Despite experiencing a 22% decrease in feed sales, Aman Feed Ltd, a subsidiary of Aman Group, has disclosed a remarkable 659% increase in profit during the initial nine months of the ongoing fiscal year, as per its financial records.
However, the animal feed-producing company faced a loss of Tk1.46 crore in the third quarter (Jan-Mar) of FY24, although these losses showed improvement compared to the corresponding quarter of FY23.
In a disclosure on the stock exchange website today, the company announced that losses had decreased in Q3, attributed to a reduction in raw material costs and selling as well as distribution expenses.
In the July-March period of FY24, the company recorded sales of Tk746 crore and a net profit of Tk5.09 crore. In comparison, during the corresponding period of FY23, these figures were Tk961.77 crore and Tk67.58 lakh, respectively.
While its sales saw a 22% decline in the Jul-March period, in Q3 also, sales dropped by 45% to Tk206.25 crore.
Aman Feed is engaged in producing high-quality poultry feed, fish feed and cattle feed.
Aman Feed was listed on the country’s stock exchanges in 2015. It has raised Tk72 crore by issuing two crore shares at Tk36 each, including a Tk26 premium, through an initial public offering (IPO).
In the last fiscal year, it made a profit of Tk2.85 crore, which is the lowest since listing on the bourses.
It had paid a 10% cash dividend to its shareholders for FY23.