FCL reports Rs760mn profit for 2024, down 8% YoY

February 13, 2025 (MLN): Fast Cables Limited (FCL) has reported its financial results for the year ended December 31, 2024, reporting a profit of Rs760 million, marking an 8% decline from Rs827.3mn in the same period last year.

This dip in profitability was primarily driven by increased finance costs, despite a significant rise in other income.

Fast Cables Limited recorded a total revenue of Rs16.08 billion, reflecting a 6.17% decline compared to Rs17.13bn in the previous year.

The cost of revenue also saw a reduction of 5.7%, bringing it down to Rs13.32bn from Rs14.12bn.

Consequently, the company’s gross profit fell 8.35% to Rs2.76bn, compared to Rs3.01bn in the previous year.

The company's administrative expenses surged 14.13% to Rs259.91mn, while distribution costs increased 3.17% to RS 714.67mn.

This rise in operating expenses, coupled with lower revenue, resulted in a 14.61% drop in operating profit, which stood at Rs1.79bn compared to Rs2.09bn in the corresponding period last year.

One of the most significant factors impacting Fast Cables Limited’s profitability was the finance cost, which surged 52.48% to Rs892.1mn from Rs585.05mn in the prior year.

A silver lining in FCL’s financial performance was the remarkable growth in other income, which soared 284.12% to Rs484.15mn, compared to Rs126.04mn last year.

This substantial increase helped offset some of the negative impacts of declining revenue and rising costs.

The company’s profit before taxation declined 11.18% to Rs1.2bn, down from Rs1.36bn in the previous year.

Taxation was reduced by 15.8% and stood at Rs445.02mn

Reflecting the lower profitability, earnings per share (EPS) declined to Rs1.21, compared to Rs1.65 in the same period last year.

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