Matco Foods to further invest up to Rs 50 million in Barentz Pakistan

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MG News | September 10, 2020 at 03:20 PM GMT+05:00

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September 10, 2020 (MLN): The Board of Directors of Matco Foods Limited has decided to further invest up to Rs. 50,000,000 in Barentz Pakistan (Private) Limited, an associated company in order to meet its working capital requirements/operational expenses.

For the purpose of giving effect to the above investment, the Company’s CEO, Mr. Khalid Sarfaraz Ghori or Company’s Director Mr. Faizan Ali Ghori or Company Secretary Mr. Danish Ahmed have been empowered and authorized to do all acts, matters, deeds and things, take any or all necessary actions.

The Board also announced the financial results for the year ended June 30, 2020, which showed earnings of Rs. 139.4 million (EPS: 1.14) i.e. 66.2% lower as compared to the last year.

Moreover, a Final Cash Dividend of Rs. 0.45 per share i.e. 4.5% was announced during the year.

While there was a substantial rise of 43.5% in revenue, the profits still took a hit owing to a 91% decline in exchange income, 47% decline in other income, and 85% increase in income tax expense.

Consolidated Financial Results for the year ended June 30, 2020 (Rupees)
  June-20 June-19 % Change
Revenue - net 11,296,930,227 7,870,367,253 43.50%
Cost of sales -10,273,971,964 -6,948,543,163 47.90%
Gross profit 1,022,958,263 921,824,090 11.00%
Selling and distribution expense -218,475,909 -164,659,650 32.70%
Administrative expense -273,160,683 -244,865,613 11.60%
Impairment loss on financial assets
  -6103372  
Finance cost -350,646,282 -275,840,060 27.10%
Other income 56,513,137 106,655,675 -47.00%
Share of loss from associated company -5,852,147    
Exchange gain - net 14,015,389 152,934,910 -90.80%
Provision for worker's welfare fund -7,113,214 -7,270,451 -2.20%
Provision for worker's profit participation fund -12,218,347 -23,388,267 -47.80%
Profit before tax 226,020,207 459,287,262 -50.80%
Income tax expense -86,580,493 -46,658,608 85.60%
Profit for the year 139,439,714 412,628,654 -66.20%
Earnings per share 1.14 3.37 -66.20%

 

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