The year 2014 has been a big year – we delivered strong results, continued turnaround in certain business segments and positioned Engro for the next growth momentum.
It has been my responsibility to continuously develop Corporate Governance systems and monitor the performance of the Board of our Company. We chalked out improvement plans as a result of which, we were honoured with the award for “Best Corporate Governance in Pakistan” for 2014 by World Finance – an accolade that recognizes us as a reliable and trusted partner for our stakeholders.
Through the year our top-line continued to demonstrate its upward trajectory and registered a 13% increase and closed at PKR 176 billion while delivering positive returns for our investors, enhancing capital efficiency and distributing value to a vast ecosystem of partners.
The year 2014 was a year of execution for Engro. Last year we had communicated our resolve to apply our engineering and management capabilities to develop short, medium and long term solutions for the debilitating energy crisis. This year we delivered on that commitment by constructing the fastest LNG terminal in the world – an engineering feat that speaks volumes of our ability and our willingness to identify with national challenges and help resolve them. The LNG terminal – built at a cost of USD 135 million – has a regasification capacity of up to 600mmcfd and would lead to a savings of approximately USD 1.0 billion per annum to the national exchequer.
In the longer term we aim to develop the indigenous energy resources to guarantee economic security for the country – and we believe that Thar Coal deposits will prove to be the most crucial game-changing variable in this equation. In 2014 we demonstrated our resolution to help build this key project by on boarding Thal Ltd (House of Habib) & Hub Power Co Ltd as shareholders in the project with an aggregate equity investment of PKR 600 million – an ground breaking step in ensuring that we lead in developing a shared ownership among Pakistani Cos to build this important national project.
Engro we have always believed in championing sustainable business practices and going beyond the call of duty to help the communities that we interact with.
We have always believed in championing sustainable business practices and going beyond the call of duty to help the communities that we interact with. In 2014 we held the first of a series of “Sustainability Exchange” which brought together – on a single platform – the public, the private, and the education sectors to emphasise the relevance of technical & vocational education and training (TVET), and advocate a policy framework to stimulate inclusive growth, livelihood opportunities and sustainable investment. Through the year we have enhanced our focus on social interventions in and around the communities that host us through the provision of education, capacity building, vocational training, health services and infrastructure development. During 2014 we increased our social spend to ensure that across all our companies we continued to improve lives, empower livelihoods and inspire meaningful change across these communities and beyond – details of these programs and initiatives can be found in the ‘Social Capital’ section of this digital report.
We were recognized as being the “Top Employer” in Pakistan showcasing our status as being the preferred and the referred employer for not only new graduates but also working professionals around the country.
At the heart of all these successes lie our people – our enduring advantage. As one of the recognised conglomerates of the country we continued to build on our reputation of hiring and training leaders for tomorrow and providing them with unmatched career growth and experience – a fact reflected in our strong engagement indicators which stood at 62% for the year. Moreover, through the year we were recognized as being the “Top Employer” in Pakistan evidencing our status as being the preferred, and the referred, employer for not only new graduates but also working professionals around the country.