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Gemini Sea Food earns Tk27cr from local sales

Staff Correspondent
13 Nov 2023 21:42:32 | Update: 13 Nov 2023 21:58:16
Gemini Sea Food earns Tk27cr from local sales

Gemini Sea Food, a 100 per cent shrimp exporter listed in the stock market under Food & Allied sector, earned Tk 27.36 crore from selling its products in the domestic market in FY23 – which is a first for the company.

The recently published FY23 financial report of the company disclosed the information. During this FY, the company’s total income from the sale of shrimps was Tk 77.65 crore, while the previous year's income was Tk 72.64 crore.

Out of total revenue in FY23, the company earned Tk 47.01 crore from shrimp exports and Tk 27.36 crore from local market sales. During FY22, the company’s entire revenue came from exports, standing at TK 77.07 crore.

Besides, on Monday, the auditor reviewed the company's FY23 financial report on the DSE website and stated, “We have observed that the company has shown Tk 27.36 as local sales, which is 37 per cent of total sales.

“Previously, the company was 100 per cent export oriented. But during this year, the company began local sales, and we have confirmed the local sales based on provided documents.”

The auditor also pointed out that the ongoing procedure for calculating corporate tax in the FY23 financial statements was not correctly calculated.

The financial statement shows that the company has paid Tk 0.96 crore towards AIT against exports, incentive and other segments. Corporate tax paid as 12 per cent was Tk 1.8 crore, and turnover tax paid was Tk 0.46 crore.

The auditor mentions that in the national budget for FY24, corporate tax has been set at 20 per cent for listed companies and 27.5 percent for non-listed companies.

Gemini Sea Food produces chicken nuggets, sausage, meatballs, fish-balls, shrimp-balls, fish finger, paratha, French fries, cutlets, and other food items to penetrate the local market.

Since 2008, Gemini Sea Foods has led the way in supplying EU merchants with certified organic shrimp from Bangladesh. It prepares, packages, and ships premium frozen raw, cooked, and shellfish shrimp.

It sells goods to the US and other EU nations, including Belgium, the Netherlands, Germany, Denmark, and Russia. Its net profits stood at Tk 9.44 crore in FY23, compared to Tk 5.86 crore of the previous year.

Its earnings per share rose to Tk15.47, from Tk9.61 posted a year ago, bolstered by an increase in export and local sell revenue and the low raw material costs, said the company. The firm got listed on the Dhaka Stock Exchange in 1985.

The company also plans to raise its paid-up capital to over Tk 30 crore from the existing figure of Tk 6.10 crore to comply with the securities regulations.

The company said a 30 per cent bonus dividend and a 10 per cent cash dividend were paid to its shareholders for FY22. Its paid-up capital was increased by Tk 1.40 crore through the bonus dividend.

For the same reason, the company has recommended 20 per cent Cash dividend (other than Sponsors and Directors) and 100 per cent Stock dividend for the year ended June 30, 2023.

Gemini Sea Food shares price dropped 7.22 per cent to Tk 637.70 per share on the Dhaka Stock Exchange on Monday.