Former Vice President of FPCCI Atif Ikram Sheikh on Monday said reduced cotton production is a great threat to the export sector, which is already crumbling under tough IMF conditionalities. He said the cotton crisis would hit the textile sector, responsible for most of the export earnings and catering for millions of jobs.… Continue

Pakistan Textile exports for Feb-23 clocked in at US$1.18bn, down 11% MoM. In PKR terms, exports clocked in at Rs315bn up by 2% MoM.

Value-added textile exports decreased by 13% MoM to US$812mn mainly due to Readymade Garments and Knitwear declining by 13% and 18% MoM respectively.… Continue

ABHI, an embedded fintech company, has signed an agreement with Naveena Group and its subsidiaries to provide AbhiSalary, an Earned Wage Access facility, to their 5,000 employees. AbhiSalary will financially empower the group’s workforce by enabling them to access their earned salaries before their payday and be free to spend, save and invest with their salaries.… Continue

Alibaba.com, a leading platform for global business-to-business (B2B) trade, has concluded its participation as Gold Sponsor in the 24th edition of South Asia’s leading textile trade show, Textile Asia International Trade Fair. Held at the Karachi Expo Centre from 10-12 March, the event brought together textile industry experts and businesses from around the world in Pakistan to explore the latest trends, challenges and opportunities in the textile sector.… Continue

Alibaba.com, a leading platform for global business-to-business (B2B) trade, will take part as the Gold Sponsor in the 24th Textile Asia International Trade Fair, the largest textile trade fair in South Asia, which is set to be held in Karachi from 10 to 12 March 2023.… Continue

Nishat Chunian Limited (NCL) posted its 2QFY23 financial result earlier today, wherein the company posted a Loss of PkR1.7bn (LPS: PkR7.1)—substantially lower than our estimates of a loss of PkR0.19/sh. For 1HFY23, the company posted a loss of PkR1.8bn or PkR7.7/sh.… Continue

Paris, one of the world’s major fashion capitals, is the best place to promote and sell brand(s) and collections in Europe and to the Western and increasingly to the Eastern and Middle Eastern markets.

In July 2022, around 3,700 professional buyers were able to meet 400 exhibitors from 20 countries.… Continue

Singapore Airlines (SIA), the flag carrier of the Republic of Singapore has appointed Gerry’s International as its General Sales Agent (GSA) in Pakistan. The announcement was made at an event held in Karachi, attended by industry professionals, representatives of the Civil Aviation Authority (CAA) and other government departments, corporate sector senior management and others.… Continue

Shan Foods, one of the leading food companies in Pakistan, has taken a strong step towards educating the youth by joining hands with the Textile Institute of Pakistan (TIP). This is the second time the company has taken this initiative to grant scholarships for financially struggling students.… Continue

Emirates has operated its first milestone demonstration flight on a Boeing 777-300ER, powering one of its engines with 100% Sustainable Aviation Fuel (SAF). The flight took off from Dubai International Airport (DXB), and was commanded by Captain Fali Vajifdar and Captain Khalid Nasser Akram, flying for more than one hour over the Dubai coastline.… Continue

Kohinoor Textile Mills Limited (KTML) held its analyst briefing yesterday, wherein the company management apprised of the following:

· To note, the company posted NPAT of PkR4.7bn in FY22, higher by 72%YoY, on the back of higher revenues during the period.… Continue

Mr. Zahid Mazhar, Chairman of All Pakistan Textile Mills Association, Southern Zone, has urged the Prime Minister of Pakistan, Mian Shahbaz Shareef and the Chief Minister of Sindh, Syed Murad Ali Shah, for their intervention to save the export-oriented textile industry of Sindh and Baluchistan from total closure due to denial of gas from November 15, 2022, to 28th February 0223.… Continue

The Emirates Group today announced its half-year results for its 2022-23 financial year. The Group is reporting a 2022-23 half-year net profit of AED 4.2 billion (US$ 1.2 billion), a record half-year performance, and a turnaround of almost AED 10 billion from its AED 5.7 billion (US$ 1.6 billion) loss for the same period last year.… Continue

Interloop Limited (ILP) conducted its corporate briefing session to discuss FY22 and 1QFY23 financial results and the company’s future outlook.

The company presented their vision for 2025, which is based on achieving US$700mn revenue by 2025 by transforming itself into a full-family clothing business.… Continue

Tata Textile Mills Limited (TTML), one of the well-respected conglomerates in Pakistan, has selected Oracle Fusion Cloud Enterprise Resource Planning (ERP) to accelerate the business transformation of its textile mills and Food division by leveraging cloud technology. 

Previously, TTML’s operations relied on a combination of customized and standard legacy solutions and manual processes.… Continue

Nishat Chunian Ltd (NCL) has reported an unconsolidated net loss of PKR0.1bn in 1QFY23 (LPS: PKR0.54), slipping into losses for the first time since the pandemic, compared to an EPS of PKR9.23 last year and PKR3.00 in the previous quarter. The result was considerably below our estimated EPS of PKR3.45, owing to lower-than-expected margins and other income.… Continue

Khalid A. Majeed, Chairman of Mekotex (Pvt.) Limited, Karachi, has been elected Chairman of the Pakistan Denim Manufacturers and Exporter Association (PDMEA) for 2022 – 23 during the recent annual elections. Likewise, Abdur Rahim of Siddiqsons Limited (Denim City) as Senior Vice Chairman, Amanullah Kasim of Kassim Textile Mills Ltd as Vice Chairman (South) and Siddiq Bhatti of U.… Continue

Nishat Mills Ltd (NML) has reported an unconsolidated NPAT of PKR4.2bn (EPS: PKR11.81) in 1QFY23, up 26% YoY, while more than triple that of the previous quarter. We estimate core-textile operations to have clocked in at PKR9.0/sh, up 29% YoY. The 1Q result came in significantly higher than our expected EPS of PKR3.75, largely owing to higher-than-estimated gross margins and revenues.     … Continue

Trade Development Authority of Pakistan to Participate at Texworld Evolution Paris. The Authority has asked the local firms to apply for the same. As one of the world’s major fashion capitals, Paris is the best place to promote and sell brand(s) and collections in Europe and to the Western and increasingly to the Eastern and Middle Eastern markets.… Continue

Kohinoor Textile Mills (KTML) has reported an unconsolidated NPAT of PKR0.5bn (EPS: PKR1.59), down a sharp 52% YoY (up 11% QoQ). The sluggish result is significantly lower than our expected EPS of PKR3.03, where the deviation has largely stemmed from lower-than-expected gross margin and lower other income.… Continue

Interloop Limited (ILP) recorded earnings of Rs4.96bn (EPS: Rs5.31) in 1QFY23 compared to earnings of Rs2.69bn in 1QFY22 (EPS: Rs2.88). Earnings however, declined by 7% QoQ which stood at Rs5.36bn (EPS: Rs5.74) in 4QFY22.

Gross Margins recorded at 33.2%, almost flat QoQ, however increased on YoY basis from 28.6% recorded in 1QFY22.… Continue

Pakistan Textile exports for Sep-22 were recorded at US$1.5bn, down 3% MoM. In volumetric terms, exports remained strong with Cotton Cloth, Bedwear and Towels increasing MoM. In PKR terms, exports clocked in at Rs352bn almost flat MoM.

As compared to Sep-21, Pakistan textile exports were up 3% YoY (+41% YoY in PKR terms) due to growth in value added segment.… Continue

Hitman Rohit Sharma bowls over cricket fans as he takes to the field to feature in Emirates’ latest advertising campaign which will run during the ICC Men’s T20 World Cup. Emirates, official partner of the highly anticipated ICC Men’s T20 World Cup which kicks off in Australia this weekend, has signed up the Hitman for its “Lovers of Cricket” campaign.… Continue

Gul Ahmed Textile Mills (GATM) has reported consolidated NPAT of PKR3.9bn (EPS: PKR6.26) for 4QFY22, more than double compared to last year and up 58% QoQ. This takes FY22 NPAT to an all-time high of PKR9.8bn (EPS: PKR15.96), up 87% YoY.… Continue

Nishat Chunian Ltd (NCL) has reported an unconsolidated NPAT of PKR0.72bn in 4QFY22 (EPS: PKR3.00), down 70% YoY and 65% QoQ, owing to significant margin attrition to the tune of 10.4ppt/5.3ppt YoY/QoQ, missing our EPS of PKR6.63. This took FY22 EPS to PKR31.10, up from an EPS of PKR23.32, last year.… Continue