Fauji Cement Posts Highest Ever Profit of Rs. 8.2 Billion in FY24
Wire desk byline Sourced from Xinhua, Dawn, Arab News, Anadolu and Minute Mirror. Translated and abridged by the GSRRA Desk.
Fauji Cement Company Limited (PSX: FCCL) has announced its financial results for the year ended on June 30, 2024, posting a profit after tax (PAT) of Rs. 8.2 billion, up 14 percent YoY compared to Rs. 7.2 billion in the same period last year.
This is the highest-ever yearly profit recorded by the company. This is despite of additional charge of deferred tax amounting to Rs 1.8 Billion on account of the latest amendment made in tax laws, where income tax on exports has been changed from presumptive tax (deducted at the time of export realization) to normal tax.
Along with the result, FCCL announced a final cash dividend for the year at Rs. 1 per ordinary share.
The company’s dispatches during FY 24 were recorded at 5.1 million tons as compared to 4.8 million tons in SPLY; an increase of 10 percent (YoY). During FY 24, the company earned net revenue of Rs. 80 billion as compared to Rs 68 billion during SPLY; an increase of 18 percent (YoY). The Gross Profit margin increased to 32 percent as compared to 30 percent in SPLY.
This is mainly attributable to better sale prices in the local market and higher export volumes along with cost optimization initiatives taken by the Management. Increased usage of local coal, use of multiple types of alternative fuels, increase in own power generation to mitigate the 35 percent increase in power tariffs and optimization of fixed costs contributed towards achieving the overall results.
FCCL posted earnings per share of Rs. 3.35 for FY24 compared to an EPS of Rs. 3.16 in SPLY.
At the time of filing, the company’s scrip at the bourse was Rs. 22.42, up 3.22 percent or Rs. 0.7 with 25.2 million shares on Tuesday.
Reference Link:- https://propakistani.pk/2024/08/27/fauji-cement-posts-highest-ever-profit-of-rs-8-2-billion-in-fy24/
Zamir Ahmed Awan is the founder and Chair of the Global Silk Route Research Alliance, a think tank in Islamabad. He studied engineering at Shanghai University in the 1980s, and years later he went back to China as Pakistan's science counsellor in Beijing, from 2010 until 2016, working on science and higher education cooperation between the two countries.…
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