PESHAWAR: The 8th Annual General Meeting (AGM) of Khyber Pakhtunkhwa Economic Zones Development and Management Company (KP-EZDMC) was held on February 24, 2024, at the Company’s Head Office which appreciated the financial performance of the Company for the period ended 30 June 2023, said a press release issued here on Sunday.
The company’s income and total assets have shown a steady increase over the past year, which is a testimony to the Company’s strong management and commitment to excellence.
The meeting chaired by the Secretary Industries, Commerce and Technical Education/Chairman of the Board of Directors (BoD) Zulfikar Ali Shah was also attended by other shareholders represented by the Finance Department and PandD Department.
Other participants included the Chairman of the Finance and Strategy Committee, Mr. Sahibzada Salim Ur Rehman; Chairman of the Audit and Risk Management Committee, Mr Fayyaz Ahmad Jarral; Directors of the Company; Chief Executive Officer KP-EZDMC, Mr Javed Iqbal Khattak, and act
ing Chief Financial Officer / Company Secretary Mr. Asif Makhdoomi along with finance team.
The house was updated that the Company has posted a surplus of PKR 52 million (PKR 29 million in FY2022) with total Revenue of PKR 1,090 million in FY 2023 (PKR 1024 million in FY2022). The company’s total assets have increased to PKR 16.753 billion in FY 2023 from PKR 15.860 billion in FY 2022. A total 79% growth in surplus for FY 2023 as compared to last FY 2022. The ADP grant received PKR 867 Million; last year, it was PKR 541 Million, and outstanding arrears were received 119 Million during FY 2023.
The Chief Executive Officer (CEO) shared that in the reported FY, the Company obtained a clean and fair Audit report on financials 2023; the Auditors recognized the Company’s stance through its regulating Institute that the lease-out land is the property of the Company, previously it was a matter of significant concern.
The income of the Company has been exempted from Tax. Further, 26 units were operationalized, and
15 units were revived in different Zones. ERP system was implemented in the Company.
Mr. Zulfiqar Ali Shah, Secretary ICandTE, expressed this is a momentous day. Eight (8) years ago, this company was incorporated, and a journey of growth, dynamic reinvention, sustained value creation, and region building presented our commitment and efforts. We remain committed to leading with purpose and growing responsibly as we look ahead. We are excited about the opportunities that lie ahead and are confident in our ability to navigate any challenges that come our way.
On behalf of the Company’s Board, the Chairman extended his profound appreciation to the Board of Directors, shareholders, and stakeholders for their solid support and trust in the company’s vision and leadership.
He expressed admiration for the leadership of the Chief Executive Officer, Mr Javed Iqbal Khattak, and accredited the company’s management team and employees for their hard work and dedication.