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FCEPL witnesses a turnaround in annual profits to Rs 176 million

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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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Posted on: 2021-02-09T10:33:00+05:00

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