Fauji Cement Company Limited, which is one of the biggest cement manufacturers, has announced its financial results for the year that ended on June 30, 2023.

The company’s profit clocked in at Rs. 7.44 billion, as compared to Rs. 7.11 billion in the same period last year. FCCL did not announce any dividend payouts for its shareholders.

Net sales during FY23 clocked in at Rs. 68 billion, an increase of 25 percent YoY compared to the prior year, mainly because of a robust jump in retention prices in the North, according to Arif Habib Limited.

Dispatches depicted a decline of 14 percent YoY against 5,640k tons sold last year, lower dispatches were mainly due to a decline in domestic offtake to record at 4,455k tons (a drop of 16% YoY). On the other hand, exports increased by 38% YoY in contrast to last year. In FY23 multiple hikes in retention prices and better coal management were the key reasons for improved gross margins, settling at 30 percent vis-à-vis 28.5 percent during SPLY.

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In FY23 net finance cost rose to Rs. 3.1 billion, a massive jump of 584 percent YoY as opposed to Rs. 456 million in SPLY, amid a hike in interest rates in tandem with the increase in borrowings.

The company booked effective taxation at 39 percent in FY23 on account of super tax.

Earning per share of the company clocked in at Rs. 3.16 in FY23 as compared to Rs. 3.02.

FCCL’s scrip at the bourse closed at Rs. 11.16, down by 4.78 percent or Rs. 0.56 with a turnover of 8,250,000 shares on Tuesday.

Source: Pro Pakistani