FCEPL Q3 profit surges, shares jump

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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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