Islamabad August 27 2024: Fauji Cement Company Limited reported a Profit After Tax (PAT) of PKR 8.2 billion for FY 24, which is the highest in its history, an increase from PKR 7.4 billion in FY 23, according to company filing to the Pakistan Stock Exchange.
The company also announced an unexpected dividend of PKR 1.0 per share. Share price of the company surge PKR 1.08 or 4.97 percent after the result announcement at Pakistan Stock Exchange.
The profit was achieved despite an additional deferred tax charge of PKR 1.8 billion due to changes in tax laws that now require normal tax instead of presumptive tax on export income.
Company’s dispatches during FY 24 were 5.1 million tons, a 10% increase compared to 4.8 million tons in the same period last year (SPLY).
The company’s net revenue for FY 24 was Rs 80,026 million, an 18% increase compared to PKR 68,069 million in SPLY.
Gross profit margin increased to 32% from 30% in SPLY, mainly due to better sales prices in the local market, higher export volumes, and cost optimization initiatives. Factors contributing to these results include increased usage of local coal, multiple types of alternative fuels, self-generated power to mitigate increased power tariffs, and optimization of fixed costs.
