The Minister of State for Ministry of Industries & Production, Mr. Sardar Muhammad Arshad Khan Laghari visited the Head Office of Pakistan Engineering Company Limited (PECO) Lahore. He was cordially received by Mr. Mairaj A. Ariff, Managing Director/CEO alongwith CFO, GM (Audit) and GM (BD) of PECO. The Managing Director of TUSDEC has also received the honourable Minister.
The Managing Director/CEO of PECO with great pleasure give comprehensive presentation to the honourable Minister of State on the affairs of PECO. He was apprised that PECO is playing a vital role in the manufacturing of quality engineering products of international standards and earned solid reputation due to their quality and reliability. The present product range of PECO includes Electric Transmission and Distribution Line Towers (11Kv, 132KV, 220Kv and 500Kv), Telecommunication Towers, Galvanized Steel Structure, Steel Re-rolled products of 40 & 60 grade through 16” and 20” Rolling Mills, Centrifugal Turbines and submersible pumps, Electric Motors (Horizontal and Vertical) and Foundry Products.
The Managing Director/CEO briefed the Minister that during the year 2016-17 PECO net sales was Rs.1,351 million and profit after tax was Rs.55.04 million whereas contribution to National Exchequer during the year was Rs.248.84 million. With the new strategies, PECO managed to increase its market share from 16.11% to 21% since July 2016 to date and during the last four months Company was able to secure 09 tenders of 132Kv and 220Kv alongwith various tenders of 11Kv valuing Rs.910.05 million.
Under the BMR plans, in order to enhance the manufacturing capabilities, the Company has invested Rs.65.87 million and added CNC Machines, Galvanizing Kettle, Test Bed, Coal Gasifiers Plant, Induction furnace and Fork Lifters to its operations. Major up-gradation of Structure Division is being carried out including purchase of new Cranes and Electric Hoists.
The Managing Director/CEO also briefed the strategic operational and financial plans for the year 2017-18 by which the Company will be able to explore new market, arrangements of Joint Ventures (JV) with Foreign Companies, magnify customer base and development of new products.
The Minister of State for Ministry of Industries & Production, Sardar Muhammad Arshad Khan Laghari appreciated the Managing Director/CEO of PECO and his team for their tireless efforts for outstanding performance of the Company during the year.
The honourable Minister of State also expressed his gratitude to the Managing Director/CEO for his due diligence and all the Company’s employees who worked efficiently and delivered outstanding performance in the backdrop of challenging economic and business environment.