Daily Corporate Roundup: FCCL records 44% rise in half yearly profits

February 18, 2019 (MLN): The following companies announced their financial results for the period ended Dec 2018:

Fauji Cement Company Limited (FCCL) announced a 44% improvement in its half yearly profits which rose form Rs.1.3 billion recorded last year to Rs.1.8 billion, EPS: Rs.1.32. The company’s topline improved noticeably while its sales cost reduced, resulting in significant gains in gross profit. The pretax profits logged in at Rs.2.6 billion.

In addition to this, FCCL announced an interim cash dividend at Rs.0.75 per share.

Likewise, Sitara Chemical Industries Limited’s net gains grew marginally as compared to the corresponding period of last year, logging in at Rs. 543.2 million, EPS: Rs.25.35. This improvement in profitability is attributed to increased net sales.

On the contrary, Ghandhara Industries Limited recorded a 58% decline in half yearly profits (Rs.383 million) owing to lack of cost cutting and higher expenses, along with lesser sales. The company’s EPS was Rs.8.99, as compared to Rs.21.31 per share announced for the corresponding period of last year.

Similarly, Ghandhara Nissan Limited observed a 14% falloff in half yearly net income which stands at Rs.313.4 million (EPS: Rs.5.5) for the period ended December 31, 2018.

Although the company’s topline improved remarkably over the year, the cost of its sales grew substantially as well, cancelling out the positive impact of higher sales majorly. In addition to this, higher finance cost and taxation weighed down the profits further, resulting in an overall decline in profits.

Going by the trend, Berger Paints Pakistan recorded a 17.6% decline in net income which is recorded at Rs.37.4 million, EPS: Rs.1.83.

Altern Energy Limited’s profits for the six months ended December 31, 2018, improved by 15.2% at Rs. 1.6 billion, whereas its EPS clocked in at Rs. 2.68. This growth in bottom-lines was motivated by decrease in the cost of sales.

Shabbir Tiles and Ceramics Limited stated profits of Rs. 110 million for the half year ended December 31, 2018, depicting a massive improvement from the profits earned in same period last year i.e. Rs. 11 million. This was due to an impressive growth in the company’s sales revenue.

Moreover, it reported its EPS at Rs. 0.46 for the aforementioned period. 

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