Fauji Cement posts a profit of PKR7.043bn in 9MFY23-24

Fauji Cement Co Ltd (FCCL) announced its financial results for 9MFY23-24 on the Pakistan Stock Exchange website. The company posted a profit after tax (PAT) of PKR7.043bn compared to PKR6.968bn in the previous period, up by a meagre one per cent YoY. During the 3QFY23-24, earnings arrived at PKR1.769bn compared to PKR1.888bn, a fall of six per cent YoY, as reported in the initial financial coverage report from AHL Research.

The topline during 9MFY23-24 reached PKR59.4bn, an uptick of 14 per cent YoY compared to PKR51.907bn in the previous period, on the back of higher retention prices. Also, 3QFY23-24 net sales grew by four per cent YoY to settle at PKR19.048bn.

The selling and distribution expenses in 9MFY23-24 increased by 30 per cent YoY to settle at PKR2.558bn on the back of elevated freight charges given the implementation of the axle load factor. In 3QFY23-24, selling and distribution expenses arrived at PKR918m compared to PKR789m, up by 16 per cent.

Finance costs in 9MFY23-24 increased by 72 per cent YoY to clock in at PKR3.574bn on the back of higher policy rates. In 3QFY23-24, the finance cost arrived at PKR1.569bn, displaying a nine per cent YoY jump amid the rise in borrowings and elevated interest rates.

The company booked effective taxation at 33 per cent in 3QFY23-24 vis-à-vis 30 per cent in 3QFY22-23.