Expansion project completed

KARACHI: Tariq Glass Industries, a leading glass manufacturer of the country, has completed its new state-of-the-art Opal glass dinnerware project with a capacity of 35 tons/day, a bourse filing said.

The company’s scrip surged 1.5 percent at the bourse, as it has lit up the furnace of the new project to start manufacturing on Wednesday.

According to the company’s annual report, competition in the tableware and float glass market was tough, as the major players had invested on channel partners and influencers by offering higher discounts and lucrative promotional schemes.

“Tarig Glass will capture the market by promoting sales of its products, increasing range of products and new value-added products of Opal glass dinnerware. The focus will also be on the introduction of fresh promotional schemes to engage the trade channels in order to support volumetric sales,” the report added.

For the quarter ended September 30, 2017, Tariq Glass posted a net profit of Rs248 million.

Developmental spending, CPEC projects and election year are expected to boost construction activity and resultantly create healthy demand for float glass.

The company’s quarterly report suggests local demand for glass both float and tableware will grow, but exports may remain at the same level. However, price of tableware products may oscillate in ranges, as it is expected that the local market will be oversupplied with inferior quality and low-priced articles of domestic produce.