Fauji Cement achieves Rs5.3bn profit in 1HFY24

February 26, 2024 (MLN): Fauji Cement Company Limited (PSX: FCCL) has unveiled its financial performance for the first half of fiscal year 2024, wherein the profit after tax clocked in at Rs5.27 billion [EPS: Rs2.15] compared to a profit of Rs5.08bn [EPS: Rs2.25] in the same period last year (SPLY).

Going by the results, the company's top line went up by 19.83% YoY to Rs40.35bn as compared to Rs33.67bn in SPLY.

The cost of sales also rose by 17.32% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 25.59% YoY to Rs12.86bn in 1HFY24.

The gross margins improved slightly to 31.87% as compared to 30.41% in SPLY.

During the review period, other income surged by 2.64x YoY to stand at Rs199.94m in 1HFY24 as compared to Rs75.61m in SPLY.

On the expense side, the company observed an increase in selling and distribution expenses by 39.50% YoY and other expenses by 23.42% YoY to clock in at Rs1.64bn and Rs575.05m respectively during the review period.

The company’s net finance cost skyrocketed by 3.15x YoY and stood at Rs2bn as compared to Rs636.64m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs2.82bn against the Rs2.2bn paid in the corresponding period of last year, depicting an increase of 28.17% YoY.

Amount in thousand except for EPS

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