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Karachi: Fecto Cement Ltd, a significant player in the cement industry, has shared its financial results for the quarter ended September 30, 2023, following a meeting of its Board of Directors on October 28, 2023, at its registered office. The results and corresponding decisions were conveyed in an official announcement to the Pakistan Stock Exchange (PSE).
The board has decided not to issue any cash dividends, bonus shares, or right shares for this quarter. Additionally, there are no other entitlements or corporate actions to report, nor is there any other price-sensitive information available at this time.
The company’s financial performance for the three months ending September 30, 2023, has been detailed in the attached results. Sales netted PKR 2,625,901 thousand, a notable increase from PKR 1,770,906 thousand in the same quarter of the previous year. The cost of sales was PKR (2,286,044) thousand, resulting in a gross profit of PKR 339,857 thousand, an impressive improvement from the PKR 90,302 thousand recorded in 2022.
Administrative expenses amounted to PKR (92,434) thousand and distribution costs were PKR (26,793) thousand, with other expenses reaching PKR (9,022) thousand. This resulted in total expenses of PKR (128,249) thousand, compared to PKR (92,041) thousand in the previous year. Other income for the quarter was PKR 34,473 thousand, an increase from PKR 17,640 thousand in 2022, leading to an operating profit of PKR 246,081 thousand, a significant improvement from the PKR 15,901 thousand reported last year.
Finance costs amounted to PKR (74,655) thousand, and the profit before taxation was PKR 171,426 thousand, a reversal from the loss of PKR (51,013) thousand reported in the same period in 2022. The company recorded a current taxation expense of PKR (27,775) thousand and a deferred taxation expense of PKR (54,398) thousand, culminating in a total taxation expense of PKR (82,173) thousand, compared to PKR (9,824) thousand in 2022. Consequently, the profit after taxation for the quarter was PKR 89,253 thousand, contrasting the loss of PKR (60,837) thousand recorded in the previous year. This translates to earnings per share of PKR 1.78, compared to a loss per share of PKR (1.21) in 2022.