Increasing sustainability

Pakistan Cables has become the country’s first building material company to have its science-based emission reduction targets validated and approved by SBTi, according to a press release. The Science Based Targets initiative (SBTi) drives ambitious climate action in the private sector by enabling organisations to set science-based emissions reduction targets. 

“We plan to drive sustainability by investing in continuous process improvement and cleaner energy to reach our targets by 2030,” said Fahd K Chinoy, CEO at Pakistan Cables. “By setting science-based targets, Pakistan Cables is accelerating its efforts to align with ongoing global efforts to reduce global warming.”

The company’s science-based emission reduction targets are part of its long-term vision to develop its net zero strategy and is actively working to establish long-term science-based net zero targets that are aligned with SBTi’s net zero criterion.

SSGC raises breast cancer awareness

Sui Southern Gas Company (SSGC) commemorated Pinktober Breast Cancer Awareness month by organising a symposium focused on the cancer’s early detection and treatment along with the mental well-being of cancer patients, survivors and caregivers, says a press release. The program was organised by the Corporate Communication Department under the banner of SSGC’s Synergy-Talks Speakers’ Session, exclusively for the female employees of the company at its head office auditorium. Dr Zubia Masood, Associate Professor and Breast Surgeon and Ms Azra Maqsood, development strategist, mentor and breast cancer survivor, were the keynote speakers.

In her presentation, Dr Zubia Masood emphasised that even though breast cancer cases are on the rise, early detection and screening can increase survival rate. Dr Masood’s talk also focused on regular self-assessment checks and timely treatment, including chemotherapy.

SIFC plans to set up EPZ

The Special Investment Facilitation Council (SIFC) has planned to establish a special export processing zone on 15,000 acres near Pakistan Steel to boost the industrial activities in the commercial capital, mainly through a proposed allocated land for small and medium-sized (SMEs) businesses, as per a press release.

This was stated by Younus Dagha, Caretaker Provincial Minister for Commerce and Industries, while talking to the business community at Federal B Area Association of Trade and Industry (FBATI). He said that the government is considering introducing a law to ban the frequent trading of industrial land in a new industrial estate to control the upward spiral of the land prices in the industrial zone.

Addressing the issues of industries, he said that the government is considering constituting Works and Coordination Committees in the industrial zone of Karachi to resolve the issues of infrastructure, water and sewerage, street lights, and law and order. These committees will be given the status of a company which will work on a self-sustainable basis.

Asian Trade Promotion Forum 

Muhammad Zubair Motiwala, CEO, Trade Development Authority of Pakistan (TDAP), participated in the 36th Asian Trade Promotion Forum (ATPF) CEOs Meeting, which took place in Manila, Philippines, last week, according to a press release. 

ATPF has 23 trade promotion organisations in Asia as its members. The meeting was hosted by the Centre for International Trade Expositions & Missions (CITEM) Manila in collaboration with the Japan External Trade Organisation (JETRO), according to a press release. 

KE’s results

K-Electric (KE) held its 113th Annual General Meeting (AGM) for FY23. The meeting was chaired by Moonis Alvi — Chief Executive Officer, KE, who was officially designated to do so by the Chairman of the Board, Mark Skelton, as per a press release.

During the year, prevailing sociopolitical and macroeconomic challenges engulfed the country, eventually setting the grounds for a severe economic crisis. The company’s financial performance was significantly affected by this ongoing economic crisis, driven by factors like high inflation, increased policy rates, and economic contraction.

As a result, the company experienced a 7.3pc reduction in units sent out and a substantial decline in gross profitability by Rs15.72 billion. Exchange losses also increased by Rs4.38bn due to the devaluation of the Pakistani Rupee. 

Published in Dawn, The Business and Finance Weekly, October 30th, 2023