Committed to invest
Hussain Dawood
Chairman
Dear Shareholders,
On behalf of the Board of Directors, it is our privilege to present to you the Annual Report of Dawood Hercules Corporation Limited for the year ended 31st December 2021. The year 2021 served as a year of recovery for the world and its citizens as we all adapted to the ‘new normal.’ Resurgence of economic activity and effective healthcare provided much respite to the nation, enabling us to reorganise ourselves to navigate uncertainty to the best of our abilities. During this period, our commitment to serve Pakistan has remained strong; we are humbled to report that more than half of DH Corp’s contribution to the HD Pledge of PKR 1 billion for COVID relief efforts has been allocated and we are eager to deploy the remainder as we step into 2022. Through these uncertain times, we would like to express our gratitude to our Shareholders for your continued trust in DH Corp. Your confidence in us as stewards of your capital has fueled our passion and enabled us to focus on sustainable value creation. As an investment company that is dedicated to the transition to the future economy, we would like to emphasise that we remain committed to the creation of wealth in value-driven companies, of which a major driver will be the integration of technology and new ways of working. In order to deliver on this purpose, the Board of DH Corp has reaffirmed the company’s investment goals with adherence to principles of capital discipline and productivity, based on our responsibility to Shareholders. In line with this focus, efforts have been made to build capability in and around the organisation which we believe will enable DH Corp to deliver on its investing objectives. Among others, these measures include a stewardship team that advises on the investment mandate and the development of our people. We are grateful to Inam ur Rahman for his leadership of DH Corp since 2016 and we would like to appreciate his five-year tenure as Chief Executive Officer which has been marked by significant accolades, especially the consistent achievement of annual targets set for the company by the Board. The new Chief Executive Officer of DH Corp is Mohammad Shamoon Chaudry, an exceptional leader from within the company with a proven track record of portfolio management. The Board has faith in his ability to deliver on the investment mandate of DH Corp and wishes him all the very best in this new assignment. We are also particularly grateful to Shahzada Dawood for his stewardship of DH Corp over the past several years in his capacity as Vice Chairman. Shahzada has been the driving force behind the transition to the future economy. He has personally led the learning journey for the company by supporting a culture founded on curiosity and entrepreneurship with human development as the ideology based on developing character and good manners. We wish Inam and Shahzada all the very best as they assume their respective positions of responsibility as part of Engro Corporation. Our investments in Engro Corporation have yielded good results this year as the conglomerate deepens its resolve to address meaningful problems; we would like to congratulate the President and office of the vice chairman CEO, Ghias Khan, his team and all employees of Engro for their outstanding efforts that have gone into sustaining such a performance for the organisation. We would also like to acknowledge the achievement of the Dawood Foundation for their launch of Pakistan’s first contemporary and interactive science museum, The Magnifiscience Center, under the untiring leadership of Sabrina Dawood. Initiatives like these are critical investments in long-term capability building which is a cornerstone of our people philosophy. Capability building will also be a major driver of value creation for DH Corp as we acknowledge the changing demands of leadership, especially in light of our commitment to capital discipline. The Board of Directors is aligned with building strength in investing and rigour among our teams which facilitates them in focusing on investment mandates. We are pleased to share that our directors are well-placed to guide the management on this development journey given the decades of investment expertise over their respective careers. The consistent support of all our stakeholders, especially our people, shareholders, customers, partners, service providers, the government and regulators is most appreciated. The past year has been an eye-opener on the need for action and we are committed to building on what has already been achieved by participating in more meaningful partnerships, engagements, and investments so that we may endeavour to contribute in the creation of a more peaceful, prosperous and sustainable world.Sincerely,
| Hussain Dawood | Abdul Samad Dawood |
| Chairman | Vice Chairman |
Governance
Board of Directors
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Hussain Dawood
Chairman
Governance
Hussain Dawood
Chairman
Mr. Hussain Dawood serves as the Chairman of the Board of Dawood Hercules Corporation. As an entrepreneur, businessman, and philanthropist he has driven the Group and its investments since 2002 into new fields of business and achieved new levels of growth in revenues. His vision is to make contributions to sectors that are drivers of the economy and society.
He also serves as the Chairman of Engro Corporation.Committed to human development, Mr. Dawood is the Co-Chair of the Board of Trustees for The Dawood Foundation (TDF). Established in 1962, TDF focuses on creating collective change by building interactive spaces for formal and informal learning. He is the Founder and Chairman of the Board of Governors of Karachi School of Business and Leadership, a graduate management school focused on developing effective leaders.
Mr. Dawood also acts as Chairman of the Board of Directors of The Karachi Education Initiative and is a member of the Board of Governors at the Islamabad Policy Research Institute.
Mr. Dawood has been leading the Group’s engagement with the World Economic Forum since 1992. He holds an MBA from the Kellogg School of Management, Northwestern University, USA, and is a graduate in Metallurgy from Sheffield University, UK.
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Abdul Samad Dawood
Vice Chairman
Governance
Abdul Samad Dawood
Vice Chairman
Mr. Abdul Samad Dawood is the Vice Chairman of the Board of Dawood Hercules Corporation: a key investment company of the Dawood Group that deploys capital in money markets and public equities, and the holding company of Engro Corporation. From 2018-2021, he served as Vice Chairman of the Board of Engro Corp, and now chairs its Board Finance and Investments Committee (BFIC).
Mr. Abdul Samad Dawood’s experience of management and governance spans over 20 years with a special interest in mergers and acquisitions. He has led M&A deals of over US$4 billion, including Dawood Hercules Corporation’s acquisition of HUBCO from National Power International Holdings B.V. in 2012 and the sale of DH Fertilizers to Fatima Fertilizer Company Ltd in 2015. He was also given the responsibility to lead the merger of Engro Foods (a subsidiary of Engro Corporation) into global dairy giant Royal FrieslandCampina N.V. based on the convergence of their values, goals, and abilities to address Pakistan’s nutritional challenges; he has since served as the Chair of the Board of FrieslandCampina Engro Pakistan. These efforts are a culmination of the values advocated by the Chairman, Mr. Hussain Dawood, who believes a strong code of values builds the foundation for effective problem-solving and human prosperity.
Mr. Abdul Samad Dawood is also an active director on the Board of Pakistan Business Council (PBC), a pan-industry advocacy group that promotes easing of barriers to enable Pakistani businesses to compete in regional and global arenas. His corporate governance journey spans various sectors in line with his interests; he is the Chairman of Cyan and a Director on the Boards of Dawood Hercules Corporation, Engro Corporation, FrieslandCampina Engro Pakistan, The Dawood Foundation, Khaadi Corporation (Pvt), KSBL, Karachi Education Initiative, Dawood Corporation (Pvt), Dawood Investments (Pvt), Dawood Lawrencepur, Reon Energy (Pvt), PBC, and Endeavour Pakistan. He has previously served as Chief Executive Officer for DH Corp and Cyan, and is an active member of the Young Presidents Organization.
Mr. Abdul Samad Dawood also has a keen interest in music and plays the piano and guitar. He is a graduate in Economics from University College London, UK and a certified director of corporate governance from the Pakistan Institute of Corporate Governance.
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Sabrina Dawood
Director
Governance
Sabrina Dawood
Director
Ms. Sabrina Dawood is Vice Chair of the Board of Trustees of The Dawood Foundation (TDF). The Dawood family established TDF in 1961 as a part of its efforts to give back to society through the development of communities with education; to this day, it remains the key philanthropic vehicle of the Group.
Sabrina has a passionate belief in building interactive and inclusive spaces for learning. As a result of her efforts, Dawood Public School (founded in 1983), an institution for primary and secondary education for girls in Karachi, has built a culture that fosters diversity, tolerance, inclusion, and character, while providing education to over 2,500 female students. Sabrina has also led the development of TDF Ghar, a restoration of the 1930s home of Hajiani Hanifa Bai (mother of Group founder Ahmed Dawood) and converted it into a safe space for youth engagement in a manner that preserves Karachi’s heritage and culture. More recently, she has spearheaded the setup of TDF MagnifiScience Center, a first-of-its-kind science museum which promotes science literacy and critical thinking through experiential learning. Since its opening in 2021, TDF MagnifiScience Center has attracted hundreds of thousands of visitors and has received praise from prominent members of society including the President of Pakistan, the diplomatic missions of Spain and France, various government officials, actors, and journalists. These efforts are a culmination of the values advocated by Group Chairman, Hussain Dawood, who believes a strong code of values builds the foundation for effective problem-solving and human prosperity.
Sabrina also has a rich corporate governance journey; in addition to The Dawood Foundation and Dawood Hercules Corporation, she is a Director on the Boards of Dawood Lawrencepur, Engro Corporation, Cyan, Karachi Education Initiative, and Hajiani Hanifabai Memorial Society. She is also a Trustee of Engro Foundation, the philanthropic vehicle for Engro Corporation.
She has a Master’s degree in Medical Anthropology from University College London, and a Bachelor’s degree in Anthropology and Law from London School of Economics.
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Muhammed Amin
Director
Governance
Muhammed Amin
Director
Mr. Muhammed Amin is a Chartered Accountant. He has over 30 years of experience with reputed FMCGs at senior management positions.
He was CEO of Gillette Pakistan Limited till December 2000 and Regional Business Director, Gillette Middle East and Africa from 2001 to 2003. He headed Mondelez Pakistan Limited as CEO for over ten years till 2014. Later, he established Sunridge Foods in 2015 and headed the company until January 2020.
He has served on the Board of Directors of Engro Foods Limited from 2006 to 2016 and Al Shaheer Corporation Limited from 2016 to 2019. He has also been on the Board of Governors of the British Overseas School, Executive Committee of the American Business Council, Management Committee of the Lasbela Chamber of Industry and Executive Committee of the Pakistan Advertisers Society.
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Isfandiyar Shaheen
Director
Governance
Isfandiyar Shaheen
Director
Isfandiyar Shaheen is Founder and CEO at Stablecoin Labs Inc and NetEquity Networks Inc. From 2017 till date his focus has been finding ways to make Internet access affordable for all.
Through NetEquity Networks, Isfandiyar created a partnership with Facebook that involves using a robot to retrofit fiber optic cables on overhead electrical power lines.
Prior to setting up NetEquity Networks Isfandiyar served on the boards of Engro Corporation, Engro Foods and Inbox Business Technologies.
He is a graduate of Franklin and Marshall College and holds a degree in Economics and Mathematics. Isfandiyar lives in San Francisco CA with his wife, two daughters and two dogs.
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Zamin Zaidi
Director
Governance
Zamin Zaidi
Director
Mr. Zamin Zaidi joined the Dawood Group in 2016 and has served on various Boards since. He amassed over 15 years of leadership experience in the pharmaceutical sector where he worked as the Executive Director of Novins International, a leading producer and distributor of essential medicines. Mr. Zaidi has also worked on data storage and management software platforms at EMC Corporation in Boston, USA. He possesses extensive experience in renewable energy, pharmaceuticals, healthcare and technology startups, and has previously served as interim CEO of Engro Enfrashare (Pvt) Ltd.
Mr. Zaidi is a certified director from the Pakistan Institute of Corporate Governance and is currently a member of the Board of Directors of Dawood Hercules Corporation Ltd and Cyan Ltd. He holds a BS in Computer Science from Northeastern University in Boston, MA and his areas of interest include innovation in information technology, business strategy, and entrepreneurship. -
Bilal Ahmed
Director
Governance
Bilal Ahmed
Director
Muhammad Bilal Ahmed became a Director on the Board of Dawood Hercules Corporation in August 2023.
With over 13 years of experience in commercial and financial management, Bilal's professional journey primarily unfolded within the Engro group companies. Presently, he holds the position of Chief Investment Officer at Dawood Investments Limited. Before this, he served as General Manager - Investments at Engro Corporation.
Bilal's accomplishments include guiding significant capital market transactions for Engro, such as facilitating the issuance of Preference Shares and Sukuks for Engro Polymer & Chemicals Limited. He notably led Pakistan's pioneering Islamic debt transaction with the International Finance Corporation (IFC), an achievement recognized as the 'Pakistan Deal of the Year' at the IFN Awards in 2018. His expertise extends to intricate financial instruments like synthetic cross-currency swaps and interest rate swap transactions, which he executed for various Engro group companies.
Bilal holds a BSc (Hons) degree in Mathematics from Lahore University of Management Sciences (LUMS) and a Master's degree in Economics from the University of Cambridge. He is also a designated CFA charterholder. Beyond his professional roles, Bilal is an active member of the Board of Trustees for the Oxford & Cambridge Society, Karachi Educational Trust (OCSKET), and has previously contributed as Visiting Faculty at the Institute of Business Administration (IBA), Karachi.
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Mohammad Shamoon Chaudry
Chief Executive Officer
Governance
Mohammad Shamoon Chaudry
Chief Executive Officer
Mohammad Shamoon Chaudry is the Chief Executive Officer of Dawood Hercules Corporation since 1st January 2022. Mr. Chaudry joined the company as the CFO in 2018. He currently serves on the Boards of Dawood Hercules Corporation Limited, Dawood Lawrencepur Limited, Empiric AI (Private) Limited, Inbox Technologies (Private) Limited, and Pebbles (Private) Limited.
Mr. Chaudry has more than 27 years of progressive and diverse experience in the financial sector, including financial control and governance. Mr. Chaudry started his career in investment banking within Corporate Finance and Advisory in Pakistan. He then moved to New York selling listed equities to funds investing in emerging markets. Subsequently, shifting to development finance, helping Small and Medium Enterprises (SMEs). During this time, Mr. Chaudry worked at the government and policy level, industrial sector, and with individual enterprises. He was in the GCC region for twelve years, working primarily in Islamic investments, asset management, and financial control.
Mr.Chaudry has extensive experience managing private equity and real estate investments globally and notable expertise in structuring and developing investment products and asset management. Mr. Chaudry has successfully managed investments in the UK, USA, EU, South East Asia, and GCC region.
Mr. Chaudry was an adjunct faculty at LUMS and has a master’s in Finance from London Business School and an MBA from Lahore University of Management Sciences (LUMS).
Leadership
Meet the Team
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Mohammad Shamoon Chaudry
Chief Executive Officer
Leadership
Mohammad Shamoon Chaudry
Chief Executive Officer
Mohammad Shamoon Chaudry is the Chief Executive Officer of Dawood Hercules Corporation since 1st January 2022. Mr. Chaudry joined the company as the CFO in 2018. He currently serves on the Boards of Dawood Hercules Corporation Limited, Dawood Lawrencepur Limited, Empiric AI (Private) Limited, Inbox Technologies (Private) Limited, and Pebbles (Private) Limited.
Mr. Chaudry has more than 27 years of progressive and diverse experience in the financial sector, including financial control and governance. Mr. Chaudry started his career in investment banking within Corporate Finance and Advisory in Pakistan. He then moved to New York selling listed equities to funds investing in emerging markets. Subsequently, shifting to development finance, helping Small and Medium Enterprises (SMEs). During this time, Mr. Chaudry worked at the government and policy level, industrial sector, and with individual enterprises. He was in the GCC region for twelve years, working primarily in Islamic investments, asset management, and financial control.
Mr.Chaudry has extensive experience managing private equity and real estate investments globally and notable expertise in structuring and developing investment products and asset management. Mr. Chaudry has successfully managed investments in the UK, USA, EU, South East Asia, and GCC region.
Mr. Chaudry was an adjunct faculty at LUMS and has a master’s in Finance from London Business School and an MBA from Lahore University of Management Sciences (LUMS).
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Kamran Hanif Jangda
Chief Financial Officer
Leadership
Kamran Hanif Jangda
Chief Financial Officer
Kamran Hanif Jangda has been appointed as the Chief Financial Officer on 1st January 2022. Kamran has over 10 years of professional experience as a Chartered Accountant. He joined Dawood Hercules Corporation in 2017 as a Finance Manager; he has since been in various roles, most recent of which have been those of Financial Controller and additional charge of CFO – Inbox Business Technologies Ltd. During this time, he has worked on the accounting policies, finances and governance of the company, and has made meaningful contributions to Inbox’s significant business turnaround. -
Amjad Ali
Head of Internal Audit
Leadership
Amjad Ali
Head of Internal Audit
Amjad Ali is a seasoned audit professional with over 16 years of work experience in the field. Currently working as Head of Internal Audit & Secretary Board Audit Committee (BAC), he is leading the Internal Audit Department at Dawood Hercules Corporation. Mr. Ali has been with the group since June 2010. Helping the management achieving the strategic and operational targets, he also provides assurance to the BAC on adequacy and operational effectiveness of internal controls. Mr. Ali is also working as the driving force for the implementation of the Company’s Code of Conduct and all related policies. He is the focal person for the whistle blowing mechanism. He has also been involved in special engagements. He performed comprehensive internal audit and compliance reviews of organizations like Pakistan International Airlines, Sapphire Textile Mills Ltd, Civil Aviation Authority to name a few in his previous association with PWC Pakistan. He loves to play table tennis for leisure. He likes going through articles relating to leadership, general management and entrepreneurship from HBR and Entrepreneur. He is also fond of watching inspirational movies based on true stories.
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Muhammad Ali Farooq
Head of Information Technology
Leadership
Muhammad Ali Farooq
Head of Information Technology
Muhammad Ali Farooq is an IT Professional with over 15 years of work experience in the IT Field. He is a Microsoft Certified Professional, having many certifications in IT Security Appliances, Switching, Routing, Wireless, IP/PBX, PMP, etc. Currently, Ali Farooq is Heading and leading the Information Technology Department at Dawood Hercules Corporation Limited and also serving the same position at Cyan Limited. Mr. Ali Farooq has been with this Group since August 1996. His overall responsibilities are to oversee the infrastructure of technical and support operations, Domain Management, Mailing and Messaging Administration, Data Storage Service Administration, Managing IT Team, Track Technology to achieve business goals, minimize security risks and increase user satisfaction. His services span across Group associated Companies where he ensures seamless IT Infrastructure, Operations and Support Services. In his spare time, Ali Farooq loves to play cricket for entertainment and is fond of theater. He loves acting and has participated in a multitude of plays organized at Arts Council, Karachi, PACC Karachi, etc. -
Imran Chagani
Company Secretary
Leadership
Imran Chagani
Company Secretary
Imran Chagani is currently the Company Secretary of Dawood Hercules Corporation Limited since August 26, 2022. Mr. Chagani is also the serving secretary of Dawood Lawrencepur Limited (DLL) and Cyan Limited. Mr. Chagani joined the Group in 2011 as an Assistant Manager Shares of DLL and got promoted to the Company Secretary position in October 2016. Mr. Chagani has since had an experience with company secretarial matters in a publicly listed company such as DLL & its subsidiaries. Prior to joining the Group, Mr. Chagani worked for ORIX Investment Bank (Pakistan) Limited and ORIX Leasing (Pakistan) Limited.
Tech Space
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Imran Sayeed
Advisor
Tech Space
Imran Sayeed
Advisor
Imran Sayeed joined the Board of Dawood Hercules Corporation in April 2018. He is part of the Entrepreneurship and Innovation faculty at the MIT Sloan School of Management. Working with the MIT’s Entrepreneurship Center, he has started and established entrepreneurial ecosystems in Central America and South Asia. Imran is the co-founder of Teach the World Foundation, a global literacy non-profit that is using technology to radically transform how children across the world learn to read, write and do math. He is also the founding global President of OPEN, the largest Pakistani entrepreneurship and leadership organisation in the world. Previously, Imran started and headed the Digital practice for NTT Data. He came to NTT through its acquisition of Keane, where he led a 7,000-person technology consulting organisation. Prior to Keane, he was an entrepreneur for 13 years, having founded 2 successful software product and services companies including, Open Environment (grown to IPO), and later NetNumina (sold to Keane in 2005). He holds a patent on internet security technology that he jointly developed with Citibank. He was named by Computer World as one of the Premier 100 IT Leaders for 2013. In governance roles in Pakistan, he currently serves on the Board of Inbox Business Technologies Private Ltd., Karachi Education Initiative, Engro Infiniti Private Ltd. and Teach the World Foundation and previously as a Director on the Board of Engro Corporation. Imran attended Brown University for his undergraduate degree in engineering and Harvard University for his post-graduate work in business. -
Idris Kothari
Advisor
Tech Space
Idris Kothari
Advisor
Idris Kothari is an innovative Senior Executive and seasoned serial entrepreneur with more than 30 years of success across the technology, semiconductor, hardware, Blockchain, Cybersecurity software, and mobile application industries. Leveraging extensive experience founding multiple hi-tech startups and conceiving new market-defining technologies, he is a valuable asset for tech companies struggling to find direction or in need of expert guidance in new product development. His broad areas of expertise include software development, startups, international business, cloud computing, product management, venture capital, Agile methodologies, and web services. Throughout his executive career, Idris has held leadership positions at tech companies including Vasona Systems International LLC, Vertical Systems Inc., VPNet Technologies (Avaya), and VIA Technologies, Inc. As Co-Founder of Via Technologies, he helped lead one of the first fabless semiconductor companies. He then co-founded VPNet Technologies, the first company to build Virtual Private Network hardware accelerator systems. Idris holds an MS in Computer Science from the Illinois Institute of Technology, and a BS in Electrical Engineering from NED University of Engineering and Technology in Pakistan. -
Saeed Kazmi
Advisor
Tech Space
Saeed Kazmi
Advisor
Saeed Kazmi is serving as the Chief Executive Officer (CEO) of Vasona Systems International, LLC (VSi), a Silicon Valley-based company he co-founded in 2015. VSi is a global technology consulting company providing a broad range of services and solutions to enterprises worldwide. It offers a digital transformation in cutting-edge technologies including AI, BlockChain, Cybersecurity, and Cloud computing. Saeed is an innovative Senior Executive and seasoned serial entrepreneur with more than 25 years of success across the technology, hospitality, and mobile application industries. Leveraging extensive experience founding multiple hi-tech startups and conceiving new market-defining technologies, he is a valuable asset for tech companies struggling to find direction or in need of expert guidance in growing their market share. His broad areas of expertise include high-tech startups, international business development, hospitality brand partnerships, high power team management, venture capital, and operational organiszation. Saeed holds an undergraduate degree in electrical engineering from NED Engineering University in Karachi, Pakistan, and a master’s engineering degree at Oregon State University (OSU). In 2008, he was named to OSU’s Academy of Distinguished Engineers. -
Mark Thompson
Advisor
Tech Space
Mark Thompson
Advisor
Mark Thompson is an expert on executive leadership, business strategy, and innovation who has spent over 25 years leading teams and building companies from the ground up. He delivers actionable, valuable, and practical advice for leaders at all levels of an organisation. His most recent bestseller ADMIRED is a primer on how the world’s “Most Admired Companies” achieve long-term success and growth as well as the qualities that are common to “Most Admired Leaders”. Mark was Charles Schwab’s former Chief of Staff and Chief Customer Experience Officer, and the Executive Producer of Schwab.com which today has assets of over $3 Trillion. He is a co-founding advisor of Sir Richard Branson’s Entrepreneurship Centres. Mark is a founding advisor of the Stanford Realtime Venture Design Lab and served as a visiting scholar at his alma mater, Stanford University, and adjunct faculty at the World Economic Forum, World Business Forum, and John F. Kennedy University.
Legal Advisor:
M/s. Haidermota & Co.
(Barristers-at-law) :
Auditors:
M/s. A.F. Ferguson & Co.
Chartered Accountants: