In 2023, Pakistan’s pharmaceutical industry grappled with significant economic pressures. Soaring inflation, a steep currency devaluation, and shrinking profit margins created an environment where many companies found it difficult to survive. Amidst these challenges, however, Highnoon Laboratories Ltd emerged as a standout performer, defying industry trends with remarkable resilience and ambition.
Founded in 1984 in Lahore, Highnoon has grown from a modest local enterprise into one of Pakistan’s most reliable healthcare brands. Achieving an impressive 22.8% year-over-year revenue growth in 2023, reaching PKR 19.4 billion while maintaining earnings at PKR 2.4 billion (PKR 45/share). These results are particularly impressive in a year when the overall earnings of listed pharmaceutical companies in Pakistan fell by a staggering 42%. 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
