Latest news with #MFFL
Business Recorder
7 days ago
- Business
- Business Recorder
Mitchell's Fruit Farms Limited
Mitchell's Fruit Farms Limited (PSX: MFFL) has a history that dates back to 1933. After Independence, the company's name was changed from Indian Mildura Fruit Farms to Mitchells Fruit Farms Limited. The company went public in 1993 and was listed on the stock exchange in 1996. The principal activity of the company is manufacturing and sales of various farm and confectionary products including beverages, ketchups and sauces, preserves, read to cook and ready to eat food range etc. Pattern of Shareholding As of June 30, 2024, MFFL has a total of 22.875 million shares outstanding which are held by 1833 shareholders. Directors, CEO, their spouse and minor children have the highest shareholding of 61.0765 percent in the company followed by local general public holding around 23.40 percent shares of MFFL. NIT and ICP have a stake of 9.60 percent in the company while joint stock companies account for 5.078 percent shares. The remaining shares are held by other categories of shareholders. Performance Trail (2019-24) The topline of MFFL posted year-on-year growth over the period under consideration except for a dip in 2024. However, the company could post net profit only in 2021 and 2024. MFFL's gross margin which posted considerable improvement in 2019, ticked down in 2020. This was followed by improvement in 2021 and a drastic fall in 2022. In the subsequent two years, MFFL's gross margin significantly improved and attained its optimum level in 2024. MFFL's operating profit margin which hovered in the range of 0.5 percent to 1.6 percent also reached its optimum level in 2024. The detailed performance review of the period under consideration is given below. In 2019, the net revenue of MFFL surged by 22 percent year-on-year to clock in at Rs.1987.55 million. This came on the back of growth in both local and export sales volumes. Moreover, the company also raised its prices to pass on the effect of rising inflation to its consumers. Gross profit ascended by 71.78 percent year-on-year in 2019 while GP margin climbed to 21.86 percent from 15.53 percent in 2018. Administrative expense almost stayed the same in 2019 despite inflation as the number of employees was reduced from 312 in 2018 to 279 in 2019 which pushed down the salaries expense. Marketing and distribution expense shrank by 30.71 percent year-on-year on account of lower salaries of sales force, thinner advertisement and promotion budget as well as distributor expense incurred in 2019. Cost control measures resulted in operating profit of Rs.11.19 million in 2019 as against operating loss of Rs.293.65 million posted in 2018. OP margin stood at a skimpy 0.56 percent in 2019. Other income dwindled by 38.81 percent year-on-year in 2019 due to lower profit on the revaluation of livestock, lower exchange gain as well as no liabilities written back in 2019. Finance cost continued to enlarge and posted 59 percent year-on-year hike on the back of higher discount rate during the year. High finance cost resulted in net loss of Rs.80 million in 2019 which was 72.66 percent lower than the net loss posted by MFFL in 2018. Loss per share also plunged from Rs.37.16 in 2018 to Rs.10.16 in 2019. In 2020, the topline mustered a marginal 6.29 percent year-on-year growth to clock in at Rs. 2112.49 million. MFFL, being classified as the producer of essential items, continued its operations amidst the outbreak of COVID-19, however, tamed demand didn't allow the company to attain robust sales volume in 2020. The increase in the prices of essential raw materials coupled with supply chain bottlenecks due to lockdowns imposed during the year resulted in gross profit inching up by a mere 1.84 percent year-on-year in 2020 with GP margin shrinking to 20.94 percent. Administrative expenses expanded by 11.40 percent year-on-year in 2020 due to advisory cost incurred for undertaking an investment plan. Human resource headcount further fell down to 253 in 2020. Distribution expense ticked down by 10.26 percent in 2020 due to lower sales volume and lower advertising & promotion budget allocated for the year. Operating profit magnified by 211.58 percent in 2020 with a slight improvement of 100 bps in the OP margin to clock in at 1.65 percent. Other income nosedived by 22 percent in 2020 mainly due to lesser scrap sales as well as no profit recognized on the sale of fixed assets during the year. Finance cost fell by 5.14 percent year-on-year despite the fact that discount rate was high for the most of the part of fiscal year 2020. This was the result of lower bank borrowings during 2020. However, gearing ratio jumped up from 86 percent in 2019 to 91 percent in 2020 due to decline in total equity on account of un-appropriated loss. MFFL posted net loss of Rs.55.44 million in 2020 which was 30.70 percent lesser than the net loss registered in 2019. Loss per share inched down to Rs.7.04 in 2020. In 2021, MFFL's topline expanded by 4.65 percent year-on-year to clock in at Rs.2210.62 million. This was on the back of increased sales volumes and decreased sales returns during the year. Cost economies achieved during the year enabled MFFL to pull off 10.60 percent year-on-year growth in the gross profit while GP margin also slightly ticked up to 22.14 percent in 2021. The company was able to squeeze its administrative cost by 9 percent year-on-year in 2021; however, fourfold growth in advertisement expense pushed distribution expense up by 22.16 percent year-on-year during 2021. Other expense also surged by 168.76 percent in 2021 on the back of increased provisioning for WWF and WPPF. Exchange loss as well as loss on disposal of biological assets also spiked in 2022. Despite tremendous growth, other expense stood at around 0.4 percent of MFFL's net sales in 2022. Operating profit tumbled by 7.29 percent in 2021 with OP margin recorded at 1.46 percent. What gave an incredible support to bottomline was 65.49 percent year-on-year decline in finance cost in 2021. This was on the back of downward revision in discount rate coupled with a massive reduction in borrowings as the company injected fresh equity of Rs.750 million through issuance of right shares which enabled it to meet its working capital requirements and pay off its outstanding debt. This resulted in a massive decline in gearing ratio which clocked in at 25 percent in 2021. Other income also magnified by 188.69 percent in 2021 on the back of hefty scrap sales, higher profit recorded on revaluation of livestock as well as greater income recognized on bank deposits. MFFL boasted net profit of Rs.10.47 million in 2021 with NP margin of 0.47 percent. EPS clocked in at Rs.0.49 in 2021. This was the first time after 2015 that MFFL posted net profit. In 2022, the sales revenue of MFFL grew by 12.61 percent to clock in at Rs.2489.29 million. Global increase in the prices of commodities, Pak Rupee depreciation, higher energy cost as well as devastating floods which affected the timely procurement of raw materials inflated the cost of sales by 33.36 percent in 2022. Gross profit went down by 60.39 percent in 2022 with GP margin drastically falling down to 7.79 percent. Massive increase in salaries and wages, advertisement expense, freight expense etc resulted in 66.28 percent and 76.30 percent rise in administrative expense and marketing expense respectively in 2022. This resulted in operating loss of Rs.597.19 million in 2022. Other income grew by 36.7 percent in 2022 mainly on account of exchange gain. However, other income was greatly offset by 44.28 percent higher finance cost incurred by MFFL in 2022. Higher finance cost was the result of multiple raises in discount rate during the year. Massive decline in MFFL's equity due to hefty un-appropriated loss resulted in gearing ratio of 74 percent in 2022. The company posted net loss of Rs.621.97 million in 2022 with loss per share of Rs.27.19. In 2023, the topline of MFFL grew by 9.47 percent year-on-year to clock in at Rs. 2724.93 million. During the year, the company focused on its profitable businesses rather than increasing its sales volume. Reduced sales volume resulted in massive decline in raw & packing materials, boiler expense, dairy expense as well as repair & maintenance charges incurred during the year. Sales mix revision and cost reduction allowed the company to improve its gross profit by 234.39 percent year-on-year in 2023 while GP margin climbed to an unprecedented level of 23.78 percent. Significant reduction in freight and advertising expense pushed distribution expense down by 18.56 percent year-on-year in 2023. Administrative expense also went down by 17.59 percent in 2023 due to lower payroll expense as headcount was reduced from 292 employees in 2022 to 284 employees in 2023. Greater provisioning against doubtful debts as well as receivable balances written off during the year resulted in 278.77 percent spike in other expense which clocked in at Rs.63.95 in 2023. Operating loss shrank by 91.88 percent in 2023 to clock in at Rs.48.52 million. Other income grew by 124.37 percent in 2023 primarily on the back of excess accrued liabilities written back during the year. High cost of borrowing resulted in 130 percent rise in finance cost. Gearing ratio went up to 81 percent in 2023 mainly due to shrinkage in total equity on account of higher accumulated losses. MFFL's net loss shrank by 90.48 percent in 2023 to clock in at Rs.59.198 million with loss per share of Rs.2.59. MFFL's net sales fell by 3 percent to clock in at Rs.2,642.16 million. This was on account of improved export sales. Cost of sales slid by 10.78 percent during the period on account of improved operational efficiency and cost optimization measures put in place by the company. Gross profit enhanced by 21.76 percent in 2024 with GP margin clocking in 29.87 percent. Administrative expense shrank by 6.84 percent during the year due to lower payroll expense as the company streamlined its workforce from 292 employees in 2023 to 284 employees in 2024. Distribution expense plunged by 22.74 percent in 2024 due to lower advertising expense, selling charges as well as salaries expense of sales force. Other expense plummeted by 15.82 percent in 2024 on account of high-base effect as the company booked allowance for ECL in the previous year. Exchange loss also considerably shrank in 2024. MFFL posted operating profit of Rs.216.69 million in 2024. MFFL posted operating profit of Rs.216.69 million in 2024 with OP margin of 8.20 percent. Other income mounted by 245.15 percent in 2024 due to gain recognized on disposal of fixed assets as during the year, MFFL sold 7 acres of its land located in Renala Khurd to a third party. Finance cost ticked up by 13 percent in 2024 due to elevated discount rate. Lower accumulated loss and a decline in outstanding borrowings during the year resulted in gearing ratio of 38 percent in 2024. The company posted net profit of Rs.456.242 million in 2024 with EPS of Rs.19.95 and NP margin of 17.27 percent. Recent Performance (9MFY25) During 9MFY25, MFFL posted a downtick of 5.20 percent in its topline which clocked in at Rs.1988.90 million. Overall sales volume improved by 4.87 percent during the period, however, topline was affected by lackluster performance on the exports front. Superior performance in the local market due to Ramadan factor played a pivotal role in driving the sales volume up during the period. Cost of sales dipped by 4.98 percent in 9MFY25, resulting in 5.73 percent year-on-year decline in gross profit. GP margin posted a paltry slide from 29 percent in 9MFY24 to 28.90 percent in 9MFY25. Administrative expense stayed constant during the period. Conversely, distribution expense mounted by 29 percent during the period as the company made a strategic shift towards modern trade channels, offered trade incentives and expanded its sales force to tap new market segments. Other expense dipped by 3.16 percent during 9MFY25 probably due to lower profit related provisioning booked during the period. MFFL recorded 47 percent decline in its operating profit in 9MFY25 with OP margin clocking in at 5.74 percent versus OP margin of 10.29 percent recorded during the same period last year. Finance cost plunged by 21.53 percent during 9MFY25 due to lower discount rate. Net profit eroded by 68.93 percent during 9MFY25 to clock in at Rs.43.50 million in 9MFY25. This translated into EPS of Rs.1.90 in 9MFY25 versus EPS of Rs.6.12 recorded in 9MFY24. NP margin also drastically fell from 6.67 percent in 9MFY24 to 2.19 percent in 9MFY25. Future Outlook Sales mix optimization, export emphasis and cost saving measures will continue to drive profitability in the coming quarter. Improvement in macroeconomic conditions particularly declining inflation will improve the purchasing power of consumers and drive sales. MFFL has recently received an offer from IGI Investments (Private) Limited on December 12, 2024 to acquire voting shares of the company. However, the intention is subject to regulatory approval, diligence and implementation of agreements from both the sides.
Business Recorder
15-05-2025
- Business
- Business Recorder
Mitchell's Fruit Farms inks SPA with CCL Holding
Mitchell's Fruit Farms Limited (MFFL) announced on Thursday that it has entered into a Share Purchase Agreement with CCL Holding (Private) Limited, a subsidiary of CCL Pharmaceuticals. This was shared by MFFL, a Pakistani manufacturer of farm and confectionery products, in a notice to the Pakistan Stock Exchange (PSX) today. The agreement involves the sale of Syeda Maimanat Mohsin and Syeda Matanat Ghaffar's entire shareholding in the company, totalling 9,293,244 ordinary shares, which represents 40.63% of MFFL's paid-up capital, the notice read. 'Completion of the transaction will be subject to the issuance of a public offer by CCL, receipt of regulatory approvals, and the satisfaction of other closing formalities.' On January 14, MFFL announced that its majority shareholders have requested the company to grant CCL Holdings (Pvt) Limited, a subsidiary of CCL Pharmaceuticals, access to due diligence. 'As earlier communicated, Syeda Maimanat Mohsin and Syeda Matanat Ghaffar, holding in aggregate 40.63% of the issued share capital of the company, are undertaking a strategic review and in view of receipt of continued interest from CCL Holdings (Pvt) Limited (CCL), have requested the company to grant CCL access to due diligence in parallel with IGI Investments (Pvt) Limited,' read the notice to PSX. 'In light of this, the company will be doing the needful. Any decision relating to the strategic review shall be subject to regulatory approvals as well as the execution of definitive agreements,' it added. CCL Holding is a holding company of a wholly-owned subsidiary, CCL Pharmaceuticals (Pvt) Limited, which is principally engaged in the manufacturing and marketing of branded generic pharmaceuticals and consumer health products. Mitchell's Fruit Farms Limited has a history that dates back to 1933. After Independence, the company's name was changed from Indian Mildura Fruit Farms to Mitchells Fruit Farms Limited. The company went public in 1993 and was listed on the stock exchange in 1996. The principal activity of the company is the manufacturing and sales of various farm and confectionary products, including beverages, ketchups and sauces, preserves, ready-to-cook and ready-to-eat food range, etc.
Yahoo
13-05-2025
- Sport
- Yahoo
Mark Cuban, Nico Harrison are understandably thrilled with Mavericks' good fortune to win NBA Draft Lottery
Much has been made about what role former Dallas Mavericks owner Mark Cuban played — or didn't play, to be precise — in the franchise's decision to trade Luka Dončić to the Los Angeles Lakers. But one thing is for sure. He's stoked about Monday night's NBA Draft Lottery results. As is general manager Nico Harrison and virtually every other prominent Mavericks power player. Understandably. The Mavericks overcame the fourth-longest odds of 14 lottery participants and a 1.8% chance to secure the No. 1 pick in the upcoming NBA Draft. And this isn't just any NBA Draft. This one features Duke phenom Cooper Flagg, who looks every bit like the generational player he's been hyped to be since his prep days. The long-shot win caps a tumultuous season in which the Mavericks' fan base turned on its beloved franchise after Harrison orchestrated the Dončić deal that's been widely lambasted as one of the worst in the history of sports. Many wondered at the time how much sway Cuban — a noted Dončić fan — had in making the decision. Cuban has since made it clear, to the surprise of few, that he was not consulted before the deal went down. Regardless of his feelings over the deal, Cuban was thrilled with Monday's results. His NSFW social media reaction tells the story. Unreal OMFG Let's Go Mavs — Mark Cuban (@mcuban) May 13, 2025 Oh my fucking God !!! — Mark Cuban (@mcuban) May 13, 2025 How about Harrison? Well, yeah. He was stoked too. As was everyone else at Mavericks home base. The moment we won 🙌 #MFFL — Dallas Mavericks (@dallasmavs) May 13, 2025 In case it's not clear, that's Harrison in the light blue jacket. Mavericks CEO Rick Welts, who joined the franchise in January just weeks before the Dončić deal went down, was on site for Monday's lottery reveal. He was not letting go of the No. 1 card that signified the Mavericks' win. "It just feels like a reversal of fortune, like of epic proportions to us" 🙌@dallasmavs CEO Rick Welts spoke with @TheAndyKatz after Dallas' FIRST EVER #NBADraftLottery win! — NBA TV (@NBATV) May 13, 2025 "It just feels like a reversal of fortune, like of epic proportions to us," Welts told NBATV's Andy Katz. "I'm so happy for the fans in Dallas. ... "I know how fans feel about this team and what a tumultuous season it's been for them. I can't think of anything that could cure that more than this can." So is all forgiven by Mavericks fans over the Dončić trade because Dallas got lucky Monday night? Of course not. But do Mavericks fans feel better and possess a tinge of the hope that was abandoned when Dončić got shipped to the Lakers? Probably? At least the ones who didn't completely disavow the franchise after the deal. How about majority Mavericks owner Patrick Dumont, whose group purchased Cuban's previous majority share of the franchise? Well. Apparently, he wasn't watching Monday night. I'm told Patrick Dumont was at a track meet of one of his kids and couldn't watch the lottery live. His phone rang and it was Mark Cuban, telling him the Mavs were in the top rang again and Dumont thought Cuban said Mavs got No. 1 pick, but Cuban was so busy screaming… — Brad Townsend (@townbrad) May 13, 2025 Per the Dallas Morning News, Cuban called him to deliver the good news. It'll be interesting to see what the Mavs do with their good fortune.
Yahoo
13-05-2025
- Sport
- Yahoo
Mark Cuban, Nico Harrison are understandably thrilled with Mavericks' good fortune to win NBA Draft Lottery
Much has been made about what role former Dallas Mavericks owner Mark Cuban played — or didn't play, to be precise — in the franchise's decision to trade Luka Dončić to the Los Angeles Lakers. But one thing is for sure. He's stoked about Monday night's NBA Draft Lottery results. As is general manager Nico Harrison and virtually every other prominent Mavericks power player. Understandably. The Mavericks overcame the fourth-longest odds of 14 lottery participants and a 1.8% chance to secure the No. 1 pick in the upcoming NBA Draft. And this isn't just any NBA Draft. This one features Duke phenom Cooper Flagg, who looks every bit like the generational player he's been hyped to be since his prep days. The long-shot win caps a tumultuous season in which the Mavericks' fan base turned on its beloved franchise after Harrison orchestrated the Dončić deal that's been widely lambasted as one of the worst in the history of sports. Many wondered at the time how much sway Cuban — a noted Dončić fan — had in making the decision. Cuban has since made it clear, to the surprise of few, that he was not consulted before the deal went down. Regardless of his feelings over the deal, Cuban was thrilled with Monday's results. His NSFW social media reaction tells the story. Unreal OMFG Let's Go Mavs — Mark Cuban (@mcuban) May 13, 2025 Oh my fucking God !!! — Mark Cuban (@mcuban) May 13, 2025 How about Harrison? Well, yeah. He was stoked too. As was everyone else at Mavericks home base. The moment we won 🙌 #MFFL — Dallas Mavericks (@dallasmavs) May 13, 2025 In case it's not clear, that's Harrison in the light blue jacket. Mavericks CEO Rick Welts, who joined the franchise in January just weeks before the Dončić deal went down, was on site for Monday's lottery reveal. He was not letting go of the No. 1 card that signified the Mavericks' win. "It just feels like a reversal of fortune, like of epic proportions to us" 🙌@dallasmavs CEO Rick Welts spoke with @TheAndyKatz after Dallas' FIRST EVER #NBADraftLottery win! — NBA TV (@NBATV) May 13, 2025 "It just feels like a reversal of fortune, like of epic proportions to us," Welts told NBATV's Andy Katz. "I'm so happy for the fans in Dallas. ... "I know how fans feel about this team and what a tumultuous season it's been for them. I can't think of anything that could cure that more than this can." So is all forgiven by Mavericks fans over the Dončić trade because Dallas got lucky Monday night? Of course not. But do Mavericks fans feel better and possess a tinge of the hope that was abandoned when Dončić got shipped to the Lakers? Probably? At least the ones who didn't completely disavow the franchise after the deal. How about majority Mavericks owner Patrick Dumont, whose group purchased Cuban's previous majority share of the franchise? Well. Apparently, he wasn't watching Monday night. I'm told Patrick Dumont was at a track meet of one of his kids and couldn't watch the lottery live. His phone rang and it was Mark Cuban, telling him the Mavs were in the top rang again and Dumont thought Cuban said Mavs got No. 1 pick, but Cuban was so busy screaming… — Brad Townsend (@townbrad) May 13, 2025 Per the Dallas Morning News, Cuban called him to deliver the good news. It'll be interesting to see what the Mavs do with their good fortune.
Yahoo
13-05-2025
- Sport
- Yahoo
NBA》陰謀論四起！獨行俠神抽狀元籤遭網質疑黑箱作業
NBA 2025選秀會的順位正式定案，達拉斯獨行俠隊以1.8%的奇低機率贏得狀元籤，他們也幾乎確定會選進超級大物佛萊格(Cooper Flag)，對於剛失去唐契奇(Luka Doncic)的達拉斯球迷來說，似乎很快就找到未來10年的球隊看板，如此不可思議的過程也讓眾多球迷質疑聯盟根本是黑箱作業。 For the first time ever, we won the LOTTERY 💰#MFFL — Dallas Mavericks (@dallasmavs) May 12, 2025 根據聯盟選秀制度，該季戰績較差的隊伍握有更高贏得狀元籤的機率，以今年例行賽戰績來看，猶他爵士隊、華盛頓巫師隊和夏洛特黃蜂隊都以14%的機率高居各隊之冠，其次是紐奧良鵜鶘隊的12.5%和費城76人隊的10.5%，而獨行俠隊的機率僅有1.8%名列第11。 沒想到在第一階段抽籤過程中，進入前4順位的分別是獨行俠隊、76人隊、黃蜂隊和聖安東尼奧馬刺隊，原本狀元籤機率最高的爵士和巫師最終僅得到第5和第6順位，除了獨行俠隊驚奇抽「旗」之外，狀元籤機率僅6%的馬刺隊也喜獲第2順位，76人和黃蜂則分居3、4順位。 The final results from the 2025 #NBADraftLottery presented by State Farm: 1. Mavericks2. Spurs3. 76ers4. Hornets5. Jazz6. Wizards7. Pelicans8. Nets9. Raptors10. Rockets11. Trail Blazers12. Bulls13. Hawks14. Spurs — NBA (@NBA) May 12, 2025 來自杜克大學的佛萊格老早就被視為狀元不二人選，本季以菜鳥之姿就貢獻場均19.2分7.5籃板4.2助攻1.4抄截1.4阻攻的全能成績，並橫掃美國5個指標性的年度最佳大學球員獎項，年僅18歲的佛萊格已經被許多人期待成為NBA未來的門面球星之一，這也是為什麼今年選秀狀元籤花落誰家格外受到關注。 獨行俠隊在今年交易大限前無預警將唐契奇交易到湖人隊，引起廣大獨行俠球迷群情激憤，總管哈瑞森(Nico Harrison)頓時成為達拉斯全民公敵，然而在神抽到狀元籤後，獨行俠隊的未來頓時豁然開朗，明年在厄文(Kyrie Irving)傷癒歸隊後，搭配戴維斯(Anthony Davis)、湯普森(Klay Thompson)和佛萊格等人，你很難不把他們放到爭冠行列中。 The NEW LOOK Dallas Mavericks 👀🔥 — Basketball Forever (@bballforever_) May 13, 2025 有點巧合的是，戴維斯在2019年被鵜鶘隊交易到湖人隊前不久，鵜鶘隊才拿到狀元籤選進威廉森(Zion Williamson)，獨行俠隊如今又在交易掉當家球星後的同一年搶下狀元籤，把超級球星送到湖人隊似乎成為拿到狀元籤的捷徑。湖人隊球星詹姆士則是在不久前發布一連串「笑死」表情符號，似乎和許多球迷一樣對如此故事發展感到新奇。 LeBron was every NBA fan after the Mavericks won the draft lottery 😅 — Sports Illustrated (@SInow) May 13, 2025 有網友表示，獨行俠、馬刺和76人分別拿到前三順位的機率，是接近不可能的0.013%，因此大批網友都發文質疑這根本是聯盟的黑箱作業，先是讓湖人隊獲得新當家，再補償給獨行俠隊，還讓馬刺可以用第二順位籤尋求交易字母哥(Giannis Antetokounmpo)，對聯盟來說根本是再完美不過的劇本。
