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

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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