Tariq Glass Industries Limited has registered record net sales of Rs. 19.103 billion against Rs. 13.587 billion in the previous year showing a robust growth of 40.60%. The profit after-tax and EPS for the period under report are Rs. 2,109 million and Rs. 15.31 as compared to corresponding figures of last year of Rs. 762 million and Rs. 5.53 (Restated) respectively, according to Company annual report 2021.
VISION STATEMENT
“To be a premier glass manufacturing organization of International standards and repute, offering innovative value-added products, tailored respectively to the customer’s needs and satisfaction. Optimizing the shareholder’s value through meeting their expectations, making Tariq Glass Industries Limited an “Investor Preferred Institution” is one of our prime policies. We are a “glassware supermarket” by catering for all household and industrial needs of the customers under one roof”.
The Company top officials attribute the lucrative to efficient monitoring and development of operating procedures, implementation of effective marketing plans, promotional schemes and media campaigns to secure volumes of float glass and tableware produced. Consequently, the Company succeeded in increased the consumption of its goods through a demand-pull strategy.
The annual report adds that the Company ignited / Fred the furnace of a new state of the art plant for the production of Float Glass (namely Float Glass Plant Unit – II) with a capacity of 500 Metric Tons Per Day on April 19, 2021, and the commercial production started on May 31, 2021. The Company’s existing production facilities were also fully functional during the financial year under report. Production activities were effectively planned and adjusted to cater to the market demand in terms of quantity and quality.
Cash dividend
The Board of Directors has recommended the final cash dividend for the year ended June 30, 2021, at the rate of Rs. 12/- per share (i.e., 120%) in addition to 25% interim bonus shares already issued. The recommendation of 25% interim bonus shares in proportion of 25 shares for every 100 shares held out of free reserves for the half-year ended December 31, 2020, was made by the Board of Directors in their meeting held on February 17, 2021, and subsequently approved by the members of the Company in the extraordinary general meeting held on April 06, 2021.
Future Outlook:
Alhamdulillah, the Covid-19 pandemic has been effectively controlled in Pakistan, and with every passing day, the business climate is improving. To minimize the impact of the Covid-19 pandemic on the economy, the Government has taken measures that hopefully will trigger the economic activities. The Board of Directors believes that there is a strong need for infrastructure development and construction in Pakistan. The real estate packages, amnesty to invest in construction and the lower borrowing rates will stimulate the construction activities. They will result in higher demand for glass products in the future.
With the induction of added production from the Float Glass Plant Unit – 2, a wide range of flat glass products will be available not only in the shape of clear and coloured float glass (i.e., green, blue, bronze), mirror and reflective coated flat glass but also the float glass of varied thicknesses in the range of 2 to 12 mm will be maintained in stocks for sales.
MISSION STATEMENT
“To be a world-class and leading company continuously providing quality glass tableware, containers and float by utilizing the best blend of state of the art technologies, highly professional staff, excellent business processes and synergistic organizational culture”.
The management has undertaken necessary measures to improve quality further, introduce value-added products, and a more focused approach towards customer satisfaction. In this regard, the Company launched deckle printed glass dinner sets. Our focus will also be on capturing the export potential both for tableware and float glass products. The availability of an effective sales mix will ultimately result in higher sales and further improved profitability of the Company.
The Company’s existing furnaces of one of the Tableware Plant and the Float Glass Plant (Unit-1) have completed their useful campaign life. Still, the production performance of both these furnaces is satisfactory. However, these furnaces can be closed for significant repair in the next financial year, i.e., FY2021-2022.