Karachi: Flying Cement Company Limited has disclosed its financial outcomes for the first quarter ended September 30, 2024, which includes a noteworthy increase in net sales and profits, yet declared no dividends or rights issues for the quarter. According to information available from the Pakistan Stock Exchange (PSX), the announcement was made in a letter addressed to the General Manager of Pakistan Stock Exchange, detailing that the board, in a meeting on October 24, recommended no cash dividend, bonus issue, or any other corporate action.

The letter revealed that the Lahore-based cement manufacturer achieved a substantial growth in gross sales, reaching Rs. 2.33 billion, compared to Rs. 1.56 billion in the same period last year, marking an increase of nearly 50%. However, the company registered no significant changes regarding shareholder returns such as dividends or rights shares.

The financial statement, appended as Annexure-A in the correspondence, illustrated that the company's net sales after accounting for sales tax and federal excise duty amounted to Rs. 783.86 million. The cost of sales was significantly higher this quarter, resulting in a gross profit of Rs. 92.53 million compared to Rs. 239.01 million in the previous year.

Operating expenses and distribution costs, although decreased from the previous year, continued to impact the company's earnings, with the firm posting an operating profit of Rs. 63.65 million. The finance cost for the period stood at a decreased amount of Rs. 20.75 million, contributing to a profit before taxation of Rs. 42.82 million. After taxation, the profit after tax significantly increased to Rs. 23.50 million from a loss of Rs. 88.89 million reported last year.

The earnings per share (EPS) after tax for the quarter also saw a positive shift, standing at Rs. 0.03, compared to Rs. 0.13 in the previous year. This turnaround highlights an improved financial performance despite the lack of additional benefits to shareholders through dividends or rights issues.

The detailed financial results are part of the company’s quarterly report, which will be transmitted through PCUARS separately within the specified timeframe, as mentioned in the announcement. This disclosure aligns with corporate transparency practices and provides investors and stakeholders with a comprehensive view of the company's financial health and strategic direction moving forward.