Lahore: Fast Cables Limited has announced its financial results for the half-year period ending December 31, 2024, following the Board of Directors' meeting held on February 13, 2025, at 12:00 PM in Lahore. The company reported no cash dividends, bonus shares, right shares, or any other entitlements or corporate actions for the period. The financial results, as detailed in "ANNEXURE-A," reveal a comprehensive overview of the company's financial standing and performance over the six months.
According to the condensed interim financial statements, Fast Cables Limited achieved a revenue of 16.08 billion rupees for the half year ending December 31, 2024, compared to 17.13 billion rupees in the same period of 2023. The cost of revenue decreased to 13.32 billion rupees from the previous year's 14.12 billion rupees, resulting in a gross profit of 2.76 billion rupees, down from 3.01 billion rupees in 2023. Administrative expenses rose to 259.91 million rupees from 227.72 million rupees, while distribution costs increased to 714.67 million rupees from 692.71 million rupees.
The operating profit for the period stood at 1.79 billion rupees, with other operating expenses recorded at 172.07 million rupees. Finance costs saw a significant increase to 892.10 million rupees from 585.05 million rupees in 2023. Other income for the period surged to 484.15 million rupees from 126.04 million rupees in the prior year. Profit before levy and taxation was reported at 1.20 billion rupees, with net profit for the period at 759.09 million rupees, compared to 827.29 million rupees in 2023. The basic and diluted earnings per share were 1.21 rupees, down from 1.65 rupees last year.
Cash flow from operations indicated a significant outflow, with net cash used in operating activities amounting to 2.28 billion rupees compared to 3.09 billion rupees in the previous year. The investing activities reflected a net cash used of 205.07 million rupees, while financing activities generated a net cash inflow of 2.23 billion rupees. Consequently, the cash and cash equivalents at the end of the period were 692.14 million rupees, showing a decrease from 952.50 million rupees at the start of the period.
According to information available from the Pakistan Stock Exchange (PSX), Fast Cables Limited operates within the designated market category of manufacturing and distribution of electrical cables and wires. The company's performance reflects ongoing challenges in the sector, with a focus on maintaining financial stability amidst fluctuating market conditions. The detailed financial results are set to be transmitted through PUCARS separately, ensuring stakeholders are informed of the company's financial health and strategic direction.