Nishat Mills Limited (NML), a leading company under the Nishat Group, has announced plans to establish a private limited company in the United Kingdom. The Board of Directors approved this move, which will be carried out through NML’s wholly-owned subsidiary, Nishat International FZE, based in the United Arab Emirates (UAE). The establishment is contingent upon receiving all necessary regulatory approvals and adhering to applicable laws.
The announcement was made in a notice to the Pakistan Stock Exchange (PSX) on Monday.
Founded in 1951, Nishat Mills Limited is one of Pakistan’s largest vertically integrated textile companies, involved in spinning, weaving, printing, dyeing, bleaching, and apparel production. NML also engages in yarn and linen production, as well as electricity generation and supply.
Recent financial results revealed a 51.98% drop in profit after tax to Rs5.35 billion for the 9MFY24, attributed to rising finance costs and increased taxation. The company cited global economic slowdown, high energy costs, and increased financing expenses as factors impacting its performance and future outlook.
