FORWARD LOOKING STATEMENT
In a challenging environment faced by the fertilizer industry in Pakistan, value creation over different time horizons entails efficient capital management to offer sustained returns to stakeholders. We are focused to make effective use of our available stocks of capitals, reduce impairment, and enhance our capital stocks through management of our operations and increase value creation ability of our company. The goals defined last year have helped us to chalk out strategies to efficiently manage our impacts in material sustainability areas and we are confident to meet the defined targets.
Economic stability is essential to provide returns to stakeholders and plays an effective role for sustainable development. Pricing pressure on account of fixed price, higher costs absorption, higher taxation regime for imported fertilizer, decreasing gas pressure, low agricultural products prices globally, along with changing climate affecting crops production patterns and output will be major challenges for our growth in the near future. However, with the expected increase in global fertilizer prices along with demand, we are confident to achieve our future targets. Moreover, we are also exploring options for alternative resources for raw material and installing additional gas compressors to keep sustained gas pressure for our plants. The progress at our offshore fertilizer is satisfactory and we are partnering with national and international partners to construct coal-to-energy project from indigenous coal reserves of Thar Coal mines under CPEC project. We are committed to reducing our costs, striving to be more efficient and profitable and pursuing diversification to deliver sustained returns to our shareholder.
Natural capital management entails efficient use of scarce resources, energy, water and decrease in greenhouse gases emissions and waste. In line with our commitment to be socially responsible company, we are committed to managing our environmental footprint through continuous upgrades and investments in cleaner technologies at our plants. We are confident to achieve our environmental goals through efficient management of environmental footprint.
Our workforce is a vital component of our value creation process. It enables us to deliver exceptional results in marketplace. We are committed to having a high quality diversified workforce, managing our human capital through training, providing them productive work environment to create a culture of belonging and encouragement and supporting them with competitive benefits. We commit to abide by all human rights laws, regulations, and voluntary commitments for better human capital management.
To keep tradition of excellence in corporate governance, we aim to continuously embrace best corporate governance practices in addition to compliance with applicable laws/codes to remain transparent and accountable towards our stakeholders. We commit to continue stakeholder engagement on issues of interest to stakeholders and company including engagement for our annual Integrated Sustainability Report.
Better farm productivity and healthy returns are vital to uplift lives of millions of farmers. We are committed to expanding our outreach program for capacity building on efficient farming, introducing/demonstrating new farming techniques, farm mechanization, and balanced fertilizer use, which will result in poverty alleviation and bring socioeconomic stability in the farming community. We envisage plant site communities as companions in our growth and we aim to continue to carry out intervention in defined fields in line with our policy and support socio economic development around plant sites as well as for larger society.