FCEPL witnesses a turnaround in annual profits to Rs 176 million
By MG News | February 09, 2021 at 10:33 AM GMT+05:00
February 9, 2021 (MLN): FrieslandCampina Engro Pakistan Limited (FCEPL) has witnessed a turnaround in net profits to Rs 176 million (EPS: Rs 0.23) for the year ended on December 31st, 2020 compared to the net losses of Rs 954 million (LPS: Rs 1.25) incurred in last year.
The turnaround in earnings can be attributed to higher volumetric sales and a decline in major expense heads.
During the year, the company registered a 14.5% YoY increase in revenues while its cost of sales jumped by 13.40 % YoY, as a result, the gross profits of the company saw a growth of 22% YoY.
The company’s earnings were further strengthened by a decrease in expense heads, as administrative cost came down by 7.35% YoY from Rs 1.24 billion to Rs 1.15 billion. Moreover, distribution & marketing expenses and other operating charges fell by 0.48% and 28.21%, YoY, respectively.
As per the financial statement issued by the company, the other positive highlights include a 32% YoY increase in other income. However, the company reported finance cost which increased marginally by 1.41% YoY to clock in at Rs 1.24 billion.
| Profit and Loss Account for the year ended December 31, 2020 ('000 Rupees) | |||
|---|---|---|---|
|
| Dec-20 | Dec-19 | % Change |
| Revenue from contracts with customers-net | 44,155,023 | 38,567,019 | 14.49% |
| Cost of revenue | (38,202,175) | (33,687,049) | 13.40% |
| Gross Profit | 5,952,848 | 4,879,970 | 21.99% |
| Distribution and Marketing Expenses | (3,661,213) | (3,678,992) | -0.48% |
| Administrative Expenses | (1,154,310) | (1,245,853) | -7.35% |
| Other Operating Expenses | (177,243) | (246,874) | -28.21% |
| Other Income | 546,438 | 412,968 | 32.32% |
| Operating Profit | 1,506,520 | 121,219 | 1142.81% |
| Finance Cost | (1,238,840) | (1,221,574) | 1.41% |
| Profit/ (Loss) before Taxation | 267,680 | (1,100,355) | - |
| Taxation | (90,754) | 145,490 | -162.38% |
| Profit/ (Loss) for the year | 176,926 | (954,865) | - |
| Earnings/ (Loss) per Share - Basic and Diluted (Rs) | 0.23 | (1.25) | - |
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