KARACHI: The Organic Meat Company Limited (TOMCL), a Pakistani halal meat processor, is targeting the Gulf Cooperation Council (GCC), Chinese, Canadian and Commonwealth of Independent States (CIS) markets to expand its global footprint, the company said this week, following the start of its direct exports to French retail giant Carrefour in Qatar.
The agreement with Carrefour is the fourth business deal the Pakistani halal meat processor has struck with its foreign buyers from the UAE, China and Qatar this year. In August, it became Pakistan’s first meat producer to qualify for direct exports to Carrefour Majid Al-Futtaim Hyper Market operations across the UAE.
In September, the Karachi-based company secured a $7.5 million order for the export of cooked or heat-treated frozen boneless beef to China, followed by a $8.1 million contract it signed with Gold Crest Trading FZE for the export of frozen boneless beef for industrial and household processing to the UAE.
TOMCL’s shares have surged more than 47% year-to-date to close at Rs52.56 per share on Friday, according to Pakistan Stock Exchange (PSX) data. The latest Carrefour Qatar is seen as strengthening of TOMCL’s presence in high-value GCC retail markets as a trusted halal meat supplier.
“We are also pleased to confirm that the first consignment for Carrefour Qatar has been dispatched, formally commencing exports under this new approval,” the company told its shareholders at Pakistan Stock Exchange (PSX) on Nov. 20.
“This progression supports TOMCL’s long-term strategy of increasing export volumes, expanding premium product placements, and enhancing brand visibility across international retail networks.”
The company exports meat to the UAE, Saudi Arabia, China, Oman, Kuwait, Bahrain, Qatar, Hong Kong, Vietnam, Thailand, Azerbaijan, Uzbekistan, Tajikistan, United States, Canada, Italy, Albania, Egypt, Iraq, Maldives and Jordan.
Its exports rose 38 percent to Rs11.2 billion ($40 million) in the last fiscal year that ended in June from Rs8.16 billion ($29 million) a year earlier, according to TOMCL data.
This growth reflected on the meat exporter’s revenues which increased 19 percent to Rs14 billion ($50 million). The company’s sales more than tripled from Rs3.93 billion ($14 million) in 2020-21.
Arab News reached out to Muhammad Faisal Idrees, the group chief financial officer at TOMCL, but he did not respond to the calls.
The company is targeting new markets for all of its products and business lines ranging from exporting pet chews to Canada to boosting sheep and beef casings market and private labeling business in the UAE, Kuwait and the European Union as well as aiming to grow exports to Chinese, Saudi and CIS markets, according to documents seen by Arab News.
Going forward, expansion in product offerings and targeting new markets while expanding exports would be key triggers for the company’s growth, said Shagufta Irshad, an analyst at the JS Global Capital brokerage research firm, citing TOMCL’s corporate briefing last week.
“The management highlighted that fluctuating animal prices domestically, unfavorable currency fluctuations, rising energy cost and loss of livestock from floods along with outbreak of lumpy skin diseases in animals as key challenges going forward,” she said in a recent note to clients.
