Hifsa Raja

Matco Foods Limited sales revenue increased 49% to Rs7.25 billion in the first six months of fiscal year 2022-23 (6MFY23) from Rs4.84 billion over the corresponding period of the previous fiscal. This significant increase can be attributed to the company's efforts to expand its market share, improve its distribution channels, and introduce new products. Similarly, the company’s gross profit increased by 95.98% to Rs1.07 billion in 6MFY23 from Rs550 million in 6MFY22. This increase is due to the increase in sales, better cost management, and efficient production processes.

The profit-before-taxation also increased 221.9% to Rs339 million from Rs105 million in 6MFY22. The profit-after-taxation skyrocketed 375.2% to Rs274 million in 6MFY23 from just Rs57 million in 6MFY22. The massive increase in profitability indicates that the company has been able to effectively manage its operating costs, including administrative and financial expenses, while generating a higher revenue.

Overall, the financial summary of Matco Foods Limited for the six months of this fiscal shows a positive trend in the company's financial performance, mainly driven by an increase in sales and gross profit, which led to a significant increase in profit before tax and net profit.

Performance in 2021-22

Matco Foods Limited’s gross profit increased 17% to Rs12 billion in the fiscal year 2022 from Rs10 billion in the previous fiscal. Similarly, the company’s operating profit rocketed 358% to Rs755 million in FY22 from Rs164 million in FY21. The profit-before-taxation jumped a massive 1937% to Rs557 million in FY22 from just Rs27 million in FY21. This huge increase is mainly due to the increased gross profit, lower finance cost and other expenses. The profit-after-taxation also shot up 794% to Rs422 million in FY22 from a loss-after-tax of Rs60 million in FY21. Overall, Matco Foods Limited showed significant growth in its financial performance in 2022, mainly due to the increase in sales and effective cost management.

About the company

Matco Foods was incorporated on April 14, 1990 as a private limited company under the repealed Companies Ordinance, 1984 (now Companies Act, 2017). The principal activity of the company is to carry out the business of processing and export of rice, rice glucose, rice protein and pink salt, masala and kheer.

Credit: Independent News Pakistan-WealthPk