Matco posts profit after tax of Rs414m

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Zubair Yaqoob

Karachi

Matco Foods Limited (MFL) held a corporate briefing on 19th Nov’19 to discuss its financial performance for FY19 as well as future outlook of the company. Company posted a Profit after Tax of PKR 414mn (EPS: PKR 3.38) in FY19, showing a growth of 14% YoY.
This jump came on the back of i) Pak Rupee depreciation of against USD, ii) healthy export pricing, iii) tax benefit and iv) gain on sale of property.
In terms of volume, basmati rice’s exports have witnessed an uptick of 3.7% YoY in FY19, settling at 40,135 m.t vis-à-vis 38,716 m.t in FY18. Of the total 38% exports have gone to Europe, followed by 24% and 13% exports Australia/New Zealand and Middle East/Africa, respectively.
However, in value terms, Basmati Rice sales have dropped by 5% YoY, arriving at USD 42mn in FY19 against USD 44mn in SPLY. In local sales, volumes have dropped by 3% YoY in FY19 amid government condition of CNIC, which caused confusion amongst retailers. Meanwhile, value-wise, local sales increased to PKR 560mn in FY19 compared to PKR 544mn in SPLY, on account of rise in selling price.

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