Fauji Cement Company Limited (PSX: FCCL) has reported a record profit after tax (PAT) of Rs. 8.2 billion for the fiscal year ending June 30, 2024, marking a 14% increase from the Rs. 7.2 billion recorded in the previous year.
This is the highest-ever profit recorded by the company in a financial year.
This achievement comes despite an additional deferred tax charge of Rs. 1.8 billion due to recent amendments in tax laws, which shifted income tax on exports from a presumptive to a normal tax basis.
Along with its financial results, FCCL announced a final cash dividend of Rs. 1 per ordinary share for the year. The company’s dispatches for FY24 reached 5.1 million tons, up 10% from 4.8 million tons in the same period last year. Net revenue rose by 18% to Rs. 80 billion, compared to Rs. 68 billion in the previous year, while the gross profit margin improved to 32% from 30%.
The company attributes its strong performance to improved local sale prices, increased export volumes, and cost optimization strategies. These include greater use of local coal, and alternative fuels, enhanced power generation to counter a 35% rise in power tariffs, and fixed cost optimization.
FCCL reported earnings per share of Rs. 3.35 for FY24, up from Rs. 3.16 in the previous year. As of Tuesday, the company’s stock was trading at Rs. 22.42, up by 3.22% with 25.2 million shares traded.
