FCEPL profit jumps to Rs588m

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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