FMF Foods Limited recorded a net group revenue increase by 11.8 per cent or more than $20million during 2010-2011.
In its annual report, chairman Hari Punja noted the rise from over $181.49m to over $201.96m as well as the group profit after tax of over $12.931m compared to over $11.636m for the previous year.
"This year, your company was able to increase dividends while staying with the necessity of strengthening the balance sheet ($1.2m this year compared to $900,000 for the previous year) — an increase of 33.33 per cent. Shareholder funds have increased to over $60.969m from over $49.5m in the previous year. The company has slightly improved its gearing ratio - the ratio that compares the proportion of borrowed funds to the sum of shareholders funds plus net debt — from 53 per cent to 37 per cent," he said. Meanwhile, Mr Punja said the recent international price of wheat moving up by over 40 per cent this year because of an unprecedented drought in the United States and a possible ban of wheat by Russia, was expected to impact their costs.