Interloop Ltd will set up its sixth hosiery plant in 2023-24, one year ahead of the original plan, because of “increased demand” from global customers. In a regulatory filing with the Pakistan Stock Exchange on Thursday, the company said its fifth hosiery plant recently started production and is currently operating at full capacity. The civil works have a capital outlay of $100 million for the said project. The share price of Interloop Ltd increased 3.87% to Rs76.71 on the stock exchange. Its earnings for the October-December quarter rose 33.2pc to Rs2bn on a year-on-year basis.
The board of Interloop Ltd advised the company management to “work out possibilities of arranging new capital by either bringing in foreign investors or further issuance of shares through a right issue.”
By advancing hosiery plant 6, the company’s profitability will increase substantially, which will help set up other projects as per Interloop’s Vision 2025.
Interloop Limited, launched with 10 knitting machines in 1992, has grown into one of the world’s largest Hosiery manufacturers, a complete vertically integrated company with state of the art Spinning, Yarn Dyeing, Knitting, and Finishing facilities. With over 5,000 latest Italian Knitting Machines, 24,000+ employees, and an organizational network spread over 3 continents, Interloop has the proficiency in working with different materials and making a wide range of products. From scratch to becoming a US$ 300 million company, Interloop produces 700 million pairs of Socks & Tights annually for top international brands & retailers.
The expansion of Interloop indicates the blooming textile sector in the country. The government’s business-friendly policies and special considerations for the textile sector play a vital role in enhancing exports. It is expected that with more orders coming to the country, the textile sector will be a key player in supporting the country’s jolting economy.
