Byline: Khalil Ahmed
PAGE: Tell me something about yourself and your organization, please
Naim Anwar: I am associated with Crescent Star Insurance Ltd as Managing Director and CEO. CSIL is one of the oldest insurance companies of Pakistan (1957), with a paid up capital of PKR.1.07 billion, and asset base of PKR.1.2 billion. Under the parent company CSIL, we have food franchise managed and run by CSIL subsidiary Crescent Star Foods (Pvt) Ltd.
CSF is currently awaiting approval of the Sindh High Court for its petition of merger with and into PICIC Insurance Ltd. Subject to the approval of the honorable court the surviving entity PICIC will surrender its insurance license and become an FMCG company to cater all the food brands that the group manages.
I have been associated with insurance industry for 24 years out of my overall carrier of more than 35 years working in senor positions, with Adamjee Insurance Ltd as Executive Director and PICIC Insurance as Deputy Managing Director before joining CSIL in 2013.
PAGE: Your views on the ready-to-cook food and fast food sector in Pakistan
Naim Anwar: Pakistan is a country with 220 million population with two-third of its population between 19 and 30 years. Considering this reality, the food stores currently operating in Pakistan have a vast scope of expansion over the near future. The ready-to-cook food and fast food are becoming the need of the time by virtue of the changed environment that the society is going through with the changed working patterns by both genders. The recent economic issues being faced by Pakistan are no doubt a matter of concern and there is an urgent need to look into the serious concerns that the sector is going through with relation to spending power shrinking instead of growing.
PAGE: Could you tell us about the input cost of the fast food sector and the bottom line in general?
Naim Anwar: The food sector has recently been put under severe pressures due to unprecedented and massive devaluation of the currency, putting imported support from brands for signature items an impossible process of import pricing...