FCEPL Q3 profit surges, shares jump
MG News | October 18, 2024 at 10:04 AM GMT+05:00
October 18, 2024 (MLN): Frieslandcampina Engro Foods Limited (PSX: FCEPL) posted a profit after tax of Rs765.83 million [EPS: Rs1.00] in quarter ending September 2024, up a significant 207.4% from same period last year fueled by better gross margins.
Its shares jumped over 5% during early trade Friday.
The company's top line rose 2.6% to Rs27.49bn as compared to Rs26.8bn in SPLY. Gross profit increased by 17.0% to Rs4.23bn in Q3 2024.
The gross margins rose to 15.4% as compared to 12.7% in SPLY.
During the period under review, other income slid by 62.4% to stand at Rs129.13m in Q3 2024 as compared to Rs343.49m in SPLY.
On the expense side, the company's administrative expenses fell 1.9% from a year ago to Rs482.16m, selling and distribution expenses rose 0.2% to Rs1.78bn, while other operating expenses surged 238.7% to Rs162.97m.
The company’s finance cost dipped by 18.6% and stood at Rs789.53m as compared to Rs970.14m in SPLY.
On the tax front, the company paid a higher tax worth Rs382.38m against the Rs203.21m paid in the corresponding period of last year, depicting an increase of 88.2%.
This translates to an effective tax rate of 33.3% as compared to 43.0% in SPLY.
| Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Sep 24 | Sep 23 | % Change | |
| Sales | 27,488,436 | 26,803,644 | 2.55% |
| Cost of sales | (23,255,371) | (23,185,049) | 0.30% |
| Gross Profit/ (loss) | 4,233,065 | 3,618,595 | 16.98% |
| Administrative Expenses | (482,155) | (491,301) | -1.86% |
| Selling And Distribution Expenses | (1,779,327) | (1,776,119) | 0.18% |
| Other Income | 129,127 | 343,492 | -62.41% |
| Other Operating Expenses | (162,974) | (48,125) | 238.65% |
| Finance Cost | (789,531) | (970,140) | -18.62% |
| Profit/ (loss) before taxation | 1,148,205 | 472,368 | 143.07% |
| Taxation | (382,377) | (203,213) | 88.17% |
| Net profit/ (loss) for the period | 765,828 | 249,155 | 207.37% |
| Basic earnings/ (loss) per share | 1.00 | 0.35 | - |
Amount in thousand except for EPS
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