SGABL achieves green bottom line in polyester yarn

July 08, 2024 (MLN): For the first time after the SG Allied Businesses Limited (PSX: SGABL) activities of polyester filament yarn production were discontinued in 2006, the company will report a healthy bottom-line/green bottom-line, said a company filing on Monday.

There were 18 units producing polyester filament yarn in the company.

Due to factors such as dumping from China, increased energy charges, and poor law and order situation in the country, 16 of these units were shut down.

Now, SGABL is the only one that has revived the business by adopting new lines of business.

The revival plan was successfully submitted to the Securities & Exchange Commission of Pakistan (SECP) and implemented in time with the company’s internal resources and director’s loans.

Today, the company operates one of the few facilities for hi-tech agriculture in Pakistan, where it produces high-end vegetables and mushrooms.

The company’s clients include leading supermarkets such as SPAR stores, Springs Stores, EBCO stores, Fresh Basket, Move n Pick, French Fresh Bakery, etc., as well as restaurants like Kolachi, Lal Qila, Broadway, BBQ Tonight, Cafe Parraha, Cafe Flo, Xanders, Aylanto, Okra, Izakaya, Cotie Rotie, Yazu Restaurant, Famous O's Pizza, Eatalia Pizza, The Big Pizza, Burger Lab, OPTP, etc.

The company's current activities include cold storage and hi-tech agriculture in hydroponics, with technology obtained from Holland.

The company currently engages numerous international consultants from Turkey, Holland, etc., to further enhance productivity and quality.

"it is expected that the company's profitability will continue to improve in the coming years," the notice further reads.

Currently, the company is in discussions with two additional supermarkets, expecting its products to soon be sold through these supermarts across Pakistan.

Additionally, a leading FMCG company has expressed interest in purchasing the company’s mushrooms and vertical farm products to create items such as pickles and sauces, it added.

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