Dear Valued Shareholders,
I deem it to be an exclusive privilege for me to welcome all of you to the 19th Annual General Meeting of Generation Next Fashions Limited. With great pleasure, we have already submit-ted before you the
operational activities and the Annual Financial Statements for the year ending 30 June 2023 duly approved by the Board of Directors.
Business Climate: The fallout of global pandemic Covid-19 is still affecting the world economy. This has been further affected by the on-going Russia-Ukraine war.
On top of these, the Israil-Palestine war has come as a big blow to the international business/trade.
The worst affected sector has been the apparels sector, resulting the closure of many factories and trading houses.
Many are also on the brink of shutting down. Prices of raw materials both in international and domestic markets have gone up to a great extent.
Similar is the case with the overhead costs and utility bills. Increase of wages and labour unrest are other challenges facing the garments business
in our country: Despite all these impediments, we are seeing lights at the end of the tunnel. If we can continue at the present pace with same bit of
cost cutting here and there and if we can increase the productivity, we shall be able to achieve better result in the days to come.
Our Plans: In order to sustain in the competitive market, our future plans are:
• Select more efficient workforce to ensure more productivity
• Go for product diversification and develop value added products
• Adopt product efficient technology
• Continue cost cutting and wastage reduction
Conclusion: On behalf of the Board of Directors, I express our deepest appreciation and gratefulness to all of our valued customers for their confidence in our products.
I also like convey our sincere thanks and gratitude to all the employees for their tireless efforts, to the suppliers for their quality goods and to the esteemed shareholders
for their continuous support and trust on us. I firmly believe that, the same support from all stakeholders will continue in the coming years.
May Allah bless us.
Thanking you all,
Chairman of the Board
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