Lahore: Flying Cement Company Limited has disclosed its financial results for the fiscal year ended June 30, 2024, revealing a notable shift in its earnings and corporate strategy. The company’s year-end financials were officially communicated to the Pakistan Stock Exchange on October 3, 2024.
In a marked transition from the previous year, the company reported gross sales of 6.17 billion rupees, increasing from 5.73 billion in 2023. After accounting for sales tax and federal excise duty, net sales stood at 4.52 billion rupees. The cost of sales was notably high, summing up to 4.19 billion rupees, leading to a gross profit of 329.45 million rupees, a decrease from the previous year's 576.97 million rupees.
According to information available from the Pakistan Stock Exchange (PSX), the detailed financial statements revealed that the company’s operating expenses were segmented into distribution expenses and administrative expenses, which tallied up to 20.99 million rupees and 100.75 million rupees, respectively. This fiscal management resulted in an operating profit of 183.10 million rupees.
The finance costs for the company have been significant, reported at 178.60 million rupees, yet were counterbalanced by other income streams totaling 329.33 million rupees, leading to a pre-tax profit of 333.83 million rupees. The net profit after taxation was considerably lower than the previous year at 51.45 million rupees, compared to 271.25 million rupees in 2023.
In the realm of corporate actions, the board has decided against distributing dividends this year and will not be issuing bonus shares. Furthermore, the authorized share capital has been raised from 8.00 billion rupees to 10.00 billion rupees, pending shareholder approval in the upcoming Annual General Meeting.
The company plans to share its annual report and further details about the Annual General Meeting scheduled for October 24, 2024, through PUCARS at least 21 days before the meeting. This decision is part of the strategic corporate actions intended to stabilize and grow the company amidst varying market conditions.