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KARACHI: Friesland Campina Engro Pakistan Limited (FCEPL) has reported revenue of Rs14 billion in the first quarter of 2022, showcasing 20.7 percent growth versus last year.

According to the financial results for first quarter of 2022, the growth was led by improvement in the portfolio mix, coupled with an increase in volumes of both the Dairy & Beverages and the Frozen Desserts segments.

The company’s annual general meeting was held on April 20, 2022 at the Royal Rodale in Karachi. Shareholders and the Board of Directors discussed the Company’s performance in 2021 and the MD/CEO gave a short presentation on the company’s performance.

According to the company announcement, riddled with sharp increases in commodity costs due to continued inflation and the devaluation of the Pakistani rupee, the business environment remained fraught with challenges. Consequently, the gross margins declined by 140bps.

However, the company continued to drive cost-efficiencies through multiple cost-saving initiatives, which resulted in FCEPL registering a post-tax profit of PKR 664 million in Q1 vs PKR 547 million in the same period last year - an improvement of 10bps. The company earned operating profit of Rs 1.184 billion, up by 23 percent. Earnings per share rose to Rs. 0.87 from Rs 0.71.

Committed to improving standards and nourishing Pakistan, FCEPL established the Pakistan-Netherlands Dairy Development Centre, in collaboration with the University of Veterinary and Animal Sciences (UVAS). By leveraging Netherland’s rich dairy expertise, the Centre aims to improve Pakistan’s dairy development capacity and quality by increasing production, improving food security, enhancing food-safety, and integrating sustainability in Pakistan’s dairy value chains and food landscape.

The Dairy and Beverages segment reported revenue of Rs 12.8 billion, registering a 19.5 percent growth year-over-year. The segment’s growth was led by Olper’s as it continued to strengthen its position as the market leader with ongoing brand and trade investments.

With revenue of PKR 1.2 billion, the frozen desserts segment reported a growth of 34.1 percent vs the same period last year.

On future outlook, the company said that the business environment remains fragile as rising inflation and currency devaluation continue to pressure profitability. However, several optimization initiatives are being taken to improve efficiency and manage inflation.

FCEPL’s purpose is to transform the health and well-being of Pakistanis, now and for generations to come. FCEPL will continue to partner with the Pakistan Dairy Association (PDA) and the Government on various initiatives to educate the consumers on the potential health hazards of loose milk consumption and reinforce the positive characteristics of safe packaged milk.

According to the company, business will continue to be invested in our people, processes, and projects to deliver unparalleled value and superlative quality, driven by innovation and technology.

Copyright Business Recorder, 2022

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