Fecto Cement Q1 profit surges 180%
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MG News | October 29, 2024 at 10:44 AM GMT+05:00
October 29, 2024 (MLN): Fecto Cement Limited's (PSX: FECTC) net profit soared 180.1% during the first quarter of FY25 as gross margins jumped.
Its shares surged 10% during intraday trade Tuesday.
The cement manufacturer recorded a profit after tax of Rs250.02 million [EPS: Rs4.98] during the quarter ending September 2024 compared to Rs89.25m [EPS: Rs1.78] in the same period last year (SPLY).
The company's revenue grew by 9.5% to Rs2.88bn as compared to Rs2.63bn in SPLY.
Moreover, the cost of sales fell 3.2%, improving the gross profit by 95.0% to Rs662.7m in Q1 FY25.
The gross margins rose to 23.0% as compared to 12.9% in SPLY.
During the period under review, other income fell by 46.2% to stand at Rs18.55m in Q1 FY25 as compared to Rs34.47m in SPLY.
On the expense side, the company's administrative expenses rose 19.2% from a year ago to Rs110.21m, selling and distribution expenses rose 34.0% to Rs35.89m, and other operating expenses rose 214.4% to Rs28.36m.
The company’s finance cost shrunk 28.8% and stood at Rs53.17m as compared to Rs74.66m in SPLY.
On the tax front, the company paid a higher tax worth Rs203.6m against an expense paid worth Rs82.17m in the corresponding period of last year, an increase of 147.8%.
This translates to an effective tax rate of 44.9% as compared to 47.9% in SPLY.
| Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Sep 24 | Sep 23 | % Change | |
| Sales | 2,875,038 | 2,625,901 | 9.49% |
| Cost of sales | (2,212,342) | (2,286,044) | -3.22% |
| Gross Profit/ (loss) | 662,696 | 339,857 | 94.99% |
| Administrative Expenses | (110,206) | (92,434) | 19.23% |
| Selling And Distribution Expenses | (35,894) | (26,793) | 33.97% |
| Other Income | 18,554 | 34,473 | -46.18% |
| Other Operating Expenses | (28,364) | (9,022) | 214.39% |
| Finance Cost | (53,169) | (74,655) | -28.78% |
| Profit/ (loss) before taxation | 453,617 | 171,426 | 164.61% |
| Taxation | (203,596) | (82,173) | 147.77% |
| Net profit/ (loss) for the period | 250,021 | 89,253 | 180.13% |
| Basic earnings/ (loss) per share | 4.98 | 1.78 | - |
Amount in thousand except for EPS
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