Latest news with #MFFL
Business Recorder
7 days ago
- Business
- Business Recorder
Babar Ali Foundation, IGI Investments exit Mitchells Fruit Farms with stake sale
Key stakeholders of Mitchells Fruit Farms Limited (MFFL), including the Babar Ali Foundation—founded by the company's Chairman, Syed Babar Ali—and IGI Investments (Private) Limited, have divested their entire shareholding in MFFL to CCL Holding (Private) Limited. IGI Holdings, the parent company of IGI Investments, disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday. 'We have received intimation dated July 23, 2025 from a substantial shareholder of the company i.e. Babar Ali Foundation that the foundation and members of its board of governors have sold their respective shareholdings of 2.43% and 0.70% in Mitchells Fruit Farms Limited (Mitchells) to CCL Holding (Private) Limited at a negotiated price of Rs232.75/share on July 23, 2025,' read the notice. Similarly, IGI Investments has also sold its entire shareholdings of 3.72% in Mitchells to CCL Holding (Private) Limited at a negotiated price of Rs232.75/share on July 23, 2025, under applicable corporate and regulatory approvals, 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. Meanwhile, Mitchell's Fruit Farms Limited, a Pakistani manufacturer of farm and confectionery products, 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. Earlier in May, MFFL entered into a Share Purchase Agreement with CCL Holding (Private) Limited.
NBC Sports
17-07-2025
- Sport
- NBC Sports
Top 15 most interesting players at 2025 NBA Summer League: Cooper Flagg, Yang Hansen, Reed Sheppard
LAS VEGAS — Summer League is a lot of things: Part celebration of young NBA talent, part NBA convention, part networking event, part owners meetings, part party… And there's basketball. A lot of basketball. It's the first chance for many fans and media members to get a look at the top draft picks in person and see how their games translate in a quasi-NBA setting. It's also a chance to see how players who have been in the league for a year or two have improved. Here are the 15 most interesting players I saw in Las Vegas, broken down by category. This is an incomplete list and only includes players I saw in Las Vegas. That means guys such as Ace Bailey are not on here (he has yet to play in Vegas). The Big Names Cooper Flagg The No. 1 pick lived up to the hype. What makes Flagg such a promising prospect is that his floor is high — on nights his shot is not falling, he remains an elite defender and shot blocker, he runs the floor hard, makes smart passes, and he can be a secondary shot creator. That's what happened in his debut. Mavericks' Cooper Flagg with the monster help side block, transition push and assist for go-ahead jumper in final minute vs. Lakers Flagg struggled with his shot in his first game (5-of-21) and there are going to be moments like that during his rookie season. His ability to create and consistently knock down shots is the only real question about his game entering the league, and consistency with that will take some time to develop. That said, Flagg bounced back with 31 points in his second outing, showing off his ability to drive and finish with either hand. Cooper Flagg's second Summer League game: - 31 points - 4 rebounds - 1 assist - 1 block - 10/20 FG - 3/8 3P - 8/13 FT - 31 minutes This kid is special.#MFFL While Flagg looked good with the ball in his hands, he looked better playing off it, and that will be more of his role in Dallas where D'Angelo Russell in the short term and Kyrie Irving long term (once healthy), not to mention Anthony Davis, will facilitate the offense most of the time. Dylan Harper Spurs fans had to wait to see the No. 2 pick, he didn't play in the California Classic games or in the Spurs' Las Vegas Summer League opener due to a groin issue. When he did take the court, he impressed, showing flashes of his athleticism and putting up highlights — and not just on the offensive end. NO. 2 PICK DYLAN HARPER GETS WAY UP FOR THE SWAT 😱 Harper was smooth on offense, showing control of his pace to get into the lane and the ability to finish with either hand at the rim, or hit a little floater. He finished in Vegas averaging 16 points a game, but shooting 35.7% from the floor — there is some work to do, but Harper impressed with how he played and his body control. He's going to be special. smoooth with it @dy1anharper 😮💨 VJ Edgecombe After creating a buzz by dropping 28 points in the Salt Lake Summer League, Edgecombe's Las Vegas debut was delayed until Tuesday night due to a thumb injury. When he finally got back on the court, he impressed with a couple of athletic defensive plays in transition to take away scoring opportunities, and his drive-and-dish game was on. What was not on was his shot. Edgecombe shot 0-of-7 from the floor in the first half, but he wasn't making excuses. 'Simple, I was just missing shots. Ain't nothing I can say about that,' Edgecombe said. In the second half, he started to get downhill to the rim more, and with that, he found his shot, hitting 4-of-7 on his way to finishing with 15 points. Forget the shooting struggles, plenty of promising rookies have them at Summer League, it was the way he did everything else that makes us think Edgecombe is going to get plenty of run in Philly this season. VJ Edgecombe in his #NBA2KSummerLeague debut: 🔔 15 PTS 🔔 6 REB 🔔 4 AST 🔔 3 STL 🔔 76ers W Yang Hansen Yang's style of play is infectious — it had the other Trail Blazers in Las Vegas playing hard and cutting off him, knowing he could find them with a pass. It was also infectious for the crowds, who turned out in large numbers to see the Chinese star play. He didn't disappoint them. The Yang Hansen show premiered in Las Vegas tonight! 🏀 10 PTS 🏀 4 REB 🏀 5 AST 🏀 3 BLK A walking highlight reel in his Trail Blazers summer debut. Yang's passing skills are as advertised, he sees the court and makes passes that few big men can. He's also got a nice 15-foot jumper, and he can bully his way to the paint in a mismatch. There is a lot to like about his game. There is also a long way to go — his defense is unimpressive (especially away from the rim) and he's going to have to get a lot stronger. Still, there was plenty to like about the Trail Blazers' surprise first-round pick. Bronny James Summer League is a benchmark for young players — it's not the raw numbers we see from second-year players, it's how much they improve season over season. Are we seeing growth? With Bronny James, the answer is a clear yes. His defense has always been good, but his handles and decision-making came with a lot more confidence this year. 'His passing out of the pick and rolls and really seeing,' Lakers Summer League coach Lindsey Harding said of Bronny's improvement. 'And it's not just the pass to the big rolling, it's if the low man comes over, he sees the man in the corner. Right? It's the whole floor. And I think it's easy to see one read, but, like, he's developing everything else. Understanding where everyone else is on the floor and where their defenders are coming from.' Bronny's shot is still a work in progress, and if he wants to be a regular rotation player that has to become consistent, but he looks like a guy who can handle a few more minutes for the Lakers this season. Guys too good for Summer League Matas Buzelis The Bulls' Buzelis is getting the chance to run an offense in Las Vegas and show he is ready for more. His first game was a little rough around the edges (17 points on 4-of-14 shooting with four turnovers), but in his second outing he reminded everyone he is better than just about every other player in Vegas. He can run an offense, and he is too good to be here. Matas Buzelis (28 PTS) put on a SHOW in the @chicagobulls #NBA2KSummerLeague win 🤩 Reed Sheppard Reed Sheppard was a standout a year ago at Summer League, but that didn't buy him consistent run during last season on a deep Rockets team. Back in Las Vegas, Sheppard has looked impressive again and just too good for this level, averaging 23 points a game. What should make coach Ime Udoka happy is that Sheppard just looks stronger and seems more comfortable with the physicality of the game, something he needs if he's going to get into the Rockets rotation as expected this season. Ajay Mitchell Ajay Mitchell re-signed with the Thunder for three years, $8.7 million this summer... so what is he doing in Las Vegas? Getting the reps and run he can't get on a championship roster. He's averaged 20 points a game, shooting 51.4% overall, with six rebounds and 4.3 assists a night, and is handling Vegas just fine (after three years of college parties in Isla Vista, before going pro, Vegas' party scene isn't going to faze him). Kyle Filipowski Filipowski is the leading scorer in Las Vegas, averaging 29.3 points a game on 56.1% shooting, including 39.1% from beyond the arc, plus 7.7 rebounds a game (in 28.6 minutes a night). Filipowski came on in the second half of last season in Utah and has taken a step forward from there. Utah shut him down after three games in Vegas (plus a couple in the Salt Lake City Summer League). Kyle Filipowski - Game 3 - Vegas Summer League highlights Flip played 31 minutes and finished with 35 points, 11 rebounds, 1 assist, & 1 steal . .#JazzNation #UtahJazz #TakeNote#NBA #NBA2KSummerLeague#KyleFilipowski #NBASummerLeague Guys Who Caught My Eye Joan Beringer Rudy Gobert is still an elite defender, but he is 33 and expensive, the Timberwolves might need to move on from him in a couple of years. It's just a few Summer League games, but one can envision Beringer, the French center that the Timberwolves took at No. 17, sliding into that defensive center role. He impressed with his athleticism and defense — recording Beringer 11 points, eight rebounds and six blocks in his Summer League debut. He's averaged 6.5 rebounds and 2.5 blocks a game in Las Vegas. NO FLY ZONE 😳 French rookie Joan Beringer with back-to-back blocks in Summer League for the Wolves 😯 Noah Penda The No. 32 pick in June's draft has shown a real versatility for the Orlando Magic (who traded some seconds to get him). He's averaged 11.3 points a game on 56.7% shooting, including 40% from beyond the arc, and has initiated the offense while playing point forward and even some stretch five. Most importantly, the French player has a high IQ game and is going to find a spot in the NBA. 'He's just got a knack for where to be on the floor, his instincts are phenomenal. I thought his rebounding for us was huge today. His ability to pick up things on the fly,' Magic coach Ameer Bahhur said. 'We played him at the five today, which he had never done before.... His versatility allowed us to use him as another ball handler to relieve pressure and bring the ball up the court. And he did a great job, whether he was at the four, whether he was at the five, he got us into what we needed to do and he helped us run our offense.' Daniss Jenkins The former St. John's star emerged from Rick Pitino's world to earn a two-way contract with the Pistons — he should get at least that this season, maybe more. With Detroit in Vegas, he is playing fantastic defense — he's the reason Reed Sheppard had a relatively tough first night — and he's averaging 17.3 points a game while shooting 58.3% in 3-pointers. He can just flat-out play. Daniss Jenkins with the AND-1 DUNK!@DetroitPistons | #NBA2KSummerLeague Ryan Kalkbrenner He was a defensive anchor at Creighton, and that has translated nicely to his role for Charlotte in Summer League — he is a strong defender in the paint, averaging 2.3 blocks a game in Las Vegas. He's also scoring 8.7 points per game, although his rebounding and ability to be a stretch big need some work. Still, the potential is there, which is why Charlotte locked up the No. 34 pick with a four-year, $9.9 million contract. Yuki Kawamura Everyone loves Yuki — somebody give that man a two-way deal. He was on a two-way contract with Memphis and has earned at least another one of those from someone while playing for Chicago this summer. Yuki Kawamura DAZZLES in the @chicagobulls W in Vegas 💫💯 15 PTS 10 AST (several are 😱) 3 STL Ryan Nembhard The brother of Andrew Nembhard went undrafted because he was considered too small and there were a lot of questions about his shooting. What he showed in Las Vegas is that the former Gonzaga star knows how to run a team and be a strong floor general, and his shot is better than advertised, averaging 11.3 points a game. Nembhard is on a two-way contract with Dallas and will have the opportunity to prove his worth. Carter Bryant That other guy the Spurs drafted in the lottery (No. 14) turns out to be a defensive terror on the wing — he bothered Cooper Flagg more than any other player defending him in Las Vegas. You can see where he fits in San Antonio if he can develop a respectable offensive game, something that we have not seen in Las Vegas, where he is shooting 12.5% through three games. Still, the thought of a Spurs opponent struggling to drive past Bryant on the wing only to run into Victor Wembanyama in the paint is potentially terrifying.
NBC Sports
13-07-2025
- Sport
- NBC Sports
Cooper Flagg scores 31 in duel with Dylan Harper, Carter Bryant
LAS VEGAS- In a battle that featured three 2025 lottery picks, the anticipation didn't outweigh the on-court production. The No. 1 overall pick Cooper Flagg played much better than he did against the Lakers on Thursday, which was a welcomed sight for Dallas fans. He finished with a game-high 31 points in the Mavericks' 76-69 loss to the Spurs on Saturday. Flagg continued to facilitate well, but he only ended up with one assist after having four against the Lakers, and he was once again impactful on the defensive end. Despite a dramatic jump in scoring, it never felt like Flagg was forcing shots, which Mavericks coach Josh Broghamer was complimentary of. 'I think he just continues to make the right plays,' Broghamer said. 'Whether it's drive by the guy who's pressuring him or, we used him a little bit more as a roller and off the ball a couple of times, just to kind of get him some easier catches... But again, he just continues to make the right plays and do the right things.' Flagg's two-way impact was on full display at the end of the third quarter. He drove through the middle of the paint and dunked the ball with a few seconds left and followed that up by blocking a last-second three-point attempt. Cooper Flagg's second Summer League game: - 31 points - 4 rebounds - 1 assist - 1 block - 10/20 FG - 3/8 3P - 8/13 FT - 31 minutes This kid is special.#MFFL Though Flagg shot far more efficiently, life still wasn't easy for him, especially early on. Carter Bryant, who San Antonio selected with the No. 14 pick in the draft, was a big reason for that. He matched up with Flagg almost every single time they were both on the floor, and his defensive ability that made him a lottery pick was evident. No. 14 pick Carter Bryant is CLAMPING for the Spurs 🔐🔐 When Flagg wasn't on the floor, Bryant spent a few possessions guarding Ryan Nembhard. There is a huge difference between guarding an undrafted, six-foot guard and a 6'9' forward that was taken with the first pick, but Bryant was effective in both roles. He has the upside to be an elite defender in the NBA from day one, though he does tend to find himself in foul trouble. He had four fouls in 27 minutes against Dallas, and he averaged 4.3 fouls per 36 minutes as a freshman at Arizona last season. Bryant didn't have much success on the other end, missing all seven of his shot attempts. However, he wasn't bothered by his poor shooting performance. 'The shot's gonna fall, and the shot's not gonna fall,' Bryant said. 'At the end of the day, I've been shooting the basketball the same exact way since I've been four or five years old. It's gonna fall, I believe I'm gonna be one of the best shooters in this league. You know, an 0-for-7 performance, I think I shot like 1-for-6 in the last game, like that's not gonna define what I am as a basketball player. So, being able to have other things to fall back on, to be able to affect the game positively outside of making shots and scoring the basketball is just my main focus.' Of course, Dylan Harper, who San Antonio added with the second pick last month, made his Summer League debut after missing their first four games with a minor groin injury. He played a little less than 20 minutes, which was by design. There was no reason to make him play heavy minutes in an exhibition game. During his time on the floor, he was effective on both ends. Harper finished with 16 points, six rebounds, two assists, two steals and one block in the win. He displayed the ability to create shots for both himself and others, which was why he was drafted so early. However, his defensive production stood out. 'I think if you don't play defense, you're not going to be able to play on the court,' Harper said. 'So, just trying my best, just learning new stuff, how to go over screens, guard the ball, stuff like that. It's definitely an area I look to grow and just keep on getting better at.' NO. 2 PICK DYLAN HARPER GETS WAY UP FOR THE SWAT 😱 Bryant was complimentary of Harper's block, saying 'he looked like me a little bit.' The future combination of Harper and Bryant on the perimeter is scary enough, but having Victor Wembanyama sitting behind them as well is going to make this team quite difficult to score on, especially in the playoffs. Harper also was effective as the primary ball handler and in an off-ball role. On a team that also has De'Aaron Fox and Stephon Castle, it's encouraging to see Harper make an impact in a role that he could play a lot during his rookie year. The best part of this for fans is that the Mavericks and Spurs will face off at least four times every season, so this entertaining matchup could develop into one of the best divisional rivalries in the league over the next few years. 'It was a good game,' Harped said about his matchup with Flagg. 'I had a good game. We kind of just showed the NBA world what we're about... I mean, we're going to play him a lot this year. So, I mean, the future battles are going to be great.'
Business Recorder
03-06-2025
- 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.
