TABLE OF CONTENTS
Our Legacy | 01 |
Business Profile | 02 |
Company Information | 03 |
Mission & Vision | 05 |
Directors' Review Report - English | 06 |
Directors' Review Report - Urdu | 08 |
Condensed Interim Unconsolidated Statement of Financial Position (Un-audited) | 11 |
Condensed Interim Unconsolidated Statement of Profit or Loss (Un-audited) | 13 |
Condensed Interim Unconsolidated Statement of Comprehensive Income (Un-audited) | 14 |
Condensed Interim Unconsolidated Statement of Changes in Equity (Un-audited) | 15 |
Condensed Interim Unconsolidated Statement of Cash Flows (Un-audited) | 16 |
Notes to the Condensed Interim Unconsolidated Financial Statements (Un-audited) | 17 |
Condensed Interim Consolidated Statement of Financial Position (Un-audited) | 27 |
Condensed Interim Consolidated Statement of Profit or Loss (Un-audited) | 29 |
Condensed Interim Consolidated Statement of Comprehensive Income (Un-audited) | 30 |
Condensed Interim Consolidated Statement of Changes in Equity (Un-audited) | 31 |
Condensed Interim Consolidated Statement of Cash Flows (Un-audited) | 32 |
Notes to the Condensed Interim Consolidated Financial Statements (Un-audited) | 33 |
Matco Foods Limited | 3rd Quarterly Report 2023 |
OUR LEGACY
The journey of Matco started with the entrepreneurial aptitude of Syed Sarfaraz Ali Ghori, who established his own company by the name of Muhammad Ali Trading Company (MATCO) in 1964 and initially began supplying and commissioning rice plant and equipment for the Government of Pakistan.
Today, Matco has over 250 global customers and exports its consumer products to over 70 countries worldwide. The Company also holds Organic Certifications from the US NOP and EU Organic Certification from Control Union and is an IFC investee company since 2012.
In 2015, Matco Rice Processing (Pvt.) Limited changed its name to Matco Foods (Pvt.) Limited, and subsequently to Matco Foods Limited before listing in PSX, reflecting its mission of becoming a leading food corporation. Matco is a committed member of the society and strives to make constructive efforts for the welfare of the community.
Matco Foods Limited | 1 | 3rd Quarterly Report 2023 |
BUSINESS PROFILE
Matco Foods Limited is a leading Food Processing & Export Company in South Asia that provides packed consumer foods products that offer convenience and supplies quality ingredients to the pharmaceuticals and confectionery industries. The Company's products include basmati rice, rice glucose, rice protein, pink salt, masalas and spices, dessert mixes, and more.
With over 50 years of experience in the rice industry, and a global portfolio of more than 250 corporate customers, the Company is the largest basmati rice exporter from Pakistan, and its flagship brand "Falak Basmati Rice" is available in more than 70 countries worldwide. Matco also exports private-label brands to over 70 countries across the globe. The Company operates 5 rice processing and milling plants which include vertically-integrated paddy drying, storage, husking, and processing facilities in Sadhoke, Punjab and Karachi, Sindh.
In 2017 and 2019, Matco Foods recently diversified its operation within the domain of specialized products i.e., Rice Glucose and Rice Protein, with a plant production capacity of 30,000 MT per annum and 3,000 MT per annum of Rice Glucose and Rice Protein respectively.
Matco Foods has commissioned its 200 Tons per Day Corn Starch Plant in Faisalabad Special Economic Zone in August 2022 and start its commercial production in the month of September 2022 which inches your company more towards diversification.
The Company aims to serve the changing needs and preferences of global consumers and therefore holds Organic Certification from the US NOP and EU Organic Certification from Control Union. Matco Foods Limited is also the only IFC investee company in its sector since 2012.
Matco Foods Limited | 2 | 3rd Quarterly Report 2023 |
COMPANY INFORMATION | _______ | ____ |
BOARD OF DIRECTORS | ||
Mr. Jawed Ali Ghori | Chairman | |
Mr. Khalid Sarfaraz Ghori | Chief Executive Officer | |
Mr. Faizan Ali Ghori, CFA | Executive Director | |
Mr. Safwan Khalid Ghori | Executive Director | |
Mr. Syed Kamran Rasheed | Independent Director | |
Mr. Abdul Samad Khan | Independent Director | |
Mrs. Faryal Murtaza | Non-executive Director | |
Ms. Umme Habibah | Independent Director | |
Mr. Muhammad Mohsin | Independent Director | |
AUDIT COMMITTEE | ||
Mr. Syed Kamran Rasheed | Chairman | |
Mr. Abdul Samad Khan | Member | |
Mr. Mohammad Mohsin | Member | |
HUMAN RESOURCE & REMUNERATION COMMITTEE | ||
Ms. Umme Habibah | Chairman | |
Mr. Jawed Ali Ghori | Member | |
Mr. Khalid Sarfaraz Ghori | Member | |
Mr. Faizan Ali Ghori, CFA | Member | |
Mrs. Faryal Murtaza | Member |
CHIEF FINANCIAL OFFICER
Mr. Muhammad Aamir Farooqui, FCMA
COMPANY SECRETARY
Mr. Muhammad Noman Ansari, ACMA
Mr. Bilal Ahmed, ACCA | HEAD OF INTERNAL AUDIT |
LEGAL ADVISOR | |
Muhammad Javaid Akhter | A-55/56, Federal 'B' Area, Karachi, Pakistan |
AUDITORS | |
Grant Thornton Anjum Rahman | Grant Thornton Anjum Rahman (GTAR) |
1st and 3rd Floor, Modern Motors House | |
Beaumont Road, Karachi, Pakistan | |
Tel (Office): +92 (21) 3567 2951-6 | |
Fax: +92 (21) 3568 8834 | |
Website: www.gtpak.com |
Matco Foods Limited | 3 | 3rd Quarterly Report 2023 |
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Matco Foods Ltd. published this content on 28 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2023 10:06:11 UTC.