Saif Textile Mills Limited (SAIF), a local yarn manufacturer, has installed a 10-megawatt solar power system, a move aimed at cutting energy costs and boosting profitability.
The listed company disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday.
“Saif Textile Mills Limited has successfully installed and commissioned the 10MW solar power project at its mills located at Industrial Estate, Gadoon Amazai, Swabi district, Khyber Pakhtunkhwa,” read the notice.
This initiative forms part of the company’s strategy to enhance energy efficiency, optimise operating costs, and promote sustainable operations, read the notice.
“The solar power installation is expected to reduce the company’s reliance on grid electricity and partially insulate it from escalating energy tariffs, resulting in a positive impact on the cost of production and, consequently, on operating margins over time,” it added.
Last year, SAIF inked a contract with SkyElectric (Private) Limited for the supply and installation of a 10MW solar power system
“The company remains focused on undertaking prudent measures aimed at improving operational performance and enhancing long-term shareholder value. The project also reflects the company’s commitment to environmentally sustainable practices through the reduction of its carbon footprint.”
Saif Textile Mills Limited is a Public Limited Company incorporated in Pakistan on December 24, 1989, under the Companies Ordinance,1984 (now the Companies Act, 2017). The company is principally engaged in the manufacture and sale of yarn.
There has been a growing shift towards alternative energy sources in Pakistan, especially solar, which has become increasingly popular among residential and commercial sectors.
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