Dear Shareholders,

This year demanded more of Roshan Packages than any in recent memory, and I am proud of how your Company responded.

For much of the year, the raw materials we depend on were increasingly difficult to source and more expensive to purchase. Costs rose faster than selling prices could adjust. Conflict in the Middle East further disrupted supplies and tightened supplier credit. These challenges called for a clear decision: we chose to stand by our customers. We secured materials despite difficult market conditions, maintained deliveries amid uncertainty, and kept the brands that rely on us supplied.

That decision proved right. We closed the year with the highest sales in our history, at Rs. 10.8 billion, and a profit of Rs. 147 million, exceeding the previous year’s result. Beyond these figures, the timing of our recovery is particularly encouraging: almost all of the year’s profit was earned in the second half, as our actions began to deliver results.

This recovery was built from within the Company. We shifted our focus away from volumes that did not generate adequate returns, strengthened our procurement practices, and began operating as one company across our two plants. With one team serving each customer, a coordinated supply chain, and a consistent standard of service, we strengthened our ability to deliver integrated packaging solutions. “One Team, One Roshan” reflects how we now work, enabling customers who require both corrugated and flexible packaging to rely on a single partner.

Standing by our customers also required additional financial support. We increased borrowing to maintain inventory and extend the credit that market conditions demanded, with the continued support of our banks. This borrowing served its purpose, and reducing it is now our foremost financial priority.

The year also reinforced a belief I have long held: a packaging company’s future depends, in part, on its ability to secure and control its raw material supply. The resilience demonstrated by integrated businesses around the world underscores the importance of our recycled paper mill project in Sheikhupura.

Financing for the project has now been approved by the banks. We will develop the mill in stages, within the limits established by the Board and at a pace our operating business can support. The mill will use recovered paper, complementing the solar power already installed at our plants and advancing our commitment to packaging that places fewer demands on the environment.

None of these achievements would have been possible without our people. More than five hundred colleagues kept our two plants operating through shortages while adapting to new ways of working. To every member of our team: this achievement belongs to you. Your safety, development, and well-being remain central to my responsibilities.

The year ahead will bring further challenges. Energy costs, interest rates, and regional developments remain uncertain. Our response will be disciplined and focused: protecting the margins we have rebuilt, reducing borrowing, making fuller use of our existing capacity, and continuing to earn our position as Pakistan’s preferred packaging partner.

To our customers, suppliers, and bankers, thank you for your partnership throughout a challenging year. To our Board, thank you for your guidance and support. And to you, our shareholders, thank you for your continued trust and patience. We remain committed to rewarding that confidence through sustained performance and long-term value creation.

Tayyab Aijaz
Chief Executive Officer