It was not long ago when Al Shaheer was seen as one of the stars of the stock exchange. The company was one of the first ones to be listed on the market which was involved in distribution and marketing of meat products for the local and international market. Now it seems that the company has been plummeting towards its demise.Â
The company touched new highs in 2016 recording highest profits in its short history and showed net profits of Rs 36 crores. This came on the back of sustained growth and profitability being seen at the company. 2023 saw the company have its worst year in its history as the company started to see its losses accumulate and reach Rs -1.8 billion leading to loss per share of Rs 5.5. The situation would have been much worse if the company had not recorded other income that it was generating which was attributed to exchange gain the company was earning due to its export business. The core business at the company had been slowly decaying and recent results would have shown a loss of Rs 2 billion if it had not been for the other income component. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
