'Thriving to build a sustainable future.'
I am truly humbled with the opportunity to lead this organization and
it is my privilege to write to you as the Chairman of Panama Petrochem Limited.
In the face of widespread catastrophic events like the global financial
crisis, muted global growth, enhanced regulatory norms, and an inflationary environment
impacting consumption patterns, Panama Petrochem Limited has rapidly adopted digital
advancements and technologies. Our relentless efforts towards innovation have strengthened
our market standing and provided newer, better, and sustainable value propositions for our
customers.
Despite the geo-political uncertainties, heavy competition and
increasing challenges faced by the Company on a day to day basis, I am enormously proud of
what your Company has achieved in this period. Amidst an uncertain economic and demand
environment, we have continued to grow and evolve the business and remain true to Panama
Petrochem's charter of delivering consistency and quality services.
We concluded the year, with a consolidated revenue of Rs. 2356.74 Cr.
reflecting a growth of 5% and a Net Profit of Rs. 195.15 Cr, out of which the income from
Exports comprised 38% of the total turnover of the of the Company for the financial year
2023-24.
Your Company has recommended a final dividend of Rs. 4/- per share, in
addition to the Interim Dividend of Rs. 3/- per share totaling to Rs. 7/- per share, thus
adhering to the dividend payout policy of the Company.
Our performance in a tough inflationary environment aptly demonstrates
the power and consistency of Panama Petrochem Limited's strategic efforts, which helped us
capitalize on our brand strength while continuing to innovate and deepen our engagement
with our consumers, and progress well with expanding our presence in key categories and
report market share gains across our product portfolios.
With the vision to fuel growth and meet the rising needs of our
clients, your Company has made significant expansions to boost its manufacturing capacity
and effectively address the growing demands of the market thereby positioning itself to
provide better services and achieve newer heights.
Building a strong Community
Consistently striving to make a difference in the lives of people and
with this aspiration, the Company implements various CSR programmes / projects to make a
positive impact on the communities in which we operate. Our commitment to social
responsibility and community engagement is evident in our efforts to empower communities
and contribute to the prosperity of the communities we serve. We have been at the
forefront of conducting impactful development projects and empowering various segments of
the society and have been actively contributing to the social and economic development of
the communities, helping build a better, more sustainable way of life. With the aim to
make a difference in the lives we touch, we collaborate with educational institutions,
NGOs, wellness foundations, and a variety of other organizations. During the Financial
Year 2023-34, your Company has spent RS.4.30 Cr. towards CSR projects with the objective
of making a difference in the society.
Committed to Sustainability
As a result of significant increase in the inclusion of Environmental,
Social, and Governance (ESG) aspects in businesses globally as well as in India,
sustainability has been a cornerstone of our Company's philosophy, seamlessly integrated
into our management approach and daily operations. We acknowledge the critical role that
responsible environmental practices and strong stakeholder engagement play in our
long-term viability. Our vision is to build a sustainable and enduring organization that
prioritizes both the safety of our people and the well- being of the community at large.
Aligned with ESG principles, we meticulously measure and track our performance, with a
particular focus on emission mitigation, water and energy conservation, developing
ecofriendly products and reducing its operational impact on the environment. At the same
time, we are also focusing towards eco-friendly product mix through investments in
renewable energy, biofuels, and cleaner petroleum products.
Road Ahead
Despite an uncertain climate, I am confident about the resilience of
the Company's strategic planning and business conduct. We see significant opportunities
ahead of us and believe that our investments in building a strong supply chain,
strengthening infrastructure, active expansion of its manufacturing facilities and
operations will enable us to capture these opportunities. We will continue to make
sustained efforts to drive demand of our products and services and remain optimistic about
mitigating the impacts of price fluctuations in the petroleum industry.
The foundation of our success is built by our hard-working and
committed employees. Despite extraordinary challenges in recent years, their determination
and resilience have been truly inspiring. I thank them for their dedication.
I would also like to acknowledge the contributions of our Management
Committee and the Board of Directors.
And above all, I would like to express my heartfelt gratitude to our
shareholders, for your support and continued trust in Panama Petrochem Limited which has
been the driving force in the success of the Company.
| Mr. Amirali Rayani |
| Chairman |