Waves Home Appliances Limited has resumed assembly and nationwide commercial sales of its air conditioner product range, marking the revival of a key business segment that had been suspended due to import restrictions and economic challenges in recent years.
In a notice sent to the Pakistan Stock Exchange (PSX) on Monday, the company said it had successfully restarted assembly operations and commercial distribution of its air conditioner products across the country.
The company said production and sales of air conditioners were temporarily suspended after nationwide import restrictions were imposed in 2022, coupled with macroeconomic pressures and monetary tightening measures, which placed significant strain on working capital. During that period, the company continued operating only selected product lines, including its flagship deep freezers and refrigerators.
Waves said improvements in its financial position, along with the realignment of financial resources and supply chain arrangements, had enabled the company to secure larger volumes of imported materials and reactivate its relationship with a leading Chinese supplier of air conditioner kits.
The first shipment of 5,000 completely knocked down (CKD) air conditioner kits has already arrived, allowing the company to resume assembly of both T3 and T1 models in various capacities. Distribution to the nationwide dealer network has commenced, with the company reporting encouraging market acceptance of the products.
The company said revenue from the air conditioner segment would begin contributing to earnings from the current quarter and is expected to support overall profitability. It added that the restart of the business is also expected to facilitate the revival of other product lines, including washing machines, microwave ovens, and water dispensers.