Karachi, Data Agro Limited informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Lahore on April 29, 2019.
The agenda of the meeting was discussion of profit and loss account for quarter ended March 31, 2019 which portrayed a profit of Rs. 5,462,649 with earnings per share 1.37 basic and diluted respectively.
Further, nil payment of cash dividend, bonus shares and right shares was agreed.
The company was formed in 1992 as a private limited company and was changed to a public limited company later on. To start with, the main business of the company was to produce and market delinted cotton seed. Later on it was decided to include other crops like wheat, paddy, oilseeds, and pulses in the product line.
It took about two years for the erection of the cotton seed delinting plant, and the company started its business in 1994. At present, the company does not owe anything to the banks and does not have any liabilities.
From the year 2000, the company decided to enter into the business of value added products like hybrid corn, hybrid forages, sunflower, and vegetable crops. At present, the company has established a good research and development program of hybrid corn for grain and silage, and sorghum-sudangrass hybrids. Data Agro is testing 2000 to 3000 combinations of corn each year and releasing hybrids for different market segments of Pakistan.
The symbol “DAAG” is being used by the stock exchanges for the Data Agro Limited.