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KARACHI: National Foods Limited, at the group level, delivered a healthy topline and bottom-line growth of 20 percent and 19 percent respectively for the financial year 2021 despite prevalent covid-19 situation.

The top line continued its momentum which was supplemented by cost and revenue transformation measures enabling steady gross and net profit margins.

The group earned net Profit after Tax (PAT) of Rs 1,759 million for the year ended June 30, 2021 which is 5.1 percent of net sales and 19 percent up versus last year.

The group’s Core Business’ PAT margin to net sales closed at 6.7 percent which is 0.3 percent higher than FY20. Similarly, A1 Bags & Supplies Inc. maintained PAT margin to net sales at 5%.

The company has announced a cash dividend of Rs 5 per share and bonus issue of 1 share for every 4 shares held on the date of determination of entitlement to receive dividend.

During the year, the contribution to the National Exchequer by NFL has further increased and the company paid over Rs 5,281 million (it was Rs 4,813 million in 2020) to the government and its various agencies on account of different government levies, including custom duty, sales tax and income tax. Moreover, foreign exchange of Rs 2,220 million (it was Rs 1,361 million in 2020) was also generated through export of products.

“The local business and political landscape has been generally stable over the course of the year, especially with significant improvement in Covid situation across the country post successful strategy being deployed for its management. Tax and economic reforms targeting positive movement in the economy have improved the investor confidence,” said Abrar Hasan, CEO NFL.

He added that NFL’s gross margins are dependent on key local and imported inputs and there is ambiguity over prices due to uncertain climatic changes. Low local outputs resulting in additional imports are hurting raw material pricing amid restricted price pass-on opportunities in a highly competitive environment.—PR

Copyright Business Recorder, 2021

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