Rawalpindi: The Board of Directors of Fauji Cement Company Limited (FCCL) announced today a final cash dividend of Rs.1 per share following a record profit for the fiscal year ended June 30, 2024. The company disclosed an unprecedented profit after tax of Rs 8.2 billion, marking the highest in its history, compared to Rs 7.4 billion in the previous fiscal year.
According to information available from the Pakistan Stock Exchange (PSX), the financial performance of FCCL saw significant improvement across various metrics. Net revenue for the year reached Rs 80.03 billion, an increase of 18% from Rs 68.07 billion reported in the previous year. This growth was driven by a 10% increase in dispatches year-over-year, totaling 5.1 million tons. The gross profit margin also rose to 32% from 30% due to optimized sales prices and increased export volumes.
The financial results reflect strategic cost management and operational efficiencies, including the use of local coal and alternative fuels, which helped mitigate a substantial 35% increase in power tariffs. These measures have contributed to the company's robust financial outcome despite an additional deferred tax charge of Rs 1.8 billion due to changes in the taxation of export revenues.
Furthermore, the 32nd Annual General Meeting (AGM) of the company is scheduled to be held at the Pearl Continental Hotel in Rawalpindi on October 14, 2024. The Share Transfer Books will be closed from October 8 to October 14, 2024, for final dividend entitlement.
The annual report will be made available on the company's website and transmitted through PUCARS at least 21 days before the AGM. The company's performance and the upcoming dividend distribution underscore its continued commitment to shareholder value amidst challenging market conditions.