Islamabad October 28 2023: Matco Foods Limited has exported 9,473 metric tons of basmati rice as compared to 6,811 metric tons in the last comparative period thereby representing an increase of 39% during the first quarter from July 2023 to September 2023, according to information published by the company at Pakistan Stock Excahange.
The average export selling price per metric ton during three months was USD 1,330 which was USD 1,115 in the last comparative three months.
During the quarter, the Company has benefited from the inventory margins, higher volumes, and better export prices of rice, and allied products. Additionally, the Corn Starch division has contributed favorably to the Company's sales both in export markets and locally. The Falak Food Division has contributed positively to the Company’s profitability and its newly developed products like recipe mixes and spices are attracting market share robustly.
In the domestic markets, the sale of by-products originating from rice and corn has attracted good prices, making a significant positive impact on our overall profitability. Furthermore, the Company has gained from favorable exchange rates when realizing export proceeds during the quarter. Nevertheless, it is important to
highlight that the Company's profitability was significantly affected by the burden of financial charges, which have been elevated due to persistently high interest rates.
However, the Company has incurred a net profit of Rs. 77.302 million in this quarter as compared to a net profit of Rs. 220.792 million in the last corresponding period, thereby, representing a decrease of 65% due to higher financial charges of Rs. 465 million.