TOMC witnesses 22% growth in profit during FY20

12:41
September 24, 2020
MG

September 24, 2020 (MLN): The Organic Meat Company (TOMC) on Thursday announced financial results for the year ended June 30, 2020, which showed earnings of Rs. 266.3 million (EPS: 3.71) i.e. up by 22% as compared to the profits of last year.

The company saw a 31.3% increase in sales revenue and a 27% increase in the cost of sales, which resulted in a 54.5% growth in gross profits.

While there was a decline of 11.5% in selling expenses, the company suffered in other aspects such as the increase in administrative expenses by 25.5%, decline in non-core income by 92%, and a rise in finance cost by 26.7%.

Nonetheless, the company received some respite from a 64% decline in its income tax expense.

Financial Results for the year ended June 30, 2020 (Rupees)
	20-Jun	19-Jun	% Change
Sales	3,384,108,701	2,577,518,290	31.30%
Cost of sales	-2,754,170,170	-2,169,855,773	26.90%
Gross Profit	629,938,531	407,662,517	54.50%
Administrative expenses	-67,196,915	-53,550,761	25.50%
Selling expenses	-120,473,462	-136,167,023	-11.50%
Allowance for doubtful debt	-69,744,228	-84,563,107	-17.50%
Other expenses	-17,029,983	-21,913,949	-22.30%
Other income	18,063,134	225,031,691	-92.00%
Finance cost	-90,079,782	-71,072,279	26.70%
Profit before taxation	283,477,295	265,427,089	6.80%
Taxation	-17,124,784	-47,456,933	-63.90%
Profit after taxation	266,352,511	217,970,156	22.20%
Earnings per share	3.71	4.46	-16.80%

Copyright Mettis Link News

Posted on: 2020-09-24T17:41:00+05:00

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