Lahore November 5 2021: Fauji Foods Limited confirms that it has received an amount of PKR 6.3 billion from its sponsors and directors of the company.
FFL informs that the right shares offered to Sponsors and Directors of the company have been subscribed in full.
EY report that Fauji Foods Limited has received an amount of PKR 389,430 from Directors of the Company during the period from 01 November 2021 to 04 November 2021.
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Fauji Foods Issued 97% Right Shares At Par: PSX
The Audit firm confirms that the tranches of loan of PKR 5,925,000,000 have been received from parent company during the period from 22 April 2020 to 29 December 2020 in the respective bank statements of the Company.
Further the firm found that the Board of Directors have approved the conversion of PKR 5,925,000,000 into share capital in their meeting held on 04 September 2021.
Earlier the shareholders in their extraordinary general meeting held on July 28, 2021 approved through a special resolution an increase in Authorized Share Capital to 1,800 million shares of PKR 10/- each from 1,000 million share of PKR 10/- each. Subsequently, on September 04 2021, the Board of the company approved issuance of Right Share at a right price of PKR 10/- each with a right size of 97%. This step will help the company to reduce its debt burden and further strengthen its financial footing.
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Fauji Foods Ltd FFL increased authorized capital by Rs8 billion
The Company registered a topline growth of 26% during nine months ended 2021 vs 2020, despite the challenging business / covid environment.
During Q3 2021, business activity continued to be impacted by covid-19 pandemic and imposition of related lockdowns and restrictions on business activities. However, the Company made effective efforts to ensure all safety measures, while maintaining our food supply chain, meeting our customer requirements and developing consumer demand.
The Company continues to consolidate gains and is further growing our business momentum and trajectory. The Company is shaping a successful business model by implementing a focused strategy which includes strengthening innovation/renovation, portfolio management, driving visibility and availability, working effectively with customers and distributors, strengthening our milk collecting system, and improving operational efficiency across our value chain.
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Honorable Lahore High Court Taken Up Matter Of CSIL For Issuances Of Shares By Dost Steel: PSX
During Q3, the company’s input and overhead costs saw some pressure due to inflation. However, increased costs were managed through cost management initiatives which are being implemented across our value chain related to both variable and fixed costs. Our focus also remains on making NURPUR and DOSTEA the brands of people’s choice. We are committed to create value and transform for improvement within the Company and for our stakeholders.
During the period under review, net revenue stood at PKR 6,682 million (compared to PKR 5,319 million same period last year), leading to gross profit of PKR 813 million, which is 1,467% higher compared to gross loss of PKR (60) million during corresponding period of last year.
The loss after tax for nine months ended 2021 reduced to PKR (1,191) million, compared with PKR (2,422) million in the corresponding period of last year (51% reduction)
