KARACHI: Gul Ahmed Textile Mills Limited is spinning out its retail segment, Ideas, to enable it to be a 100% owned subsidiary.

“Gul Ahmed is aiming for its Initial Public Offering (IPO) between November 2021 and March 2022 depending on the market conditions,” company management said.

Gul Ahmed Textile Mills held its analyst briefing to discuss financial performance and provide its future outlook onwards. The company is a composite unit making everything from cotton yarn to finished products.

The opening of its flagship store – Ideas by Gul Ahmed– marked the group’s entry into the retail business. Starting from Karachi, Gul Ahmed now has an extensive chain of more than 100 retail stores across the country, offering a diverse range of products from home accessories to fashion clothing.

Analysts expect the company’s expansion in all of its major segments to reap profits on a sustainable basis in the future.

As per the management, despite Covid the retail segment has contributed 20 percent towards the revenues mainly attributed to spill-over of orders. The management expects this segment to see higher growth as vaccine has started to rollout

Gul Ahmed has 108 stores spread across 45 cities that resulted in achieving exponential e-commerce sales. The company plans to expand its retail presence by adding 20 new stores this year.

With an installed capacity of more than 51,840 spindles, 300 state-of-the-art weaving machines and most modern yarn dyeing, processing & stitching units, Gul Ahmed is a composite unit – making everything from cotton yarn to finished products. Gul Ahmed has its own captive power plant comprising of gas engines, gas & steam turbines, and backup diesel engines. Believing in playing its role in protecting the environment, Gul Ahmed has also set up a waste water treatment plant to treat 100% of its effluent, bringing it to NEQS levels. www.gulahmed.com