- Saturday, April 27, 2024
It reported a pre-tax profit of £420.9 million
By: Pramod Thomas
THE Bestway Group has reported a five per cent increase in revenues to £4.74 billion for the year ended June 2023, a statement said.
The group, founded by Sir Anwar Pervez, OBE H Pk, reported a pre-tax profit of £420.9 million during the period, Lord Zameer Choudrey CBE, group chief executive, announced last Wednesday (20).
The strong performance has been attributed to the group’s agility in responding to fast-changing market conditions and taking necessary measures to reduce the impact of key risks in the business with appropriate policies, the statement added.
Key highlights for the year included the acquisition of Lexon, a pharmaceutical wholesaler serving over 3,000 retail pharmacy customers across the UK and Ireland.
In Pakistan, the group completed the construction of two cement plants. With this, the group’s total cement manufacturing capacity stands at 15.3 million tonnes per annum.
Lord Choudrey said, “The year ending June 2023 has continued to remain an exceptionally volatile environment as the world emerged from the Covid pandemic and came to terms with the macro-economic impact of the Ukraine-Russian conflict including significant global inflation.
“Despite facing these immense challenges and the subsequent turbulence that we have seen across global markets I am pleased that the Group has retained its focus on growth, service and efficiency to support customers during this time and it has shown real resilience enabling the Group to exhibit both growth and stability.
“The results are testament to the agility of our business model which will continue to deliver growth in the year ahead.”
The group’s portfolio includes the UK’s largest independent food wholesaler (Bestway Wholesale) and the UK’s second largest retail pharmacy chain (Well Pharmacy), alongside Pakistan’s largest cement manufacturer (Bestway Cement) and the country’s second largest private bank (United Bank Limited).
The group also holds significant property investment in both the UK and Pakistan.
During the year, the Bestway Group and its various subsidiaries donated more than £2m, covering university endowments in the UK as well as supporting local and national charities such as The Duke of Edinburgh Award, Queen Elizabeth’s Foundation for Disabled People, Barnardo’s and Crimestoppers.
Sir Anwar Pervez, chairman of Bestway Group, said, “The Group has continued on its growth trajectory in 2023 and we are confident that our businesses will continue to gain share within their respective markets during 2024.
“Looking to the future, we aim to continue to grow all of our business organically and also support them in pursuing strategic investments and acquisitions to better serve our customer base. I am confident that the combination of our experienced Board, and long-term growth objectives, puts Bestway on course for a successful future.
“I remain indebted to our fantastic colleagues across all our businesses and their continued efforts. They have all gone above and beyond to ensure the Group grows and that we continue to service the communities we operate in both in the UK and Pakistan.”
During the year, the group and its subsidiaries won a number of accolades, including Bestway Foundation winning The Philanthropy Award at the Asian Business Awards for its philanthropic efforts in the UK and overseas.
Currently, the group employs over 28,000 people and has over 12 million customers. It supports communities through its operations across the UK, Pakistan and the Middle East.
