FCEPL profit jumps to Rs588m
MG News | August 16, 2024 at 09:14 AM GMT+05:00
August 16, 2024 (MLN): Frieslandcampina Engro Foods Limited (PSX: FCEPL) recorded an increase of 75% YoY in its profitability during the second quarter of 2024, earning a profit after tax of Rs587.95 million [EPS: Rs0.76], compared to a profit of Rs335.89m [EPS: Rs0.44] in the same period last year (SPLY).
Going by the results, the company's sales rose 13.1% to Rs27.56bn as compared to Rs24.36bn in SPLY.
The cost of sales rose by 9.4% YoY but was lesser than proportionate to sales rise, which improved the gross profit by 34.7% YoY to Rs4.84bn in Q2 2024.
The gross margins improved to 17.6% as compared to 14.7% in SPLY.
During the period under review, other income marked a decline of 81.4% to stand at Rs138.52m in Q2 2024 as compared to Rs744m in SPLY.
On the expense side, the company's administrative expenses rose 10.4% YoY to Rs469.63m, selling and distribution expenses rose 23.8% YoY to Rs2.35bn, and other operating expenses rose 1.4% YoY to Rs119.21m.
The company’s finance cost rose by 27.9% and stood at Rs1.06bn as compared to Rs831.74m in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs381.15m against the Rs723.6m paid in the corresponding period of last year, depicting a fall of 47.3%.
| Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Jun 24 | Jun 23 | % Change | |
| Sales | 27,560,144 | 24,363,985 | 13.12% |
| Cost of sales | (22,722,448) | (20,772,635) | 9.39% |
| Gross Profit/ (loss) | 4,837,696 | 3,591,350 | 34.70% |
| Administrative Expenses | (469,625) | (425,227) | 10.44% |
| Selling And Distribution Expenses | (2,354,612) | (1,901,381) | 23.84% |
| Other Income | 138,522 | 743,999 | -81.38% |
| Other Operating Expenses | (119,212) | (117,517) | 1.44% |
| Finance Cost | (1,063,674) | (831,735) | 27.89% |
| Profit/ (loss) before taxation | 969,095 | 1,059,489 | -8.53% |
| Taxation | (381,148) | (723,602) | -47.33% |
| Net profit/ (loss) for the period | 587,947 | 335,887 | 75.04% |
| Basic earnings/ (loss) per share | 0.76 | 0.44 | - |
Amount in thousand except for EPS
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