By the grace of God, I am humbled to report that 2019 has been another incredible year of accomplishments and accolades for Engro. I am pleased to share that the Group has delivered strong business results and has demonstrated operational excellence. It is my pleasure to share with you the highlights of Engro Corporation’s performance in 2019 and the deliberate effort we are making to ensure a sustainable operating model.
Engro Corporation posted a consolidated profit after tax of PKR 30.3 billion for 2019, up from PKR 23.6 billion the previous year. On a standalone basis, our profit was PKR 14.3 billion, our earnings per share were PKR 24.83, and our total dividends were PKR 24 per share for the year. This translated into an overall dividend payout of 96.7%.
Our success would not have been possible without the trust and support of our Board, our leadership, our employees, and our shareholders. Hence, before all else, I would like to thank the entire Engro family for their crucial role in embodying Engro’s purpose of solving some of Pakistan’s most pressing issues.
We have had a strong year despite macroeconomic volatility. This demonstrates our capability to be a resilient and agile Organization. I am pleased to share that Engro Fertilizers achieved the highest ever production of over 2 million tons and demonstrated our resolve to improve food security in Pakistan. In our Energy business, we took a key step towards ensuring energy security for Pakistan. Our Thar coal mine and power project declared Commercial Operations, proving our ability to deliver large scale projects that enable development for the people of Pakistan. We also achieved the fastest 200 ship-to-ship transfers, setting a global record across all terminals in the world. We believe that our Polymer business has the potential to not only fulfill growing domestic demand, but also enhance the Country’s exports. In our effort to enhance digital access across the Country, we launched Enfrashare which has forged strategic partnerships with all major telecom providers. To remain agile in rapidly changing times, we have embarked on Organization-wide centralized initiatives. 2019 marked the year in which we rolled out Engro’s Central Idea which has become the reference point on our future direction. Staying true to our core value of putting our people first, we implemented a world-class human capital transformation project. We have initiated a Cost Excellence Program to bring our cost structures in line with international best practices and realize significant savings. To achieve higher business efficiencies, we invested in OneSAP to bring technology to the centre of our key operations.
I am delighted to acknowledge that all our businesses have been consistently recognized with numerous local and global awards. Both Engro Corporation and Engro Fertilizers were recognized by the Pakistan Stock Exchange among the PSX Top 25 companies of Pakistan. The CFA Society of Pakistan recognized us for our strong investor relations, and the United Nations Global Compact awarded us, second year in a row, for Living the UNGC Business Sustainability Award.
Among our milestones for 2019 is our ceremonious partnership with the Quetta Gladiators, who emerged as the Champions of PSL 2019. We are thrilled to continue this victorious partnership for another season. As we march ahead into the new decade, Engro will stay true to its commitment to Pakistan by striving to play a meaningful role in solving some of its most pressing issues. We will continue to be the conduit of sustainable business practices by keeping the interest of our communities at the forefront of our operations.
Once again, I would like to thank the Chairman, Vice Chairman, and Board of Directors for their invaluable guidance, our stakeholders for trusting us, and the entire Engro family for its undeniable contribution through sheer hard work and dedication, working every day towards the betterment of our economy and citizens of this Country.
By the grace of God, I am humbled to report that 2019 has been another incredible year of accomplishments and accolades for Engro. I am pleased to share that the Group has delivered strong business results and has demonstrated operational excellence. It is my pleasure to share with you the highlights of Engro Corporation’s performance in 2019 and the deliberate effort we are making to ensure a sustainable operating model.
Engro Corporation posted a consolidated profit after tax of PKR 30.3 billion for 2019, up from PKR 23.6 billion the previous year. On a standalone basis, our profit was PKR 14.3 billion, our earnings per share were PKR 24.83, and our total dividends were PKR 24 per share for the year. This translated into an overall dividend payout of 96.7%.
Our success would not have been possible without the trust and support of our Board, our leadership, our employees, and our shareholders. Hence, before all else, I would like to thank the entire Engro family for their crucial role in embodying Engro’s purpose of solving some of Pakistan’s most pressing issues.
We have had a strong year despite macroeconomic volatility. This demonstrates our capability to be a resilient and agile Organization. I am pleased to share that Engro Fertilizers achieved the highest ever production of over 2 million tons and demonstrated our resolve to improve food security in Pakistan. In our Energy business, we took a key step towards ensuring energy security for Pakistan. Our Thar coal mine and power project declared Commercial Operations, proving our ability to deliver large scale projects that enable development for the people of Pakistan. We also achieved the fastest 200 ship-to-ship transfers, setting a global record across all terminals in the world. We believe that our Polymer business has the potential to not only fulfill growing domestic demand, but also enhance the Country’s exports. In our effort to enhance digital access across the Country, we launched Enfrashare which has forged strategic partnerships with all major telecom providers. To remain agile in rapidly changing times, we have embarked on Organization-wide centralized initiatives. 2019 marked the year in which we rolled out Engro’s Central Idea which has become the reference point on our future direction. Staying true to our core value of putting our people first, we implemented a world-class human capital transformation project. We have initiated a Cost Excellence Program to bring our cost structures in line with international best practices and realize significant savings. To achieve higher business efficiencies, we invested in OneSAP to bring technology to the centre of our key operations.
I am delighted to acknowledge that all our businesses have been consistently recognized with numerous local and global awards. Both Engro Corporation and Engro Fertilizers were recognized by the Pakistan Stock Exchange among the PSX Top 25 companies of Pakistan. The CFA Society of Pakistan recognized us for our strong investor relations, and the United Nations Global Compact awarded us, second year in a row, for Living the UNGC Business Sustainability Award.
Among our milestones for 2019 is our ceremonious partnership with the Quetta Gladiators, who emerged as the Champions of PSL 2019. We are thrilled to continue this victorious partnership for another season. As we march ahead into the new decade, Engro will stay true to its commitment to Pakistan by striving to play a meaningful role in solving some of its most pressing issues. We will continue to be the conduit of sustainable business practices by keeping the interest of our communities at the forefront of our operations.
Once again, I would like to thank the Chairman, Vice Chairman, and Board of Directors for their invaluable guidance, our stakeholders for trusting us, and the entire Engro family for its undeniable contribution through sheer hard work and dedication, working every day towards the betterment of our economy and citizens of this Country.
Abdul Samad Dawood has 16 years of experience in
management and governance. He joined the Engro
Corporation Board in 2009 and now serves as Vice
Chairman of the Board.
Mr. Dawood is also Chairman of the Board of
FrieslandCampina Engro Pakistan Limited, and Director
on the Boards of Dawood Hercules Corporation Limited,
Engro Fertilizers Limited, Enfrashare Private Limited, Reon
Private Limited, Dawood Industries Limited, and Pakistan
Business Council. In addition, he is a Trustee on the Board
of The Dawood Foundation and a member of the Young
Presidents’ Organization.
Mr. Dawood has previously served as Independent Director
of International Industries Limited and Independent NonExecutive Director of Sui Northern Gas Pipelines Limited.
He has also served on the Boards of Engro Eximp Private
Limited, Inbox Business Technologies Private Limited, The
Hub Power Company Limited, Tenaga Generasi Limited,
Dawood Lawrencepur Limited, Pebbles Private Limited,
and World Wildlife Fund for Nature – Pakistan. He was
previously Chief Executive of Dawood Hercules Corporation
Limited and Cyan Limited, and also commands operational
experience gained at Dawood Lawrencepur Limited and
Dawood Hercules Chemicals.
Abdul Samad Dawood is a graduate in Economics from
University College London, UK, and a Certified Director
of Corporate Governance from the Pakistan Institute of
Corporate Governance.
Engro Corporation
Engro Powergen Thar
Asian Power Awards: Coal Power Project of the Year 2019
Engro Polymer & Chemicals
Islamic Finance News Awards: Pakistan Deal of the Year 2018
Engro Fertilizers
Engro Corporation
Pakistan Stock Exchange Awards: Top 25 Companies of the Year 2018
Engro Fertilizers
Engro Polymer & Chemicals
Engro Energy
NFEH’s 16th Annual Environment Excellence Awards 2019: Best in Sustainability Interventions & Resource Conservation Initiatives
Engro Polymer & Chemicals
EFP’s 7th Employer of the Year Awards 2019: 2nd in Medium National Category
Engro Energy
Engro Fertilizers
Diversity Hub Pakistan’s 2020 GDIB Awards: Best Practices in six categories of D&I Vision and Strategy, Leadership & Accountability, Job Design & Compensation, Recruitment & Development, Benefits & Work-life Balance, and Assessment & Measurement
Operating in diverse industries and spread over geographical landscapes, the Engro employees are knit into one big family, united by a drive for success, passion for Pakistan, and the same core values. Our values form the basis of everything we do – from open communication to fostering an environment of trust and guaranteeing the well being and safety of our people. At Engro, we never forget what we stand for.
Henna Inam joined the Board of Engro Corporation in 2017 and also serves as Chair of the Board People Committee.
Ms. Inam is the CEO of Transformational Leadership Inc., an organization that helps Fortune 500 companies grow transformational leaders. She is a former C-suite executive who drove transformation throughout her corporate career, including roles such as: Global Head e-Innovation at Novartis, and Chief Marketing & Innovation Officer and Region President for the Americas at Ciba-Vision.
She believes that our fast-changing world needs each of us to be inspired leaders who make the world better for all. Partnering with Fortune 500 organizations, she helps
leaders at pivot points thrive in disruption. Ms. Inam is on a mission to grow transformational leaders globally. She believes the world and workplaces need leaders at every level who are inspired by the work they do, and lead with agility from the core of who they are.
Ms. Inam is an executive coach and trusted advisor to C-level leaders and their teams. She is an author of the book Wired for Authenticity, and a contributor to Forbes on leadership. She brings a global perspective, having lived and worked in seven countries across four continents. She is passionate about advancing women in leadership and is the founder for TEDxWomen in Atlanta. She is also a founding charter member of OPEN Atlanta. OPEN is the largest Pakistani entrepreneurship and leadership
organization in the world.
Ms. Inam completed her MBA from Wharton Business School at the University of Pennsylvania, and participated in Executive Education programs at Harvard Business
School.”
Raihan Ali Merchant joined the Board of Engro Corporation in 2018.
Mr. Merchant is currently Chairman & CEO of Z2C Pakistan
and Chairman of Brainchild Communications Ltd and Blitz (Pvt) Ltd. He started Pakistan’s 1st Media Agency, in 1997, creating a new business within the communications and advertising industry. He introduced the concept of research based decision making for choice of media and that of People Meters to measure TV audiences, worked with PEMRA on TV governance regulations, consulted media organizations on building revenue streams, and helped launch Pakistan Super League – now the largest cricket event in Pakistan. His current projects include development of AI & BI tools in media, the launch of web publishing houses, development of sports as passion points and a specialized Sports Marketing Company in Pakistan.
In recognition of his development work in the industry, Mr.Merchant was honored with the Tamgha-e-Imtiaz from the President of Pakistan in 2012.
Raihan Merchant holds a Masters Degree in Business Administration from the Institute of Business Administration,
Karachi.”
Waqar A. Malik joined the Board of Engro Corporation in 2015.
Mr. Malik also currently serves as Non-Executive Chairman for Pakistan Oxygen Limited, Non-Executive Director of Standard Chartered Bank Pakistan Limited, NonExecutive Director on the Boards of TPL Insurance Limited and TPL Life Insurance Limited, and as Founder Chairman Noesis (Private) Limited. He is also Trustee for I-Care Pakistan, Member of the Advisory Board of Institute of Business Administration, and visiting faculty at Pakistan Institute of Corporate Governance.
Mr. Abdul Aleem has been a Director and Chairman of Audit Committee of Dawood Hercules Corporation and Meezan Bank until 2018 . In the past Mr. Aleem was also a Director of Pakistan Tobacco , Lahore University of Management Sciences, Pakistan Institute of Corporate Governance and Pakistan Refinery Ltd, and Chairman of Faysal Asset Management Company.
As a supporter of leading non-profit organizations in the field of education, Mr. Abdul Aleem is currently Vice Chairman of Professional Education Foundation and Chairman of Intellect School Governing Board .
Muhammad Abdul Aleem is a Fellow Chartered Accountant (Gold Medalist) and a Fellow Member of the Institute of Cost & Management Accountant. He has also attended extensive international management training programs including at Stanford University.
Muhammad Abdul Aleem joined the Board of Engro Corporation in 2015 and is Chairman of its Audit Committee
Mr. Abdul Aleem is currently the CEO and Secretary General of Overseas Investors Chambers of Commerce & Industry (OICCI). He has worked in senior positions within both Exxon Chemicals and Engro Corporation, serving in both Singapore and Pakistan. Thereafter, he has worked with British American Tobacco Group UK (BAT) in Pakistan and overseas, where he ultimately served as CEO of BAT Operations in Cambodia, Mauritius, and Indian Ocean territory. Since 2004, he has served in senior positions with large Government-owned organizations in Pakistan. His last assignment was as the Managing Director, Pakistan State Oil Company Ltd.
Mr. Abdul Aleem has been a Director and Chairman of Audit Committee of Dawood Hercules Corporation and Meezan Bank until 2018 . In the past Mr. Aleem was also a Director of Pakistan Tobacco , Lahore University of Management Sciences, Pakistan Institute of Corporate Governance and Pakistan Refinery Ltd, and Chairman of Faysal Asset Management Company.
As a supporter of leading non-profit organizations in the field of education, Mr. Abdul Aleem is currently Vice Chairman of Professional Education Foundation and Chairman of Intellect School Governing Board .
Muhammad Abdul Aleem is a Fellow Chartered Accountant (Gold Medalist) and a Fellow Member of the Institute of Cost & Management Accountant. He has also attended extensive international management training programs including at Stanford University.
Khawaja Iqbal Hassan joined the Board of Engro Corporation in 2018.
Mr. Hassan currently also serves as a Director on the Board of ICI Pakistan Ltd and is a Trustee on the Boards of the Karachi Grammar School, the Layton Rehmatullah Benevolent Trust and the Cardiovascular Foundation.He is also Chairman of the Advisory Committee of the Development Corporation Advisers, a wholly owned subsidiary of the CDC Group Plc of the United Kingdom. Mr. Hassan has previously served as a Member of the Monetary Policy Committee of Pakistan and has also been a Member of the Board of Directors of the State Bank of Pakistan, Civil Aviation Authority of Pakistan (CAA), Pakistan Steel Mills, Habib Bank Ltd, National Fullerton Asset Management Company Ltd, NIB Bank, Lahore University of Management Sciences, Global Securities Ltd, Citicorp Investment Bank Pakistan, The Pakistan Fund and the Central Depository Company of Pakistan.
Mr. Hassan holds a diploma in Accountancy from the U.K. and a BSc in Finance and Marketing from the University of San Francisco. He started his career in 1980 with Citibank N.A. and in 1994 founded Global Securities Pakistan Ltd, a former joint venture partner of UBS AG and leading stockbroking and investment banking firm. In 2003 he founded NIB Bank Ltd. which, in partnership with Temasek Holdings of Singapore, became a top 10 ranked commercial bank in Pakistan within a period of 4 years.
Mr. Hassan was awarded the Sitara-i-Imtiaz by the Government of Pakistan for meritorious contribution to national interests.
Rizwan Diwan joined the Board of Engro Corporation in 2018
He is a family member of the G&T Group which is a 70 years old business group involved in polyester textile,packaging, cotton textile, retail, energy and has operations in the Middle East and North America.
He is an Executive Director of Novatex Ltd, which is in the business of PET Resin, Preforms, Bottles and BOPET film and the fourth largest exporter of Pakistan. Over the last 26 years he has led many innovations in the field of Rigid & flexible packaging in Pakistan as well as in the region.
Mr. Diwan has taught at the Institute of Business Administration, Karachi, which is his alma mater from where he holds a Masters Degree in Business Administration.
Hussain Dawood is Chairman of Dawood Hercules, a family-owned group of businesses with a history of entrepreneurship spanning over a century. For over half the century, Mr. Dawood has driven the Group and its investments with a vision of purpose to serve the nation. Today, the Group is recognized as a diversified conglomerate that endeavors to make notable contributions to sectors that are drivers of economy and society.
Mr. Dawood also serves as Chairman of Engro Corporation, one of Pakistan’s leading corporates with businesses falling under four primary verticals, meant to help address some of Pakistan’s most pressing challenges: food & agriculture against food scarcity, energy & related infrastructure against the energy shortage, petrochemicals to aid in the balance of payments issue, and telecommunication infrastructure, as connectivity is a conduit that enables social and financial inclusion.
Under the stewardship of Mr. Dawood, Engro has emerged as a partner of choice for international companies looking to work in Pakistan, including Royal Vopak, Royal FrieslandCampina, Mitsubishi, China Machinery Engineering Corporation, and International Finance Corporation, to name a few.
The Dawood legacy reflects a continued commitment to Human Development, and Mr. Dawood also Chairs the Board of Trustees for The Dawood Foundation. Set up in 1962, the Foundation focuses on creating collective change by building interactive spaces for formal and informal learning. He is the Founder & Chairman of the Board of Governors of Karachi School of Business & Leadership, a graduate management school focused on inspiring Effective Leaders. Mr. Dawood is also on the Board for Teach the World Foundation, aiming to address the challenge of illiteracy through technology based on self-learning.
He is an active member of the World Economic Forum since 1992. For his contributions to improving international business relations, he was conferred the award “Ufficiale Ordine Al merito della Repubblica Italiana” by the Republic of Italy in 2008.
Abdul Samad Dawood has 16 years of experience in management and governance. He joined the Engro Corporation Board in 2009 and now serves as Vice Chairman of the Board.
Mr. Dawood is also Chairman of the Board of FrieslandCampina Engro Pakistan Limited, and Director on the Boards of Dawood Hercules Corporation Limited, Engro Fertilizers Limited, Enfrashare Private Limited, Reon Private Limited, Dawood Industries Limited, and Pakistan Business Council. In addition, he is a Trustee on the Board of The Dawood Foundation and a member of the Young Presidents’ Organization.
Mr. Dawood has previously served as Independent Director of International Industries Limited and Independent NonExecutive Director of Sui Northern Gas Pipelines Limited. He has also served on the Boards of Engro Eximp Private Limited, Inbox Business Technologies Private Limited, The Hub Power Company Limited, Tenaga Generasi Limited, Dawood Lawrencepur Limited, Pebbles Private Limited, and World Wildlife Fund for Nature – Pakistan. He was previously Chief Executive of Dawood Hercules Corporation Limited and Cyan Limited, and also commands operational experience gained at Dawood Lawrencepur Limited and Dawood Hercules Chemicals.
Abdul Samad Dawood is a graduate in Economics from University College London, UK, and a Certified Director of Corporate Governance from the Pakistan Institute of Corporate Governance.
Ghias Khan is the 4th President & CEO of Engro Corporation. Since he came on board at the end of 2016, Ghias has been instrumental in revamping Engro’s strategy, culture, and global outreach. Ghias, along with the Board of Directors, have defined a powerful central narrative for Engro Corporation that will chart its path for years to come.
There have been several notable achievements for Engro under Ghias’ guidance thus far. He has stewarded Engro’s renewed commitment in the petrochemical sector, with several growth initiatives in Engro Polymer & Chemicals and other greenfield projects, consolidated the management of all energy assets under one platform with a long-term strategy of investing in the overall energy value chain, paved the way for more cooperation with our long-time partner, Royal Vopak, through their entry in Engro Elengy, and was contributory in the robust turnaround of the rice business of Engro Eximp Agriproducts, which won its first-ever Top Exporter Award in 2018. In addition, during his Presidency, Engro’s Thar power plant achieved Commercial Operations and set out to fulfill its promise of contributing 660 MW to the national grid and a global record was set by Engro Elengy amongst LNG terminals with the fastest 200 shipto-ship transfers. Finally, with a firm belief that connectivity is the conduit that enables social and financial inclusion, Ghias was involved in the launch of Enfrashare. Enfrashare aims to drive the development of the country’s connectivity infrastructure and has already partnered with all major telcos in the country.
Ghias is leading several innovative transformations at Engro, including an extensive HR transformation that focuses on revamping all talent management, development, and reward philosophies. In this vein, Ghias was the force behind the launch of the Engro Leadership Academy, which serves as a platform to develop effective leaders. Further, Ghias is spearheading Engro’s OneSAP initiative, which is bringing the group onto a singular technology platform, laying the foundation for a digital future. Under his guidance, Engro has also earned numerous awards, both locally and globally, for enabling a thriving business environment, investing in the development of its people, upholding high standards of corporate governance, and promoting Health, Safety, & Environment in the workplace.
Former CEO of Inbox Business Technologies, an enterprise technology company that he co-founded in 2001 and remained with till 2015, Ghias grew the employees to over 1900 and pivoted the company from a computer manufacturer to a systems integrator, and then to a technology-enabled digital services company.
In his final year at Inbox, it was voted the largest technology company in Pakistan by Domestic Spend. Ghias has also previously served as Executive Director of Dawood Hercules.
Currently, Ghias also serves as Chairman on the Boards of Engro Fertilizers Limited, Engro Polymer & Chemicals Limited, Enfrashare (Pvt) Limited, and Engro Energy Limited. He holds a MBA from the Institute of Business Administration, Karachi.
Ghias was part of the Hong Kong under 16 cricket team, has represented Pakistan in the junior bridge team, and, in 2015, won the amateur singles championship at Karachi Golf Club.
Shahzada Dawood joined the Board of Engro Corporation in 2003. Mr. Dawood also serves as Vice Chairman of the Board of Dawood Hercules Corporation Limited, Director on the Board of Dawood Lawrencepur Limited, and Chairman of Inbox Business Technologies, an enterprise digital services firm.
A Trustee of both The Dawood Foundation, in support of education initiatives, and also Engro Foundation, promoting human development interventions across Engro’s value chains, Mr. Dawood believes in inclusive business models that develop low-income communities to maximize social
and economic impact and build along business interests.
Committed to a clean energy future, Mr. Dawood has to his credit the title of change agent for initiating group investment in Reon, a leading Solar and Storage Solution.
Mr. Dawood serves as a Member of the Global Advisory Board, Prince’s Trust International, contributing towards its vision of every young person having a chance to succeed.
He is also in the Founder’s Circle of The British Asian Trust.
Mr. Dawood holds a MSc in Global Textile Marketing from Philadelphia University, USA, and an LLB from Buckingham University, UK. He is also a Certified Director of Corporate Governance from the Pakistan Institute of Corporate Governance.
Abdul Samad Dawood has 16 years of experience in
management and governance. He joined the Engro
Corporation Board in 2009 and now serves as Vice
Chairman of the Board.
Mr. Dawood is also Chairman of the Board of
FrieslandCampina Engro Pakistan Limited, and Director
on the Boards of Dawood Hercules Corporation Limited,
Engro Fertilizers Limited, Enfrashare Private Limited, Reon
Private Limited, Dawood Industries Limited, and Pakistan
Business Council. In addition, he is a Trustee on the Board
of The Dawood Foundation and a member of the Young
Presidents’ Organization.
Mr. Dawood has previously served as Independent Director
of International Industries Limited and Independent NonExecutive Director of Sui Northern Gas Pipelines Limited.
He has also served on the Boards of Engro Eximp Private
Limited, Inbox Business Technologies Private Limited, The
Hub Power Company Limited, Tenaga Generasi Limited,
Dawood Lawrencepur Limited, Pebbles Private Limited,
and World Wildlife Fund for Nature – Pakistan. He was
previously Chief Executive of Dawood Hercules Corporation
Limited and Cyan Limited, and also commands operational
experience gained at Dawood Lawrencepur Limited and
Dawood Hercules Chemicals.
Abdul Samad Dawood is a graduate in Economics from
University College London, UK, and a Certified Director
of Corporate Governance from the Pakistan Institute of
Corporate Governance.
Dear Shareholders,
On behalf of the Board of Directors, it is our privilege to present to you the Annual Report of Engro Corporation Limited for the year ended 31 December 2019.
Your continued confidence and unwavering trust in Engro Corporation is deeply appreciated. Your faith in your Corporation fuels our passion for Pakistan and enhances our determination to work towards progress and prosperity for the Country. We would like to congratulate the entire team at Engro Corporation on achieving some remarkable milestones in 2019, under the able leadership of the President and CEO Ghias Khan, and with the valuable support and insight of the Board members.
For over 50 years, Engro has been committed to the vision of an empowered Pakistan. While focusing efforts on instilling truth, trust, and the relentless pursuit of excellence to build Character in our people and businesses, Engro aims to champion such people to lead Pakistan’s progress into the future.
In 2019, we spent considerable time introspecting, taking a deeper look into the pressing issues faced by our homeland today. This introspection led to the creation of a new central narrative for Engro, which we call the Central Idea. We identified four primary verticals based on their importance for the country and where we believe we are better able to use our capabilities, resources, and partnerships, to create a positive impact for our stakeholders. These are 1) providing affordable, quality nutrition to a growing population, 2) affordable and sustainable energy to power the economy, 3) addressing international competitiveness through petrochemicals, and 4) bridging the digital divide through shared telecommunication infrastructure. Pakistan is at a very important stage of its development. Given the world we live in, the path for the Country’s prosperity will be different to the ones we have seen other countries take before us. Globally, we are living in a time of unprecedented change. Not only do we need to provide an inclusive model for growth and prosperity, but we must do so in an environment where climate change and technological disruptions continue to fundamentally redefine business models, supply chains, and markets. No longer is it necessary to sit in one room to work together – embracing technology would mean remote working, realtime collaboration from across the world, complete industrial reinvention, and much more, adapting to all of which requires an extremely agile mindset.
In order to effectively thrive in this challenging environment, we believe that investment in people is absolutely paramount. To meet these challenges, Engro has committed itself to put people and their development at the core of our organisation. We believe that the best people are those who have the best Character and Good Manners, combined with relevant competencies. These people would ensure us long-term competitiveness and success, and would make our Corporation the most desirable institution to work for. This transformation entails many aspects, including how we define what success looks like, how we measure and reward performance, how we ensure timely and accurate information by investing in the latest information technology, and how we develop partnerships with global organisations. With this passion, to develop Inspirational Leadership and good Decision-Making skills, we established the Engro Leadership Academy at the Karachi School of Business and Leadership. The Academy is the first of its kind in Pakistan, with a purpose of creating and sustaining a culture of learning and development. The Academy is facilitated by globally-recognised experts, ensuring a carefully designed curriculum suited to the needs of our nation.
Simultaneously, we created a company called Enfrashare, which is focused on creating a national connectivity infrastructure. The purpose for this is to accelerate internet access for everyone by reducing the cost and reach of digital services. Democratising internet access will be essential to position Pakistan for the future by providing people with the opportunity to improve their skills, connect to local and global markets, get access to financial services, and even get quality healthcare. It cannot be overstated how important it is to bridge the digital divide, lest we are left with a country where millions of people do not have a market for their skills. Entrashare has already partnered with major telcos in the Country, and we look forward to furthering our growth in this industry.
The Board acknowledges the unwavering commitment and passion of the Management and the Employees which led the Company to have a fantastic year with strong financial results, and numerous awards won in this year 2019. A few of the most notable awards include Engro Corporation’s Living the UN Global Compact Business Sustainability Award, SAP Quality Awards Gold Winner in the Fastest Delivery Category in MENA, and Asiamoney’s Most Outstanding Company in Pakistan – Industrial Sector, Engro Polymer & Chemicals’ Islamic Financing News Pakistan Deal of the Year Award 2019, Engro Fertilizers’ Asia Responsible Enterprise Award, Taiwan and Shared Value Award, Australia for Project PAVE, National Safety Council, USA Award for a high number of Rising Safety Leaders, and International Fertilizers Association Award, Paris, Engro Powergen Thar’s Asian Power Award for Coal Power Project of the Year 2019, and numerous awards across our companies on health, safety, and environment, as well as on global diversity and inclusion.
While 2019 was an important step in our company’s journey, we welcome the New Year with even more passion and zeal. In that spirit, we are grateful to all the support we have received from various stakeholders, including the Government, the Regulators, Service Providers, Partners, Stakeholders, and Shareholders. We look forward to continue building on what has been achieved and developing more meaningful partnerships and engagements so that we may create a world where we all have a chance to live in peace and prosperity.
We are particularly grateful to you, our fellow shareholders, for your continued trust, confidence, and support.
