Fauji Cement’s profit-after-tax amounted to Rs1.77 billion, a decrease of 6%, during the third quarter of FY24 that ended March 31, 2024, compared with Rs1.89 billion in the corresponding period of the previous year, on account of a higher cost of finance and taxation.
The Board of Directors (BoD) of the company in a meeting held on Tuesday reviewed the financial performance of the company for the period ended March 31, 2024.
As per the latest financial statements, the company’s Earnings per Share (EPS) decreased to Re0.72 against Re0.77 in the same period of the previous year.
Fauji Cement’s net revenue increased by nearly 4% to Rs19.05 billion as compared to Rs18.23 billion recorded in the previous year.
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On the other hand, the cost of sales rose higher by 6% to Rs13.7 billion in 3QFY24, as compared to Rs12.9 billion recorded in the previous year.
Resultantly, the gross profit remained largely stable at Rs5.35 billion, as compared to Rs5.36 billion. However, the company’s profit margin lowered to 28% in 3QFY24, as compared to 29% in SPLY.
Industry dispatches for the nine months FY24 were 34.50 million tons as compared to 33.60 million tons in SPLY; an increase of 3% (YoY). Domestic sales showed a decline of 4% while export sales increased by 68% mainly attributable to sea exports, which have again become viable due to currency devaluation and lower imported coal prices for the companies in the South.
Meanwhile, Fauji Cement’s dispatches during the nine months FY24 were 3.79 million tons as compared to 3.76 million tons SPLY; an increase of 1% (YoY).
On a quarterly basis, the company’s finance cost jumped from Rs1.44 billion to Rs1.57 billion, a yearly increase of over 9%.
Resultantly, the cement maker’s profit before tax (PBT) lowered to Rs2.65 billion in 3QFY24, compared to Rs2.69 billion in SPLY, a decrease of 2%.
However, despite lower PBT, Fauji Cement paid higher taxes to the tune of Rs877 million in 3QFY24, an increase of 9%, compared to Rs807 million in SPLY.
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