Fecto Cement Q1 profit surges 180%

MG News | October 29, 2024 at 10:44 AM GMT+05:00

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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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