Author: Press Release

In line with its vision for a waste-free future, Nestlé Pakistan has expanded the Clean Gilgit-Baltistan Project (CGBP) to Askole – Zero Point, a remote hamlet located almost 10,000 feet above sea level and the final settlement before the K2 base camp. The initiative will support the collection and recycling of approximately 40,000 kilograms of annual plastic waste from the region.

As part of the expansion, Nestlé Pakistan has donated a compressing and baling machine to the Central Karakoram National Park (CKNP). The machine will enable efficient compression of various types of plastics and paper waste collected in the area, which will then be transported downstream for recycling in collaboration with the Gilgit Baltistan Waste Management Company (GBWMC).

Acknowledging the effort, Raja Nasir, Minister for Planning, Government of Gilgit-Baltistan said,

“We are delighted at Nestlé’s efforts for a waste-free future, in this fragile site Askole, that is close to important glaciers of Baltoro and Biafo, considered to be the gateway to some of world’s highest peaks and the launchpad for mountaineering expeditions.”

Speaking on the occasion, Jason Avanceña, CEO Nestlé Pakistan, said,

“We are accelerating our actions to reduce the environmental impact of various kinds of packaging waste. Our vision is that none of our packaging, including plastics, ends up in landfill nor in oceans, lakes and rivers.”

“Tackling packaging waste requires a collective action of leveraging public private partnerships to find improved solutions to reduce, reuse and recycle,” he added.

Sharing key project milestones, Sheikh Waqar Ahmad, Head of Corporate Affairs & Sustainability, Nestlé Pakistan, said,

“Earlier, as part of the CGBP, Nestlé installed three compressing and baling machines, one each in Gilgit, Hunza and Skardu, along with a sorting machine in collaboration with EPA-GB and GBWMC. In the last five years, these efforts culminated into waste management facilitation of over 6800 tons of plastic packaging in the region, making a positive environmental impact.”

Nestlé Pakistan has previously contributed to regional sustainability by installing 225 benches and over 100 waste bins made from recycled plastic across 16 tourist hotspots in Gilgit, Hunza, Skardu, Shigar, and Kharmang. The company also donated 15,000 reusable bags for distribution among local communities.

Commissioner Baltistan, Kamal Khan, appreciated the expansion of the project to Askole – Zero Point and emphasized the importance of preserving the natural landscape of the region.

“We are thankful that Nestlé is playing a role in promoting a waste-free Gilgit-Baltistan.”

Also present at the occasion were Wali Ullah Fallahi, Deputy Commissioner Shigar, and senior representatives of CKNP and local administration.

This initiative contributes to UN Sustainable Development Goals 12 (Responsible Consumption & Production) and 17 (Partnerships for the Goals), by improving waste management systems and supporting local environmental resilience in one of Pakistan’s most ecologically sensitive regions.

Fauji Fertilizer Company Limited (FFC) has announced its financial result for the first quarter of 2025 ended March 31, 2025 in its Board of Directors meeting held on April 28, 2025.

FFC undertook scheduled maintenance of the manufacturing facilities at Goth Machhi and Port Qasim during the period, while no shut down was carried out last year. Aggregate Urea production stood at 629 thousand tonnes while DAP output was recorded at 168 thousand tonnes. The fertilizer market remained oversupplied in first quarter, driven by weak farm economics and drought, resulting in lower fertilizer sales.  

FFC recorded Urea offtake of 538 thousand tonnes, down 26% year on year, compared to the industry’s decline of 40%. The Company held only 16% of the sector’s closing Urea inventory of ~825 thousand tonnes, reflecting strong marketing efforts, consequently Urea market share improved to 49% from 45% of last year. In the DAP segment, sales of manufactured and imported products stood at 88 thousand tonnes, dominating the DAP market leadership with a share of 63%.

Profitability of the merged entity stood at PKR 13.3 billion, compared to PKR 10.5 billion last year, reflecting a 27% increase. The Company also earned other income of PKR 7.4 billion which includes dividend of PKR 2.8 billion received from Askari Bank Limited. Earnings per share (EPS) of PKR 9.3 was recorded, up from PKR 8.3 per share from last year.  

On a consolidated basis, FFC recorded a PAT of Rs. 17.6 billion, reflecting a 39% increase over the same period last year, primarily driven by strong performance from FFC’s standalone operations, supplemented by contributions from subsidiaries and associated companies.

Earnings per share (EPS) of PKR 9.3 was recorded, up from PKR 8.3 per share from last year. Board of Directors is pleased to announce the first interim dividend of 70% (Rs 7.00 per share) for the period.

Seasoned banker, Zia Ijaz has joined Askari Bank Limited as the President & Chief Executive Officer (CEO) after his appointment by the Board of Directors (BOD).

Zia brings over three decades of extensive banking experience, having held senior leadership roles across major financial institutions. Prior to joining Askari Bank, he served at United Bank Limited (UBL) for 10 years, holding key positions including Deputy CEO, SEVP/Group Executive – Branch Banking, Group Executive – International Banking, Board Member of UBL UK, and Chairman of UBL Insurers Limited.

Before UBL, Zia worked at Allied Bank Limited (ABL) for 12 years, where he held positions such as Chief Financial Officer (CFO), Group Chief of Commercial & Retail Banking, and Group Chief of Operations. Additionally, he has served as Financial Controller at Riyad Bank, Saudi Arabia.

A Chartered Accountant by profession, Zia’s career began at Askari Bank, where he was a part of the pioneering team and later served as Chief Financial Officer (CFO) until 1999. His return marks a significant leadership transition, reinforcing Askari Bank’s commitment to growth, innovation, and excellence in banking services.

The Board of Directors extends its appreciation to Saleem Anwar, who made significant contributions as Acting President & CEO over the past seven months. About Askari Bank

Incorporated in 1991, Askari Bank Limited is one of Pakistan’s leading financial institutions, offering a comprehensive range of banking products and services across retail, corporate, SME, and Islamic banking. With a network of 719 branches and 806 ATMs nationwide, as well as an international presence in Bahrain and China, Askari Bank continues to drive financial inclusion, digital innovation, and sustainable growth. The Bank is AA+ (long-term) and A1+ (short-term) rated, reflecting its strong financial standing and commitment to excellence.

One Homes

One Homes, a leading British real estate developer with a portfolio worth over $435 million in Pakistan, is addressing a critical gap in the nation’s housing sector

With 22.6 million urban students in need of modern, secure accommodation, the country lacks Purpose-Built Student Accommodation (PBSA). The sector, valued at over $30 billion annually, presents a significant investment opportunity.

In response, One Homes has acquired a strategically located plot of land in Lahore’s higher education district, surrounded by over a dozen universities and 100,000 students within a three-mile radius. This marks the launch of Pakistan’s first-ever purpose-built student community.

The initial phase of this groundbreaking project focuses on creating secure and inclusive housing for female students—a demographic that disproportionately faces challenges in accessing adequate living spaces. Future phases will expand the offering to serve a wider audience of young urban residents.

“This is a deeply meaningful initiative for us,” said Aqib Hassan, Chief Commercial Officer of One Homes. “Our goal is to create more than just housing; we aim to empower Pakistan’s youth, particularly young women, by providing safe and supportive environments that enable them to reach their full potential.”

Pakistan’s urbanisation rate, currently at 3% annually, coupled with rising university enrollments, has created an urgent demand for quality housing. A staggering 64% of urban residents aged 18–30 lack access to purpose-built accommodation, with most relying on inadequate private rentals.

Female students face additional barriers, including safety concerns and limited mobility, which often hinder their access to top universities or career opportunities. One Homes’ innovative development seeks to address these issues head-on, introducing a scalable, impact-driven solution to the housing crisis.

Globally, Purpose-Built Student Accommodation (PBSA) has demonstrated its value as a stable and profitable asset class. The UK’s PBSA market, worth $110 billion, consistently achieves occupancy rates of over 90%. With a $30 billion market, Pakistan offers untapped potential for investors seeking to combine financial returns with meaningful social impact.

Hassan commented, “This development is more than an investment—it’s a long-term commitment to reshaping the housing landscape for Pakistan’s youth. Our team is working tirelessly to bring in the best global expertise to ensure the project meets international standards.”

One Homes, part of One Group, has built a reputation for creating world-class real estate developments in Pakistan. From One Canal Road, Lahore’s premier residential address, to Amaya Residences in Islamabad, the group has consistently set new benchmarks for quality and innovation.

Founded by visionary entrepreneur Zeeshaan Shah, One Homes continues to lead the way in transformative real estate solutions that combine profitability with purpose.