chairman & vice chairman’s message
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. Enfrashare 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.
Engro Corporation Limited
Abdul Samad Dawood
Engro Corporation Limited