FCEPL witnesses a turnaround in annual profits to Rs 176 million

MG News | February 09, 2021 at 10:33 AM GMT+05:00

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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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