Fecto Cement transitions to profit, earns Rs317m in FY24

By MG News | October 07, 2024 at 02:54 PM GMT+05:00

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October 07, 2024 (MLN): Fecto Cement Limited (PSX: FECTC) transitioned to profitability in FY24, earning Rs317.32 million [EPS: Rs6.33] compared to a loss of Rs133.25m [LPS: Rs2.66] in the same period last year (SPLY).

According to the profit and loss account, the company's top line surged by 25.6% to Rs10.91bn as compared to Rs8.68bn in FY23.

In the same vein, the cost of sales increased by 13.3% but as sales grew by a greater proportion, the gross profit surged by 357.6% to reach Rs1.43bn in FY24.

The gross margins improved to 13.1% as compared to 3.6% in SPLY.

On the expense side, the company's administrative expenses rose 11.8% YoY to Rs346.34m, while distribution cost increased 15.7% YoY to Rs107.14m,

Conversely, other operating expenses fell 44.4% YoY to Rs2.95m.

FETC’s finance cost deflated by 8.9% and stood at Rs276.17m as compared to Rs303.2m in SPLY.

On the tax front, the company paid a higher tax worth Rs470.98m against the Rs39.68m tax rebate received in the corresponding year.

Unconsolidated (un-audited) Financial Results for year ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	10,908,118	8,682,183	25.64%
Cost of sales	(9,478,553)	(8,369,763)	13.25%
Gross Profit/ (loss)	1,429,565	312,420	357.58%
Administrative Expenses	(346,335)	(309,741)	11.81%
Distribution cost	(107,138)	(92,564)	15.74%
Other Income	91,337	225,474	-59.49%
Other Operating Expenses	(2,953)	(5,315)	-44.44%
Finance Cost	(276,174)	(303,203)	-8.91%
Profit/ (loss) before taxation	788,302	(172,929)	-%
Final tax / levies	(470,979)	39,684	-%
Net profit/ (loss) for the period	317,323	(133,245)	-%
Basic earnings/ (loss) per share	6.33	(2.66)	-

Amount in thousand except for EPS

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