Jawad Ahmed

Macto Foods Limited's net profit shot up to Rs449 million in the financial year 2021-22, with a striking increase of 947% from a loss of Rs53 million in the fiscal 2020-21, according to the recent financial performance report announced by the company. The company processes and exports rice, rice glucose, rice protein and pink salt, spices and kheer (sweet rice pudding). The company's top-line increased by 17.2% to Rs12.4 billion in FY22 from Rs10.5 billion in FY21.

The company's gross profit more than doubled in FY22 to Rs1.3 billion from Rs665 million the previous year. In FY22, the company reported a profit-before-tax of Rs558 million, a mammoth increase of 1,966.67%, over Rs27 million the year before. This profit growth pushed the earning per share (EPS) to Rs3.67 in FY22 from a loss per share of Rs0.43 in FY21. Company’s performance over the years During the financial year ending June 30, 2019, the net sales of the company increased to Rs7.8 billion compared to Rs6.7 billion the preceding year, showing a growth of 17%. The gross profit grew 6.3% to Rs915 million from Rs861 million during the two periods being compared. The net profit surged to Rs414 million from Rs308 million previously, which dragged the EPS up to Rs3.38 from Rs2.96.

In 2020, the company's net sales climbed 43.6% to Rs11.3 billion from Rs7.8 billion previously. As a result, the company's gross profit increased 11% to Rs1.1 billion from Rs915 million the previous year. However, the company's net profit in 2020 decreased 63% to Rs152 million from Rs414 million in 2019. This was mostly caused by the Covid-19 epidemic, which had a negative impact on market sales. As a result, the EPS fell from Rs3.38 to Rs1.24.

In 2021, the business saw a downward trend in its turnover, which dropped by 6.5% to Rs10.5 billion from Rs11.3 billion the previous year. The gross margins fell from Rs1.01 billion the year before to Rs665 million this year. After subtracting taxes, the profit fell from Rs152 million in 2020 to a loss of Rs53 million in 2021.

The EPS decreased from Rs1.24 to loss per share of Rs0.43.

Credit: Independent News Pakistan-WealthPk