Karachi December 5 2023: Matco Foods Limited (MFL) announced the successful commissioning and commercial operations of its new 4,000 MT per year Dextrose Monohydrate Plant, according to company filing to the exchange.
The plant is located at Super Highway Industrial Area, Karachi, a Company owned land.
The plant underwent extensive testing and thorough inspection before commissioning; therefore, the Commercial Operations Date (COD) is marked as December 1, 2023.
Our Dextrose Monohydrate Plant has been completed in 14 months since the groundbreaking in 2022 with the dedication of all stakeholders and we thank our shareholders, staff, equipment suppliers & technology partners, financial institutions, and government bodies for achieving this milestone. The project has created new jobs directly and indirectly, provided economic opportunities for the Country, and will earn vital foreign exchange through exports as well.
“Matco is a dedicated partner of Pakistan’s industrial vision and is among the Top 100 Exporters from the Country. We are committed Lo diversifying the industrial base and providing value addition for our stakeholders and Pakistan economy” states the notice.
During the first quarter i.e., July 2023 – September 2023, the Company has incurred a net profit of Rs. 77.302 million in this quarter as compared to a net profit of Rs. 220.792 million in the last corresponding period, thereby, representing a decrease of 65%.
The Company has exported 9,473 metric tons of basmati rice as compared to 6,811 metric tons in the last comparative period thereby representing an increase of 39%.
Matco Foods Limited was incorporated on April 14, 1990 in Karachi as a private limited company under the repealed Companies Ordinance, 1984 (Now Companies Act, 2017). The principal acvity of the Company is to carry out the business of processing and export of rice, rice glucose, rice protein and pink salt, masala and kheer.
