TOMC witnesses 22% growth in profit during FY20
MG News | September 24, 2020 at 05:41 PM GMT+05:00
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% |
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