Fauji Foods profit after tax up 8.5%

By MG News | Category Equity | January 28, 2025 at 03:21 PM GMT+05:00

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January 28, 2025 (MLN): Fauji Foods Limited (PSX: FFL) recorded a profit after tax of Rs656 million [EPS: Rs 0.29] in the full year 2024, up a significant 8.5% compared to Rs605m [EPS: Rs 0.29] in the same period of last year.

The business has continued its growth momentum, recording a full-year revenue of Rs23.4 bn.

The three strategic pillars of Margin Accretive Growth, COGS reduction, and Capability, continued to drive the top line as well as bottom line.

Nurpur UHT milk remains the fastest growing Milk brand in Pakistan.

It recorded 45% revenue & 29% volume growth vs SPLY.

In line with the strategy of entering Margin Accretive segments, cereals were acquired in Feb 2024 and Opa Pasta launched in Q4 2024.

With these additions Fauji Foods has a food culinary portfolio spread across multiple culinary occasions.

The commercial sustainability is reflected through the improved structure of the P&L as Gross Margins increased from 13.1% in 2023 to 15.8% in 2024, an increase of 2.7%.

This was driven by continued focus on cost efficiencies backed by improvement in the Supply Chain.

As a result, FFL achieved a full year 2024 operating profit of Rs1.02 billion vs Rs0.41bn in 2023, an increase of 150%.

The business shall continue to benefit from synergies arising from consolidating operations between cereals, dairy and Pasta.

The company is on its journey to build world-class capability across the organization and continues to invest in the right person for the right job philosophy.

Additionally, the digitization agenda is being driven across the businesses to harness insights for growth and efficiency.

With the commercial strategy delivering results, EBIDTA, which has been on a growth path, closed at Rs1.7bn in 2024 from an EBITDA of Rs1.09bn, an increase of 56% over SPLY

Profit and Loss Account for the year ended December 31, 2024 (Rs)

	Dec-24	Dec-23	% Change
Revenue from contracts with customers - net	23,404,093,663	19,370,542,292	20.8%
Cost of revenue	(19,718,042,016)	(16,826,717,108)	17.2%
Gross profit	3,686,051,647	2,543,825,184	44.9%
Marketing and distribution expenses	(1,710,529,306)	(1,323,482,146)	29.2%
Administrative expenses	(940,111,486)	(722,329,209)	30.2%
Net impairment loss on financial assets	(17,207,097)	(89,900,000)
Profit from operations	1,018,203,758	408,113,829	149.5%
Other income	546,055,414	238,475,021	129.0%
Other expenses	(336,879,444)	(49,545,405)	579.9%
Finance cost	(54,606,906)	(323,792,596)	-83.1%
Profit before taxation	1,172,772,822	273,250,849	329.2%
Taxation	(516,375,011)	331,860,812
Profit for the period	656,397,811	605,111,661	8.5%
Earning per share - basic and diluted (in Rupees)	0.29	0.29	0.0%

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