Imperial Limited (IML) is progressing with its Hydroponics Project, a method of growing plants without soil using nutrient-rich water, with seeding operations scheduled to begin in February.
The first harvest of iceberg lettuce, capsicum, and tomatoes is expected within four months. The project is being carried out on an 8-acre hydroponics greenhouse, with four acres still under construction and 90% of the work completed.
IML has initiated a trial partnership with McDonald’s to supply iceberg lettuce, as the fast-food chain currently relies on imports due to the lack of locally produced lettuce in Pakistan. Delays in project completion have occurred, partly due to challenges related to the security of Chinese experts, as directed by the Pakistani government.
The company is also building a housing colony for staff at the greenhouse site.
Plans for further expansion have faced delays, with the sale of land valued at Rs11-12 billion still stalled. The construction of housing units has also been delayed due to a lack of buyers in the current market.
During the Annual General Meeting (AGM) on October 28, 2023, shareholders approved the disposal of IML’s remaining composite sugar manufacturing facility in Phalia, but the sugar unit has not yet attracted any buyers.
These delays have affected the company’s ability to streamline operations and reallocate resources. Management stated that the financial position remains unchanged from the previous year due to these delays.
Despite these challenges, IML operates with zero liabilities and equity of Rs10.10 billion. Efforts to address challenges in the hydroponics project, asset disposals, and market expansion are ongoing, with board meetings scheduled next week to address the pending first-quarter results.
