FCEPL's profit rises by 41% to Rs1.33bn in 1HCY23

August 11, 2023 (MLN): Frieslandcampins Engro Foods Limited (PSX: FCEPL) has reported its earnings for the half year ended June 30, 2023, which showed that the profit after tax of the company rose significantly by 41.37% YoY to Rs1.33bn [EPS: Rs1.73] in 1HCY23 as compared to a profit of Rs938.17 million [EPS: Rs1.22] in the same period last year (SPLY).

Going by the results, the company's top line increased by 52.79% YoY to Rs47.02bn as compared to Rs30.77bn in SPLY.

The cost of sales rose by 53.68% YoY but was lesser than proportionate to sales decline, which improved the gross profit by 48.39% YoY to Rs7.71bn in 1HCY23.

However, during the review period, other income soared by 2.52x YoY to stand at Rs1.26bn in 1HCY23 as compared to Rs498.38m in SPLY.

On the expense side, the company witnessed a 52% YoY increase in Distribution and Marketing expenses, along with a 2.39x YoY surge in other expenses, amounting to Rs 3.86 billion and Rs 382.82 million, respectively, during the review period.

Similarly, the Administrative expenses of the company rose by 20.66% to Rs854.64m in 1HCY23 as compared to Rs708.28m in SPLY.

The company’s finance costs surged by 2.11x YoY and stood at Rs1.32bn as compared to Rs160.14m in 1HCY22, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs1.22bn against the Rs725.82m paid in the corresponding period of last year, depicting a rise of 68.76% YoY.

Copyright Mettis Link News