Fauji Cement Company Limited (FCCL) has released its financial results for the first quarter of the fiscal year 2023-24 (1QFY24). The company, one of Pakistan’s major cement manufacturers, reported a profit of Rs. 2.61 billion for this period, marking a substantial 13% increase from the previous year when it was Rs. 2.31 billion. Despite this profit growth, FCCL did not declare any dividends to its shareholders for this quarter.
The company’s net sales for 1QFY24 reached Rs. 20.3 billion, showing a significant rise of 38.2% compared to the same period last year. FCCL attributed this growth to a 14% year-on-year increase in domestic cement demand and a remarkable 48% surge in exports to Afghanistan. The overall dispatches of the company also increased by 25%, with a capacity utilization of 64%.
However, FCCL’s net finance costs saw a massive jump, increasing by 346% to reach Rs. 1 billion. Additionally, the company recorded an income tax expense of Rs. 1.39 billion for the quarter. Earnings per share (EPS) for FCCL in 1QFY24 came in at Rs. 1.07 per share, compared to a restated EPS of Rs. 0.94 in 1QFY23.
As of the latest report, FCCL’s stock price at the stock exchange stood at Rs. 13.4, marking a 5.85% increase with a turnover of 10,407,500 shares.