The 29th Annual General Meeting of Interloop Limited was held on Friday, Oct 15, 2021 at Interloop Industrial Park, Faisalabad. Musadaq Zulqarnain, Chairman Board of Directors; Navid Fazil, CEO; Muhammad Maqsood, Executive Director; Group CFO; Jahan Zeb Khan Banth, Non-executive Director and Tariq Iqbal Khan & Saeed Ahmad Jabal, Independent Directors, were present at the meeting.
The Chairman stated that the last financial year had been a very challenging one for the entire global economy and like all other enterprises, Interloop also experienced unprecedented circumstances due to local and global supply chain challenges. He appreciated Management’s response for transforming the business practices and taking adequate measures to combat COVID, safeguarding the interest & wellbeing of its 26,000+ employees. The Chairman extended his profound gratitude to the shareholders for their confidence in the company and to all stakeholders for their encouragement and support. He also appreciated the Management and People working at Interloop for their commitment, hard work and dedication. He admired the hard work put in by the people at Interloop and looked forward to the shareholders for their prayers for the company. He also talked about positive results of the company for the year 2021 and appreciated IL management and team for doing a great job despite challenges in the preceding year. He mentioned about rolling out Vision 2025 having targeted revenue of 700 million dollar with planned investment commitment of 300 million dollars for capacity expansion projects in next 5 years.
CEO stated that he has complete faith in the management and the people, and shared that as a team we will achieve our goals. The company has performed very well and this year we have reached to 2nd position in top exporters list of Pakistan. Our vision 2025’s target of 700 million dollar sales will bring more valuable foreign exchange for the country and provide employment to more people. He concluded by thanking the management and shareholders for all the hard work put forth to achieve excellent results.
CFO stated that the company is in growing stage and expanding aggressively with planned investment of 300 million dollars in next 5 years to achieve its Vision 2025 targets. He added that the company has issued 3% bonus shares to shareholders this year as dividend, and this percent will keep on increasing in the years to come.
