Karachi November 30, 2021: Al Shaheer Corporation Limited reported highest ever quarterly profit of PKR127 million since the company raised capital in 2015 highly overrated IPO debut. Al Shaheer reported sales of PKR1387 million which are lower than last year. Company sales were supposed to be higher as Rupee is continue sliding in interbank.
It is worth mentioning to note that Al Shaheer would be in loss if compny didn’t booked the other income of PKR150 million in this quarter. Al Shaeer gross profit is declined to PKR286 million in this quarter and company reported gross margins of 21 percent which were at 32 percent in September 2020 quarter.
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Al Shaheer Corporation Limited recently announced that it has commenced commercial production from its Further Food Processing Unit of frozen food facility. This frozen food processing facility is located at Raiwand Lahore from September 27, 2021.
Al Shaheer Corporation Limited (PSX: ASC) was set up in 2012 and was soon after listed on the Pakistan Stock Exchange. It is in the business of trading different kinds of meat- goat, cow, fish. Although it is present in the local market, majority of its revenue is generated through the export sales. Some of the major export destinations are concentrated in the Middle East including Dubai, Saudi Arabia, Oman, Kuwait, Bahrain and Qatar, whereas in the local market, the company is present in the three big cities of Karachi, Lahore and Islamabad.
The company sells through its own retail stores, but it also has stores within supermarkets as well. Its slaughterhouse is located at Gadap Town in Karachi, while its poultry plant is set up in Raiwind, Lahore. However, the latter is yet to be operational.
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A key shareholder of the company are the directors, CEO, their spouses, and minor children, with close to 27 percent shares under this category. Of this, the CEO, Mr. Kamran Ahmed Khalili holds 24 percent of the shares. Some 48 percent of the shares are distributed among the local general public while almost 11 percent shares are held under mutual funds. The remaining about 14 percent shares are with the rest of the categories.
Kamran Khalili is the CEO of Al-Shaheer Corporation Limited, which is in the business of selling red meat in domestic and overseas markets. Earlier, he was a member of the Karachi Stock Exchange for 10 years and has a vast experience in the corporate sector. After exporting red meat for several years primarily to the Middle East, the company launched the Meat One brand to cater to the local market as well. BR Research recently sat down with him to understand the red meat segment, its challenges and the way forward.
The Pakistani companies approved for export to Egypt are: P.K Livestock & Meat Company (private) Limited, TATA Best Food Limited, Fauji Meat Limited, Al Shaheer Corporation Ltd, the Organic Meat Company Private Limited, Tazij Meat and Food, Abedin International Abattoirs (private) Limited and Zenith Associates.
The company had already been working towards e-commerce. However, work on it had to be fast-tracked due to the Coronavirus and the resultant lockdown. The general way of doing business had been transformed due to the pandemic giving rise to the need for e-commerce. In addition, cash flow position had improved post-rights share issue therefore the company hopes to return to normal levels of business operations.
