Fauji Cement Company Limited (PSX: FCCL), one of the biggest cement manufacturers, has announced its financial results for the quarter that ended on September 30, 2023.
The company’s profit clocked in at Rs. 2.61 billion, up 13 percent compared to Rs. 2.31 billion in the same period last year. FCCL did not announce any dividend payouts for its shareholders for the period in review.
Net sales during 1QFY24 clocked in at Rs. 20.3 billion, an increase of 38.2 percent compared to SPLY.
In a brief commentary, FCCL said 1QFY24 saw a considerable increase of 14 percent year on year in the industry’s domestic demand along with a 48 percent increase in exports to Afghanistan and an overall increase of 16 percent. The company’s overall dispatches increased by 25 percent with a capacity utilization of 64 percent.
The net finance cost rose to Rs. 1 billion, a massive jump of 346 percent compared to Rs. 240 million in SPLY.
The company booked income tax expense at Rs. 1.39 billion during 1QFY24.
Earnings per share (EPS) of the company clocked in at Rs. 1.07 per share against an EPS of Rs. 0.94 (re-stated) in 1QFY23.
At the time of filing, FCCL’s scrip at the bourse was Rs. 13.4, up 5.85 percent or Rs. 0.74 with a turnover of 10,407,500 shares on Wednesday.
Source: Pro Pakistani
