FCEPL profit jumps to Rs588m

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MG News | August 16, 2024 at 09:14 AM GMT+05:00

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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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