KARACHI: The Trading Corporation of Pakistan (TCP) has earned Rs 1.5 billion profit during the first nine months (July-March) of this fiscal year (FY21). The earned profit during the first nine months is even higher than the overall profit of Rs 1.4 billion achieved during the last fiscal year (FY20). As the state-run grain trader is still engaged in commodity operation, the TCP’s profit for this fiscal year is likely to cross Rs 2 billion mark.
The 347th meeting of TCP Board of Directors was held under the chairmanship of Dr. Riaz Ahmed Memon, Chairman TCP. During the meeting the performance of the |TCP was reviewed and the board appreciated the successful execution of import operation of wheat and sugar during the financial year 2020-21.
Following the directives of the federal government TCP is importing essential commodities including sugar and wheat for domestic consumption.
The board was informed that TCP has achieved 100 percent task of import of 1.7 million metric tons of wheat and 0.13 metric tons of sugar in the current financial year 2020-21, whereas out of the total 34 ships, no ship went into demurrage.
Besides, a significant amount of receivables to the tune or 92 percent or Rs 83 billion of the entire outstanding amount has been recovered. Some Rs. 8.55 billion were recovered in respect of sugar and Rs.74.4 billion in respect of wheat from various recipient agencies, whereas remaining 8 percent of the receivables is in process and will be recovered in due course.
As such, it stands as a record recovery in shout period of time; saving considerable amount of funds on account of banking expenditures. Moreover, the entire procurement process has throughout remained transparent and no complaint has been received from any stakeholder so far.
The Board, keeping in view of the mentioned outstanding performance of TCP employees, approved one salary as a “bonus-for-all TCP employees” which will be paid to them before Eid-ul-Fitr.
Sources said that after successful import of sugar and wheat in a curtailed period, on the directives of the Economic Coordination Committee (ECC) the TCP is also importing some 0.3 million tons of wheat and some 50,000 tons sugar for domestic consumption. TCP has already awarded wheat import tender for August delivery, while sugar tender is likely to issue this week.
Copyright Business Recorder, 2021