Flying Cement’s profit rebounds to Rs204.93mn in 1QFY22

MG News | October 29, 2021 at 07:29 PM GMT+05:00

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October 29, 2021 (MLN): Flying Cement has announced its financial performance today for 1QFY22 whereby the company reported a profit after tax of Rs204.93 million (EPS: Rs0.55), a turnaround from the same period when it suffered a loss of Rs40.69mn (LPS:0.23).

This turnaround in earnings was primarily attributable to higher revenue growth as the gross sales of the company jumped notably by 16.5 times YoY to Rs1.70 billion during the first quarter of the ongoing fiscal year. Consequently, the gross profit of the company clocked in at Rs237.6mn against the gross loss of Rs33.54mn in 1QFY21.

Pursuant to the financial statement provided to PSX, the other positive highlight was other income that surged by 3.7x YoY to Rs38.56mn, strengthening the financial health of the company.

On the flip side, the distribution and administrative expenses jumped by 54% and 80% to Rs 2.80mn and Rs20.9mn respectively. Moreover, the financial costs ballooned to Rs27.8mn during the said period that somewhat restricted bottom-line growth.

Financial Results for the Quarter ended September 30, 2021 (Rupees)
	Sep-21	Sep-20	% Change
Gross Sales	1,704,713,845	103,427,443	1548%
Sales tax and federal excise duty	(477,059,596)	(35,010,556)	1263%
Trade discount	-	-	-
Net Sales	1,227,654,249	68,416,887	1694%
Cost of sales	(990,019,135)	(101,956,551)	871%
Gross profit/(Loss)	237,635,114	(33,539,664)	-
Distribution expenses	(2,796,500)	(1,818,234)	54%
Administrative expenses	(20,901,632)	(11,624,757)	80%
Operating Profit/ (Loss)	213,936,982	(46,982,655)	-
Finance costs	(27,810,639)	(13,753)	202115%
Other income	38,563,130	10,396,445	271%
Profit/(Loss) before taxation	224,689,473	(36,599,963)	-
Taxation	(19,754,913)	(4,092,630)	383%
Profit/ (Loss) after taxation	204,934,560	(40,692,593)	-
Earnings/ (Loss) per share - basic	0.55	(0.23)	-

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