FCCL: PAT inches up by 10% YoY in 1QFY23

October 24, 2022 (MLN): Fauji Cement Company Ltd (PSX: FCCL) has revealed its financial statement for the quarter that ended on September 30, 2022, as per which the company witnessed a 10% YoY increase as the profit after tax (PAT) clocked in at Rs2.31 billion with earnings per share at Rs1.06, compared to the PAT Rs2.1bn (EPS: Rs 0.97) reported in 1QFY22.

During the period, FCCL’s topline grew by 27% YoY to stand at Rs14.7bn while the cost of sales inched up by 29% YoY during the period on the back of higher net retention prices, as volumes witnessed sharp contraction due to flash floods.

Resultantly, the gross margin of the company has shrunk to 28.66% YoY from 29.63% in 1QFY22.

The selling and distribution cost stood at Rs129mn in 1QFY23 whereas, the administrative expenses increased by 15.21% YoY to 318.74mn.  In addition, the other expenses of the company surged to Rs236mn in the review period, marking an up of 17.49% YoY.

The finance income of the company observed a notable increase of 38% YoY to Rs174.6mn in 1QFY23, compared to Rs126.46mn in 1QFY22.

Meanwhile, finance cost has jumped to Rs414.64mn, up by 89% YoY due to higher interest rates.

On the taxation front, the company paid Rs1bn taxes during the review period, compared to Rs662.46mn paid in 1QFY22.

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