Qudsia Bano

Data Agro Limited, a leading agriculture input provider in Pakistan, has released its financial results for the six-month period that ended on December 31, 2022. The company experienced a significant decline in revenue and profits compared to the same period of the previous year. According to the financial statement, the company's revenue in 6MFY23 was Rs68 million, down 22% from Rs87 million in 6MFY22.

The gross profit was Rs5.8 million, down 55% from Rs13 million in 6MFY22, reports WealthPK. The company also reported a loss-before-tax of Rs7 million, which was a significant drop from the profit-before-tax of Rs1.1 million in 6MFY22. The company’s net loss increased to Rs7.8 million in 6MFY23 from Rs331,234 in 6MFY22, posting an alarming 2274% increase year-on-year.

Performance in 2021-22

According to the summary for financial year 2021-22, Data Agro Limited recorded a total revenue of Rs202 million, representing a 6% increase over the previous year’s Rs191 million. The gross profit also increased by 23% to Rs47 million in FY22 from Rs39 million in FY21. The profit-before-tax also increased 51% to Rs18 million from Rs12 million in FY21.

However, the net profit decreased by 67% to Rs2.6 million from Rs8 million in FY21. The earnings per share also decreased by 67% to Rs0.67 in FY22 from Rs2.01 in FY21.

Despite the inflationary effects of international circumstances, the company has managed to keep its costs in check, resulting in better financial performance. The company has also reduced its costs by implementing the third-party cultivation, which it plans to continue using as a major form of production for its various seed programmes.

About company

Data Agro Limited was established in 2005 with the goal of promoting sustainable agriculture practices and providing farmers with high-quality seeds and agricultural inputs. The company is committed to enhancing the productivity and profitability of agriculture in Pakistan through research, development, and innovation.

Data Agro Limited offers a wide range of seeds, including hybrid, open-pollinated, and genetically modified, as well as fertilizers, pesticides, and other agricultural inputs. The company has its own research and development department, which is responsible for developing new varieties of seeds better suited to Pakistan’s climate and soil conditions. The company has a strong distribution network with presence in over 20 cities.

Credit: Independent News Pakistan-WealthPk