American media giant Forbes has included two Pakistani companies in its “Asia’s Best Under A Billion 2020” list, which highlights some 200 publicly-listed, small-and medium-scale companies in the Asia-Pacific region with sales under $1 billion.
The two Pakistani firms comprise an information technology company and a textile manufacturer.
According to a statement issued by Forbes , “these companies have track records of exceptional corporate performance, with one Covid-19 caveat: the list is based on full-year data as of July 7 and does not fully reflect the impact from the pandemic-led downturn.”
The IT company, System Limited, recorded sales worth $50 million, with a net income of $11 million, and has a market value of $139 million.
Textile giant Feroze1888 Mill Limited registered sales of $215 million, with a net income of $44 million, and boasts a market value of $189 million.
‘Great believer in entrepreneurship’
Prime Minister Imran Khan’s aide on commerce and investment, Abdul Razak Dawood, lauded both the firms, saying he was “sure” that the “companies will provide impetus to others to achieve similar laurels”.
“It is the only IT sector company from Pakistan which made it to this List,” he said about Systems Limited
“I have always been a great believer in the entrepreneurship of our people,” he added.