Fauji Cement posts profit of Rs3.47 billion

KARACHI: Fauji Cement Company Limited (FCCL) has announced a net profit of Rs3.47 billion, translating into the earnings per share (EPS) of Rs2.52 for the year ended June 30, 2021, compared with the loss of Rs59.38 million and the loss per share of 4 paisas in the previous year. The company did not announce any payout with the results, a bourse filing said on Monday.

The sales revenue for FY21 clocked-in at Rs24.27 billion, up 40.85 per cent, compared with Rs17.23 billion recorded in FY20.

“In FY21, topline depicted growth, amid a 10 per cent rise in dispatches to 3.38 million tonnes together with [the] improvement in retention prices,” an analyst at Arif Habib Limited said.

“FCCL’s topline witnessed a massive jump of 80 per cent to Rs6.7 billion during the fourth quarter of FY21 led by a 27 per cent uptick in [the] off-take to 897k tonnes alongside a notable jump in retention prices, as well as cut in FED [federal excise duty] and hike in the North Region prices.”

Other income during the year surged 126 per cent to Rs81.7 million, while the finance cost declined 53 per cent to Rs109.6 million due to the prevailing low interest regime.