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% |
| -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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