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FrieslandCampina Engro Pakistan Limited (FCEPL) announced its financial results for Q1, 2024, delivering a strong topline growth of 21% (PKR 27.5 billion compared to PKR 22.7 billion in the same period last year) despite the challenging operating environment and economic slowdown.This increase was fueled by volume growth and relevant consumer offerings.
The Company witnessed a gross profit growth of 1%, while gross margin declined by 320 bps due to currency devaluation and inflationary pressure on commodities and energy prices.
Profit after tax (as a percentage of sales) declined by 200 bps over LY (Rs. 0.67 billion vs. Rs. 0.99 billion in the same period last year) due to an increase in interest rates.
DAIRY-BASED PRODUCTS SEGMENT
The segment reported a revenue of Rs. 26.1 billion, reflecting a growth of 15% compared to the same period last year. The growth was led by our flagship brand Olper’s, through consistent brand building and trade activities.
Olper’s continued to expand the reach of its 1½ Pao Bachat Pack Campaign through TV and Digital channels. The Olper’s 1½ Pao Bachat Pack, an ideal size for a single breakfast occasion, provides the right milk quantity needed for a family’s daily breakfast needs. Three months ended | Variation | ||
(Rs. in million) | 2024 | 2023 | |
Net Sales | 27,464 | 22,651 | 21% |
Operating Profit | 1,971 | 1,982 | -1% |
% of sales | 7.18% | 8.75% | -157 bps |
Profit / (Loss) after tax | 665 | 990 | |
% of sales | 2.42% | 4.37% | -195 bps |
Earnings / (Loss) per share (Rs.) | 0.87 | 1.29 |
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