The Board of Directors of FrieslandCampina Engro Pakistan Limited, a subsidiary of FrieslandCampina Pakistan Holdings B.V, has approved the appointment of Kashan Hasan as Chief Executive Officer (CEO) of the company.

The company, engaged in the manufacturing and selling of dairy-based products, shared the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.

“This is to inform you that the Board has approved the appointment of Kashan Hasan as Chief Executive Officer of FrieslandCampina Engro Pakistan Limited w.e.f. [with effect from] February 01, 2024, for the remainder of the term which will expire on April 26, 2024 (being the date of the next election of directors),” read the notice.

Additionally, the company’s Board has also given its approval for the resignation of Ali Ahmed Khan from the position of CEO, effective February 01, 2024.

“Ali Ahmed Khan will, however, continue to contribute as a Director on the Company’s Board for the remaining term,” read the notice.

FrieslandCampina Engro Pakistan posts strong financial results for Q1

As per the company’s latest financial results for the third quarter, which ended September 30, 2023, the company delivered topline growth of 40% despite the current operating environment and economic slowdown.

The company generated revenue of Rs73.8 billion, compared to Rs52.8 billion in the same period of the previous year, fueled by both volume and value growth. The company witnessed gross profit growth of 23%, while the gross margin declined by 200 bps due to inflationary pressure on commodities and energy prices.