Dear Valued Shareholders, Ladies & Gentlemen,

As we close the financial year 2023-2024, I am pleased to share an overview of our company's performance and strategic direction amidst the dynamic and challenging global environment.

The global landscape during this financial year has been characterized by a blend of recovery, volatility, and uncertainty. While the world has moved beyond the immediate crisis of the pandemic, its ripple effects continue to influence the global economy. Geopolitical tensions, especially in key regions, trade disruptions, and an uneven recovery in different parts of the world, have all presented challenges that demanded adaptability, foresight, and resilience from businesses.

The Annual Report containing the Statutory Financial Statements for the year 2023-2024 along with the Directors' Report outlines in detail the quantitative and qualitative achievements attained. An examination would reveal that the operating assets/capacity of output/revenue earnings have increased leading to the significant augmentation in Turnover, Gross profits, Profit from Operations, Net Profit (After Tax), Earning Per Share (EPS), Net Asset Value (NAV) etc. both on standalone and consolidated positions.

Ladies and Gentlemen, considering the current global crises, I would like to express word of hope based on some statistics from different sources. QSTML is engaged in dyeing of different types of yarn to the 100% export-oriented sweater industry as deemed exporter. Yes, we will be cautious while making any investment decisions and try our best to safeguard in every possible way so that the company and its shareholders remain protected. As Bangladesh is becoming a key sweater sourcing hub, this helps to keep our eyes open and enlighten ourselves to take brave decision to lead the future. Bangladesh is turning into a major sourcing hub for sweaters for international clothing retailers and brands as work orders are shifting from china and global fashion trends are changing. Nowadays, Chinese manufacturers are less competitive in making sweaters because of the uncertainty of political situation threatening the importer may need to pay higher duty.

As a result, exports of the item are rising from Bangladesh, the world's second-largest garment supplier after China. Earning from sweater exports reached $11.61 billion in the fiscal year of 2023-2024. Based on these data we can forecast that sweater emerges as next big bet in Bangladesh as China exit the markets.

While on the subject of an overview analysis of the world's existing political order, which is likely to continue, it is a matter of high concern that the prices of supply of utilities like electricity, gas, fuel, etc. rises and supply channel break-down impact badly in production. However, Government policies provide some preference in the supply of utilities for the Export Processing Zone. QSTML is operating its business in DEPZ, and the production has not yet been hampered for a single moment.

As I would like to conclude my observations, I would thank you all for staying with the company as it grows and glows.

With best wishes for a bright and safe life.

Warm regards,

Wong Jammy Kwok Chan
Managing Director