Fine Foods sees nearly 400% profit growth in first half of FY25
In a stock exchange filing on Thursday (16 January), the firm, which cultivates varieties of fish, reported a 394% growth in its net profit in the first half of the current fiscal year
Fine Foods, a publicly listed company, has made a profit in the first six months of the current fiscal year (FY25) which is almost twice the amount of profit it made in the entire FY24, driven by a 74% growth in revenue.
In a stock exchange filing on Thursday (16 January), the firm, which cultivates varieties of fish, reported a 394% growth in its net profit in the first half of the current fiscal year.
According to its unaudited financials, from July to December 2024, the company's net revenue rose to Tk5.63 crore, with net profit reaching Tk2.52 crore. In the first half of FY24, it reported revenue of Tk3.23 crore and profit of Tk53 lakh.
Keep updated, follow The Business Standard's Google news channel
Its revenue for the entire FY24 was Tk7.34 crore and net profit was Tk1.31 crore, according to its annual report.
The earnings per share (EPS) in the first half of FY25 jumped to Tk1.81, a significant growth from Tk0.38 in the July-December period of FY24.
Although the agro-based firm reported substantial growth in profit in the first half, its share price on Thursday declined by 5.57% to Tk207 each on the Dhaka Stock Exchange (DSE).
However, its share price steadily increased since November last year. On 3 November, its shares price was Tk156.5 each, which peaked at Tk271.4 each on 6 January this year, the highest in the last two years.
After reaching the peak, its share price has now waned in the last eight trading sessions.
A company official seeking anonymity told TBS, "The company has huge lands in Mymensing and Kishoreganj, where it is now operating projects for fish cultivation."
"Despite having potential in the agro-based products, mainly fish cultivation, Fine Foods was struggling to operate its business amid a working capital shortage. Now, some new entrepreneurs have joined the company as directors buying mandatory holding by 2% of the company," he said.
"With the inclusion of new directors, Fine Foods' working capital shortage almost resolved, and some new plans have taken to make the company to be more profitable," the official added.
678% growth in profit in Oct-Dec
Fine Foods reported a 678% growth in its quarterly profit in the October to December quarter of FY25 compared to the same time of FY24.
Its quarterly reports showed that it made a profit of Tk2.18 crore in the second quarter, which was only Tk28 lakh in the same period of the previous fiscal year.
During the second quarter of FY25, its revenue jumped 116% to Tk3.64 crore, which was Tk1.68 crore in October-December of FY24.
In FY24, it had paid a 10% cash dividend only to its general shareholders.
