Karachi January 20 2023: Unity Foods Limited profitability dropped 21.4 percent in 2022 to PKR 2.4 billion compared to PKR 3.1 billion in 2021 due to higher exchange losses, according to company filing at the exchange.
Gross profit of the company increased by 52.9 percent in 2022 on year on year basis to PKR 7.8 billion when compared to PKR 5.1 billion in 2021. However, exchange loss of PKR 2.9 billion against exchange gain of PKR 440 million caused the company's profitability to drop in 2022.
Unity Foods Limited was incorporated in Pakistan in 1991 as a Private Limited Company under the Companies Ordinance, 1984 (now Companies Act, 2017) and subsequently converted into a Public Limited Company on June 16, 1991. The principal business activity of the Company has been changed from yarn manufacturing to edible oil extraction, refining and related businesses.