FLYNG's profit plunges by 70% YoY to Rs271.25m in FY23

MG News | October 04, 2023 at 03:55 PM GMT+05:00

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October 04, 2023 (MLN): Flying Cement Company Limited (PSX: FLYNG) 's profitability plunged by 70.71% YoY to Rs271.25 million [EPS: 13.84] in the fiscal year 2023, compared to Rs926.1m [EPS: 33.31] reported in the Same Period Last Year (SPLY), as revealed in the company's filing on PSX today.

Going by the results, the company's top line marked a decline of 20.48% YoY to Rs4.24billion as compared to Rs5.34bn in SPLY.

The cost of sales also fell by 17.87% YoY but was lower than proportionate to sales decline, which worsened the gross profit by 33.84% YoY to Rs578m in FY23.

On the expense side, the company observed a rise in Distribution expenses by 13.45% YoY and operating expenses by 29.20% YoY to clock in at Rs86.2m and Rs18.77m respectively during the review period.

Conversely, the company's administrative expenses reduced by 40% YoY to Rs25.51m in FY23.

During the review period, other income grew by 5.18% YoY to stand at Rs91.74m in FY23 as compared to Rs87.22m in SPLY.

The company’s finance costs inflated by 46.40% YoY and stood at Rs168.5m as compared to Rs115.1m in FY22, mainly due to higher interest rates.

On the tax front, FLYNG incurred a tax expense worth Rs98.5m, compared to a tax rebate of Rs214.87m incurred in FY22.

Unconsolidated Financial Results for the year ended 30 June 2023
	June 23	June 22	% Change
Net Sales	4,243,526,759	5,336,125,254	-20.48%
Cost of sales	(3,666,530,289)	(4,464,034,650)	-17.87%
Gross Profit	576,996,470	872,090,604	-33.84%
Distribution expenses	(86,200,369)	(75,979,539)	13.45%
Administrative expenses	(25,509,955)	(42,469,337)	-39.93%
Other Income	91,737,400	87,217,814	5.18%
Operating expenses	(18,772,976)	(14,530,425)	29.20%
Finance cost	(168,507,788)	(115,100,229)	46.40%
Profit before tax	369,742,782	711,228,888	-48.01%
Taxation	(98,497,104)	214,868,864	-
Net profit for the period	271,245,678	926,097,752	-70.71%
Basic and diluted earnings/ (loss) per share	13.84	33.31	-

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