PESHAWAR: The 8th Annual General Meeting (AGM) of Khyber Pakhtunkhwa Economic Zone Development and Management Company (KPEZDMC) was held recently, 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 was chaired by Zulfiqar Ali Shah, Secretary of Industries, Commerce & Technical Education/Chairman of the Board of Directors, along with other shareholders represented by the Finance Department and P&D Department.

Other participants included the Chairman of the Finance and Strategy Committee, Sahibzada Salim Ur Rehman; Chairman of the Audit & Risk Management Committee, Fayyaz Ahmad Jarral; Directors of the Company; Chief Executive Officer KPEZDMC, Javed Iqbal Khattak, and Acting Chief Financial Officer/Company Secretary 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 PKR 119 million during FY 2023.

The CEO shared that in the reported FY, the company obtained a clean & fair audit report on financials 2023; the auditors recognized the company’s stance through its regulating institute that the leased 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 operationalised, and 15 units were revived in different zones. ERP system was implemented in the company.

Zulfiqar Ali Shah, Secretary IC&TE, expressed this is a momentous day. 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.

Copyright Business Recorder, 2024