FCEPL Q3 profit surges, shares jump

MG News | October 18, 2024 at 10:04 AM GMT+05:00

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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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