Karachi: The Directors of Flying Cement Company Limited have announced the company's financial results for the first quarter ended September 30, 2024. This performance report highlights a notable increase in sales despite facing a range of economic challenges.

During the first quarter of fiscal year 2024-25, the company achieved gross sales of Rs 2,331.32 million, a significant increase from Rs 1,555.87 million recorded in the same period last year. Net sales also rose to Rs 1,547.83 million from Rs 1,147.13 million. However, profit after taxation saw a decrease, falling to Rs 23.50 million from Rs 88.85 million in the previous year, marking a sharp 73.56% drop in net profitability.

According to information available from the Pakistan Stock Exchange (PSX), the decline in profitability is attributed to several factors, including higher fuel and power costs and political instability which affected the broader cement industry. Despite an increase in cement prices, the company's margins were squeezed by these escalating operational costs.

Looking ahead, the directors expressed optimism about the economic outlook, noting improvements in the state of the economy, such as a stronger Pak Rupee, decreasing interest rates, and slightly reduced inflation. These factors are expected to drive increased sales and potentially improve profitability in the upcoming periods.

The management also acknowledged the dedicated efforts of their employees and the trust placed in them by stakeholders, emphasizing their commitment to long-term growth and stakeholder value.