Hifsa Raja

Flying Cement Company Limited’s gross profit was Rs135 million in the three months (July-Sept) ending September 30, 2022, which decreased by 43% compared with Rs237 million in the corresponding period of the previous year. The operating profit showed a year-on-year decrease of 45% to Rs116 million in 3MFY22 from Rs213 million in 3MFY21.

Similarly, the profit before taxation decreased 66% during the three-month period of FY22 to Rs76 million from Rs224 million in the corresponding period of FY21. The profit after taxation decreased 72% to Rs57 million in the three months of FY22 from Rs204 million over the corresponding period of FY21, reports WealthPK.

Financial Performance

During the Fiscal Year 20-21, the company’s gross profit was Rs872 million against Rs302 million in 2019-20, registering an increase of 188%. The operating profit was Rs739 million in 2020-21 against Rs219 million in 2019-20, registering an increase of 237%. The profit before taxation was Rs711 million in 2020-21 against Rs253 million in 2019-20.  The profit after taxation for FY21 was Rs926 million against Rs143 million in 2019-2020, reporting an increase of 545%, according to WealthPK.

In 2019, the earnings per share was Rs0.81, which dropped to minus Rs3.02 in 2020. However, it increased to Rs0.38 in 2021 and Rs1.33 in 2022.

Shareholdings:

As of June 30, 2021, directors, chief executive officer, and their spouses and minor children owned 44.09% of the total shares; banks, development financial institutions, and non-banking financial institutions 0.16%; general public (local) 45.85%; general public (foreign) 2.58%; and others 6.71%. A few foreign firms made investments, accounting for 0.10% of the shares.

Profit or Loss:

From 2017 through 2021, the company's profitability has been consistently poor. In actuality, the corporation lost money from 2019 through 2021. The business began turning a sizable profit in 2022. The company is in good condition in FY22 because people started to make investments.

Flying Cement Company Limited was incorporated in Pakistan as a public limited company on December 24, 1992 under the Companies Ordinance,1984 (Now the companies Act, 2017). The principal activities of the company are manufacturing, marketing and selling of cement.

Credit : Independent News Pakistan-WealthPk