Transmission of Annual Report for the Year Ended

I am honored to address our valued shareholders, partners and employees as we reflect on yet another year of significant accomplishments and resilience at Citi Pharma Limited. The financial year 2024 was defined by a challenging global and domestic landscape, marked by geopolitical instability, persistent economic turbulence and political uncertainty in Pakistan. Despite these obstacles, I am proud to report that Citi Pharma Limited has once again demonstrated its ability to navigate through adversity and deliver commendable results across all business segments.

During the year under review, the pharmaceutical industry faced intense pressure due to supply chain disruptions,inflationaryimpactandcurrencyvolatility. Yet, our team remained steadfast in executing our strategic initiatives, enhancing operational efficiencies and ensuring that we continue to deliver high-quality products to our customers. Through disciplined financial management and an unwavering focus on our core business, we were able to maintain stability and achieve sustainable growth.

As we move forward, we remain keenly aware of the economic headwinds that continue to challenge Pakistan's macroeconomic environment. Fiscal stabilization and economic recovery remain at the forefront of the national agenda and these factors will undoubtedly shape the year ahead. However, Citi Pharma is poised to confront these challenges head- on, backed by a robust strategic plan that includes key investments in both forward and backward integration. Our goal is to enhance our production capabilities while minimizing dependencies on external suppliers.

We are also excited about the progress we are making toward establishing a state-of-the-art healthcare facility, featuring a 200-bed hospital alongside a research-driven medical science teaching university. These projects are not only part of our broader vision to expand our business footprint but also to

contribute to Pakistan's healthcare and education sectors by fostering innovation and training the next generation of

medical professionals.

At the core of our success is our commitment to safeguarding the interests of our stakeholders. We recognize the trust our investors, partners and employees' places in us and we take seriously our responsibility to generate sustainable returns while upholding the highest standards of corporate governance and risk management. Our focus on capital preservation, coupled with a strong emphasis on ethical business practices, continues to drive our efforts to enhance shareholder value.

Looking ahead, we are determined to build on the momentum we have gained. The recognition we have received, both locally and globally, serves as a testament to the strength of our vision and the dedication of our team. Together, we will continue to innovate, grow and deliver on our commitments, ensuring Citi Pharma Limited remains a leader in the pharmaceutical industry while contributing positively to Pakistan's economic and social development.

I extend my heartfelt gratitude to all our stakeholders including shareholders and customers, for their steadfast trust and support during these trying times. Together, let us seize the opportunities that lie ahead and strive for another successful chapter in our journey.

Rizwan Ahmad

Chief Executive

Date: October 01, 2024

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Annual Report 2024

Mr. Nadeem Amjad

Chairman

Mr. Amjad is also an early age entrepreneur with over 3 decades of profession business experience. Early on in his career, he has remained involved with trading businesses, dealing in Jewelry, Computer Micro-chips & Hardware, Telecommunications business.

He is a well-organized entrepreneur with an impeccable reputation of successful business ventures across the far east, middle east and Pakistan. He was the person behind the growth of the family businesses into various fields as well as geographies. He expanded the family business into the Hong Kong Real Estate business as well as hospitality.

He holds an MBA from University of London.

Mr. Rizwan Ahmad

CEO

Mr. Rizwan Sheikh is the Chief Executive Officer of the Company. He is widely recognized as one of the leading thought leaders,

entrepreneurs and Chief Executives in Pakistan's pharma sector.

Mr. Sheikh entered into the world of business at an early age, when he joined the family

telecommunications business under the name of Citi Phones (Pvt.) Limited. He gained considerable success as he graduated the business from a retailer to an importer. Later on, he joined the family business in Hong Kong and ventured into telecommunications, real estate, hospitality (restaurants) and pharma (API) trading. In 2007, Mr. Sheikh established a mobile phone manufacturing plant in Chinese province of Shenzhen and set up a trading company, "Discover Wireless" in Dubai, UAE. Since 2012, he has been spearheading CPHL successfully, transforming the Company from a loss-making entity to a profitable one.

Mr. Rizwan holds an LLB (Bachelors of Law) from University of Punjab. After completing his bachelors, he studied law further from the University Law College.

Until recently, he was a Member Board of Management, Pakistan Drugs Testing and Research Center (a Government of Punjab undertaking), which is an independent contract research organization carrying out drugs' testing and bioavailability/ bioequivalence (BA/BE) studies and providing clinical, analytical and bio analytical chemistry services. He was also a member of the Expert Panel (Ministry of Health, Pakistan) for inspection of bioequivalence centers.

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Annual Report 2024

Mr. Abdul Jaleel Sheikh

Independent Director

Mr. Shaikh has been associated with Pak Brunei since inception and is currently serving as the Chief Risk Officer. Mr. Shaikh carries with him over four decades of diversified professional work experience in Project Management & Civil Engineering, Corporate and Project Finance, Project Monitoring, Special Asset Management, Credit and General Administration. Mr. Shaikh worked as a civil engineer for ten years in Saudi Arabia before joining Saudi Pak Industrial

• Agricultural Investment Company. He remained with Saudi Pak for over twenty years and was a key member of the senior management team involved in all strategic business decisions. He represented Saudi Pak on the boards of various manufacturing and service sector companies, many of which were newly established companies and subsidiaries. Amongst other, these included Saudi Pak Commercial Bank, Saudi Pak Insurance Company, Fecto Cement Co. Ltd., and First General Modaraba Services (Pvt) Limited. Currently, he represents Pak
  Brunei as nominee director for Primus
  Leasing Limited, Awwal Corporate Restructuring Company limited and Awwal Modaraba Management Limited. He is also an independent director on the Boards of Nimir Industrial Chemicals Limited, Citi Pharma Limited and Yaqeen Developers Private Limited. M.r Shaikh brings an in-depth knowledge of markets and detailed understanding of systems for efficient operations. He is a key member of all management committees driving operational and strategic direction of the Company.

Ms. Farzin Khan

Independent Director

Ms. Farzin is presently serving as National Programme Manager - Anti Corruption/AML/CFT at United Nations Office on Drugs & Crime (UNODC) Pakistan. Previously, she has served as Deputy Chief of Project for USAID's Financial Market Development (FMD) Project. In her recent roles with leading donors in the development sector, she has handled extensive support portfolios at national level for various regulatory and financial institutions and gained extensive experience of Financial Oversight & Regulation, Compliance

& Corporate Governance, Stakeholder Communications & Advocacy, Project Management & AML/CFT Compliance mechanisms.

Ms. Farzin has twelve years of local and regional experience across legal & regulatory enforcement agencies, regional governmental bodies and donor sectors. She has served for ten years as the Deputy Secretary General of the South Asian Federation of Exchanges (SAFE)- an industry association comprising of 24 securities market institutions from South Asia as well as from Mauritius and UAE. In her earlier assignments, Ms. Farzin worked in a number of national level regulatory institutions such as the Competition Commission of Pakistan (CCP) as well as the Securities and Exchange Commission (SECP).

In recent years Ms. Farzin has worked on a number of corporate governance assignments and successfully graduated as a Certified Director from the Lahore University of Management Sciences (LUMS) as per SECP approved program. She speaks regularly at seminars and events at regional and national level on her areas of expertise as well as growing role of Women in financial world.

Ms. Farzin has an extensive educational and training background. She holds an MBA in Finance as well as a Masters in Financial Management from the University of Bedfordshire Business School, United Kingdom, besides having attended many other career development programs, seminars and conferences. She also has the distinction of being an IVLP Scholar under the United States funded Program on Financial Reforms. Alongside her professional accomplishments, she is happily married for sixteen years and has a thirteen years old son. In her own words, she greatly values wok life balance and promotes organizational commitment for promoting gender equality and an enabling rather encouraging environment for female professionals.

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Mrs. Saira Aslam

Non-Executive Director

Mrs. Saira Aslam is an Bsc from Lahore Garrison College and is associated with CPHL as a Director. She actively participates in the philanthropy in the city of Lahore and is considered to be one of the active philanthropists in the city.

Dr. Zameer Ul Hassan

Director

Dr. Shah is an experienced pharmaceutical sector professional with over 2 decades of experience in leading local and MNC companies. He is currently working as Director Operations of CPHL and is in charge of all production related matters. Prior to joining CPHL in 2002, Dr. Shah was involved with leading pharma sector players such as Global Pharmaceuticals (Pvt.) Limited, Caraway Pharmaceuticals, Cirin Pharmaceuticals Pvt. Limited, Merck Marker in Pakistan. He has also worked internationally with Tabuk Pharmaceutical Manufacturing Company â€" Riyadh, Saudi Arabia and Shifa Jeddah Polyclinics.

Throughout his career, he has been involved with the production of various penicillin, cephalosporin and psychotropic medicines.

He has completed his Master of Philosophy in Pharmaceutics from Gomal University (D.I. Khan). During his M. Phil, his thesis was on Bioequivalence Study of 400mg dispersible tablets (deferasirox) in comparison to Asurna 400 mg dispersible tablets by a leading MNC.

Mr. Muhammad Naeem

Non-Executive Director

He has more than 25 years of experience in retail sector, covering mostly electronic items and mobile phones. He serves as the Director of Citi Pharma Limited.

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Annual Report 2024