Nishat Mills Limited (NML), a leading entity within the Nishat Group, has received approval from its Board of Directors to establish a private limited company in the United Kingdom.
This move was announced in a notice to the Pakistan Stock Exchange (PSX) on Monday.
The new company will be set up through NML’s fully-owned subsidiary, Nishat International FZE, based in the UAE.
The formation of this UK entity is contingent upon obtaining all necessary regulatory approvals and adhering to applicable legal requirements.
Founded in 1951, Nishat Mills Limited is one of Pakistan’s largest integrated textile companies, involved in various stages of textile production including spinning, weaving, dyeing, and apparel manufacturing. The company also generates and supplies electricity.
NML’s financial results reveal a 51.98% decline in profit after tax to Rs5.35 billion for the nine months of FY24.
This drop is attributed to increased finance costs and a higher super tax rate compared to the previous year.
Additionally, the global economic slowdown and domestic issues such as high energy costs and excessive taxation have negatively impacted the company’s performance and prospects.