Karachi: The Organic Meat Company Limited has reported its financial results for the fiscal year ended June 30, 2024. The statement released indicates significant growth in sales and a robust financial position despite challenges.
According to the financial documents, the company's sales nearly doubled to Rs. 11.80 billion in 2024, up from Rs. 6.37 billion in 2023. This increase in revenue led to a gross profit of Rs. 1.58 billion, compared to Rs. 853 million the previous year. However, net profit after taxes saw a decline to Rs. 497.37 million in 2024 from Rs. 722.19 million in 2023. This decrease is partly due to higher administrative and selling expenses, along with an increased finance cost, which escalated to Rs. 231.49 million from Rs. 181.03 million.
According to information available from the Pakistan Stock Exchange (PSX), the company has also announced a proposed increase in authorized share capital from Rs. 1.65 billion to Rs. 2.00 billion. This adjustment includes the creation of an additional 35 million shares, enhancing shareholder capacity and supporting future growth strategies.
Furthermore, the Board of Directors has scheduled the company's Annual General Meeting for October 28, 2024, at their corporate office in Karachi. Notably, the company has declared no final cash dividend, bonus shares, or rights shares for this fiscal period. Additionally, a corporate briefing session is planned for October 18, 2024, which will also be accessible via video conference.
The company's financial strength is evidenced by its total assets, which have grown to Rs. 6.24 billion in 2024, up from Rs. 5.82 billion in 2023. Its equity and liabilities have also increased correspondingly, maintaining a strong balance sheet.
This performance highlights The Organic Meat Company Limited’s resilience and strategic initiatives to expand and solidify its market position amid economic fluctuations. The details of these financial statements and upcoming corporate actions underscore the company's ongoing commitment to transparency and engagement with its stakeholders.