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Pakistan’s food company establishes manufacturing facility in UAE

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10 months ago

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  • National Foods engages in manufacturing, sale of products. 
  • Company has been granted with manufacturing licence.
  • Seeks to expand access to Middle Eastern markets: CEO. 

KARACHI: Pakistani food company, National Foods, has established its first overseas manufacturing facility in Sharjah, United Arab Emirates (UAE), to increase its footprint on a global level and boost exports of edible goods, Arab News reported Wednesday.

According to The News, the company is principally engaged in the manufacturing and sale of a wide range of food products including pickles, ketchup and desserts

The UAE remains the primary overseas geographical market for the company’s products.

“As part of the strategy on international business, the company’s wholly-owned subsidiary ie, National Foods DMCC based in Dubai, has established a further subsidiary namely National Foods (FZE), in Sharjah, UAE,” the company said in a stock filing.

National Foods DMCC, the Dubai-based subsidiary, was formed in 2012 for the Middle East market and has helped expand the company’s global footprint, Abrar Hasan, CEO of National Foods, said.

The company had applied for a manufacturing licence in the UAE, which had been granted, he added.

“Now we will start manufacturing with the purpose of better access to the market particularly, the Middle Eastern markets. This will be the first overseas manufacturing facility,” Hasan told Arab News, adding that the facility would also help in the localization of products.

He said the company planned to expand beyond just Gulf countries and already had a presence in Canada, the UK and the US.

The company’s export sales increased from Rs2.2 billion to over Rs2.4 billion, mainly to the UAE, during the last fiscal year, while exports increased by Rs638 million during the first three months of the current fiscal year, according to a financial statement of the company posted on Pakistan Stock Exchange (PSX).

Share of exports is about 20% of National Food’s total turnover, Hasan said. Local sales remained around Rs40 billion during the fiscal year 2023 as compared to Rs36.6 billion in the previous year, according to the financial statement.

Pakistani analysts based in the UAE said the demand for Pakistani products was on the rise mainly due to the growing Pakistani diaspora.

“Pakistani diaspora is growing in large numbers in Gulf countries and at the same time the demand for Pakistani products is also rising,” Danish Kazi, a financial and political analyst based in UAE, said.

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Business

Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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19 hours ago

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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19 hours ago

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Business

Discos report losses of Rs239 billion.

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19 hours ago

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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