive Director Finance of Unicol Ltd.
He has contributed immensely towards development of financial models and implementation of new projects. He has been actively involved with the regulators, practitioner and leading Shariah scholars of the industry for developing the commercial industry transactions. Prior to Ghulam Faruque group, Mr. Khalid was associated with various companies in Middle East and in Pakistan he worked with one of Big 4 audit firms. He has over 23 years’ worth of rich experience in financial restructuring and modeling, project financings, operational management and internal audit.
He has served as a General body member of FPCCI, as Head of cost and budget committee of PSMA- Sindh Zone and served as Member committee agriculture development and reforms at Ministry of Industries and Production and Kisan Board on behalf of PSMA- Sindh Zone. He also worked as a member of the sugar monitoring committee formed by the Federal Board of Revenue.
Mr. Hasan Reza Ur Rahim
Director
Mr. Rahim is a seasoned banking and financial services professional with over 40 years of domestic and international experience. He brings extensive board and corporate governance expertise, with more than a decade of experience serving on listed and unlisted company boards.
He currently serves as an Independent Director on the boards of Atlas Insurance Ltd, Burj Clean Energy Modaraba, Mirpurkhas Sugar Mills Ltd, Lucky Electric Power Limited, Lucky Motors Corporation Limited, and Lucky Landmark (Pvt.) Limited. He has previously served on the boards of Cyan Limited, Dawood Hercules Corporation Limited, Dawood Lawrencepur Limited, Engro Chemical Pakistan Limited, Hascol Limited, and Hum Network Limited.
Mr. Rahim’s executive career includes serving as Executive Director, Chairman’s Office at the Dawood Group, and a 15-year tenure at JPMorgan, where he held senior roles in Pakistan and abroad, including establishing and leading the Global Corporate Bank in Bahrain, Qatar, and Saudi Arabia, serving as Senior Country Officer for Pakistan, and working with the Regional Corporate Finance team in Singapore. He has led major M&A, privatization, and sovereign financing transactions exceeding USD 7.0 billion across multiple sectors.
Earlier in his career Mr. Rahim, also held senior positions with MashreqBank psc and ANZ Grindlays Bank plc. He has worked in several international locations that included Zurich, Singapore, Bahrain and Dubai.
He holds a Bachelor’s degree from the University of Delaware (USA) and is an IFC-certified corporate governance trainer, a Pakistan Institute of Corporate Governance (“PICG”) Certified Director, and a faculty member at PICG.
Mr. Abdul Shakoor Shaikh
Director
Mr. Abdul Shakoor Shaikh is an accomplished public-sector professional and corporate governance practitioner with over 29 year of diversified experience across Pakistan’s Federal and Provincial civil services, state-owned enterprises, and international assignments. He brings extensive expertise in public administration finance & taxation, policy implementation, regulatory affairs, operations management, social sector development, and institutional reform.
Mr. Shaikh has served in multiple senior leadership roles, including Executive Director, State Life Insurance Corporation of Pakistan (SLIC), Member (Operations, Audit & NI), Sindh Revenue Board, Commission Inland Revenue (FBR), and Community Welfare Attache/Counsellor at the Embassy of Pakistan in Saudi Arabia. In these key positions, he provided strategic direction in areas such as revenue administration, legal affairs, HR management, digital transformation, public accountability, and service delivery improvements. His tenure at SLIC included oversight of major portfolios such as real estate, HR & administration, taxation, underwriting, and policyholder services for the country’s largest life insurer.
He holds at Director Training Program (TDP) certification from the Pakistan Institute of Corporate Governance (PICG), an MBA in Management, and a Bachelors degree in Computer System Engineering. His career includes significant achievements in digitalization, revenue growth, workers welfare initiatives, overseas Pakistani diaspora facilitation, and community-based health and education programs. He has been recognized with several national awards for outstanding performance in public services, crises management, organizational development, and digital innovation.
Mr. Shaikh currently serves on the Boards of Mirpurkhas Sugar Mills Ltd. and Pakistan Reinsurance Company Ltd. where he contributes to corporate governance, strategic oversight, business performance review, and risk management. His board multidisciplinary background, combined with strong administrative insight and regulatory experience, positions him as a valuable contributor to the Board and its committees.
