LAHORE: The Board of Directors (BOD) of The Organic Meat Company Limited (TOMCL) met on Thursday to review the company’s performance and announce its financial results for the fiscal year (FY) ended June 30, 2020.
As per details, the meat exporters reported a profit of Rs266.35 million for FY20 as compared to profit of Rs217.97 million for FY19, showing an increase of 22 per cent.
The company reported sales revenue of Rs3.384 billion in FY20 as compared to sales revenue of Rs2.578 billion during the same period last year (up 31pc).
During the year, the company’s cost of sales increased by 27 per cent to Rs2.75 billion as compared to Rs2.17 billion last year, which resulted in a 54.5 per cent growth in gross profits, reported at Rs629.94 million for FY20 as compared to Rs407.66 million last year.
The company’s selling expenses decreased by 11.5 per cent, from Rs136.167 million in FY19 to Rs120.473 million in FY20.
But TOMCL suffered in other aspects, as the company’s administrative expenses increased by 25.5 per cent to Rs67.12 million as compared to administrative expenses of Rs53.55 million last year.
During the year ended June 30, 2020, the company’s non-core income also decreased by 92 per cent.
Its finance cost also increased by 26.7 per cent to Rs90.08 million from Rs71.07 million last year.
However, the company received some respite from a 64 decrease in its income tax expense which amounted to Rs17.13 million as compared to income tax expense of Rs47.46 million during the same period last year.
TOMCL also announced a final cash dividend of Rs2 per share. The annual general meeting (AGM) of the company would be held on October 27, 2020.