Clover Pakistan Limited Reports Resilient Growth and Strategic Partnerships in 2024

Karachi: Clover Pakistan Limited (CPL) has demonstrated remarkable resilience and growth amid challenging market conditions, according to the company’s annual report for the fiscal year ended June 30, 2024. Despite political uncertainty, CPL reported a profit after tax of PKR 192.326 million for the year.

According to information available from the Pakistan Stock Exchange (PSX), the Board of Directors at Clover Pakistan was supported by specialized sub-committees such as the Board Audit Committee and the Human Resource Committee, ensuring adherence to the Code of Corporate Governance guidelines. These committees have been pivotal in enhancing both processes and performance across the company. Regular meetings of the Board, inclusive of Independent and Non-Executive Directors, have been crucial in steering the company through effective management oversight and strategic decision-making, aligned with the Companies Act, 2017, and the Listed Companies (Code of Corporate Governance) Regulations, 2019.

Looking ahead, CPL remains optimistic about its growth trajectory, emphasizing its strategic partnership with Fossil Energy (Private) Limited (FEPL). This collaboration aims to manage and operate FEPL’s Company Owned Company Operated (COCO) Filling/Service Stations, including agricultural sites. This move is part of CPL’s strategy to diversify its product portfolio and expand its customer base, which is expected to drive sustained growth and operational excellence.

The company’s focus on revitalizing operations and enhancing customer satisfaction through cost efficiencies across its divisions is set to create significant value for all stakeholders. On behalf of the Board, appreciation was expressed for the unwavering support of shareholders, customers, employees, creditors, and regulators who continue to play a vital role in the company’s success.

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