FCCL swings to profit amid higher margins
MG News | September 06, 2021 at 03:22 PM GMT+05:00
September 6, 2021 (MLN): Fauji Cement Company Ltd (FCCL) has revealed its financial statement for the year ended on June 30, 2021 as per which the company witnessed a turnaround in earnings.
The net profits of the company clocked in at Rs3.47billion with earnings per share at Rs2.52, compared to the net losses of Rs59.38million (LPS: Rs 0.04) incurred in FY20.
The turnaround in earning can be attributed cement retention prices increase in dispatches amid strong local demand.
During the period, FCCL’s topline grew by 40.85% YoY to stood at Rs24.27bn while the cost of sales inched up by only 9% YoY during the year. Resultantly, the gross margin of the company has improved incredibly to 25% YoY during FY21 from 3.77% in FY20 on the back of higher retention prices and better volumes, and improving fundamentals of the overall cement sector.
The selling and distribution cost declined by 7.25% YoY to Rs180.54mn whereas, the administrative expenses stood at Rs524.7mn, up by 12% YoY. In addition, the other expenses of the company surged to Rs378mn in FY21.
On the flip side, finance cost has been nearly wiped off to Rs109.62mn, declined by 53.11% YoY due to lower interest rates.
The company also received Rs8.5mn in terms of profit from associates this year.
On the taxation front, the company paid Rs1.64bn taxes during the review period, compared to the tax credit of Rs113.89mn enjoyed in FY20.
|
Profit and Loss Account for the Year ended June 30, 2021 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Jun-21 |
Jan-20 |
% Change |
|
Turnover - net |
24,271,285 |
17,231,709 |
40.85% |
|
Cost of Sales |
(18,206,880) |
(16,582,605) |
9.80% |
|
Gross Profit/ (loss) |
6,064,405 |
649,104 |
834.27% |
|
Selling and Distribution Cost |
(189,537) |
(204,344) |
-7.25% |
|
Administrative Expenses |
(524,709) |
(468,651) |
11.96% |
|
Other Operating Expenses |
(377,946) |
(567) |
66557.14% |
|
Other Income |
81,710 |
36134 |
126.13% |
|
Finance Cost |
(109,623) |
(233,800) |
-53.11% |
|
Finance Income |
160,543 |
488,857 |
-67.16% |
|
Share of profit of Associate |
2,849 |
- |
|
|
Profit/(loss) before Taxation |
5,107,692 |
(173,267) |
-3047.87% |
|
Taxation |
(1,636,341) |
113,886 |
-1536.82% |
|
Profit/(loss) for the period |
3,471,351 |
(59,381) |
|
|
Earnings/(loss) per Share - Basic and Diluted (Rs) |
2.52 |
(0.04) |
|
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