Revenue
During half year, Company's gross sales have increased significantly by +85%y/y to Rs 5,889 million owing to better dispatches and price. Consequently, the net sales have also increased by 66% y/y to Rs. 3,927 million.
Net Profit
The net profit ratio for the period under review has decreased from 7% to 2% as compared to corresponding period. The Company has achieved more gross profit as compared to corresponding period in value. However, gross profit ratio has reduced to 12.75% as compared to 16.39% achieved in corresponding period mainly due to high cost of electricity. Operating profit has increased in value owing to increased sales but reduced from 13.89% to 8.25% due to increased administrative & distribution expenses because of inflation etc. Lastly, the profit after tax has reduced from 7% to 2% due to tax provision which is subject to finalization at year end.
Future Outlook
Ongoing challenges remain such as higher energy costs, increasing transportation cost, geo political uncertainty etc. The state of the economy has improved as the value of Pak Rupee has stabilized, interest rate is decreasing and inflationary pressure has slightly reduced over the period. There is expected increase in construction activities, foreign direct investment, export, foreign remittance and support from IMF & WB. Consequently, the economic activities will improve further. Going forward, the Company is quite hopeful for improvement in domestic sales on account of expected revival of economy.
The commissioning process of new Line-II of 9,000 TPD of clinker has been completed and its COD is targeted by 4 th Quarter of Financial Year 2024-25.
We all are willing to go to the extra mile to contribute enthusiastically on a continuous basis. Hence, it is projected that the revenue and profitability in the remaining period of the year will improve. We assure the management is fully committed to provide long term sustainable growth and value for all its stakeholders.
Acknowledgement
Management of your Company take pleasure in expressing their sincere gratitude and appreciation for the outstanding commitment and contribution of all the employees and continued trust and reliance placed in the Company by all the stakeholders.
For and on behalf of the board
Agha Hamayun Khan
Chief Executive
Lahore; February 28, 2025
To The Members Of Flying Cement Company Limited
REPORT ON REVIEW OF INTERIM FINANCIAL STATEMENTS
Introduction
We have reviewed the accompanying condensed interim statement of financial position of Flying Cement Company Limited as at 31 December, 2024 and the related condensed interim statement of profit or loss, and other comprehensive income, condensed interim statement of changes in equity and condensed interim statement of cash flows, and notes to the financial statement for the six-month period then ended. (here-in-after referred to as the "interim financial statements"). Management is responsible for the preparation and presentation of this interim financial statements in accordance with accounting and reporting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on these interim financial statements based on our review.
Scope of Review
.
We conducted our review in accordance with the International Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the
.
Entity". A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial statements is not prepared, in all material respects, in accordance with accounting and reporting standards as applicable in Pakistan for interim financial reporting.
Other Matter
The figures for the quarters ended December 31, 2024 and December 31, 2023 in the condensed interim statement of profit or loss has not been reviewed and we do not express a conclusion on them. The engagement partner on the review resulting in this independent auditor's report is Shahid Mohsin Shaikh, FCA
Signature:
Lahore
Date: February 28, 2025
UDIN: RR202410575WUq1CpHbT
5
Flying Cement Company Limited
Condensed Interim Statement of Financial Position
As at 31 December, 2024
(Un-Audited) | (Audited) | ||
Dcember 31 | June 30 | ||
Note | 2024 | 2024 | |
EQUITY AND LIABILITIES | Rupees | Rupees | |
SHARE CAPITAL & RESERVES | |||
Authorized share capital | 8,000,000,000 | 8,000,000,000 | |
800,000,000 ordinary shares of Rs. 10/- each. | |||
Issued, subscribed and paid up capital | 6,948,000,000 | 6,948,000,000 | |
694,800,000, ordinary shares of Rs. 10/- each. | 1,661,319,749 | 1,551,883,173 | |
Reserves | |||
8,609,319,749 | 8,499,883,173 | ||
Directors & shareholders loan | 5 | 544,830,043 | 57,035,933 |
Surplus on revaluation of fixed assets | 6 | 3,757,993,648 | 3,786,644,456 |
4,302,823,691 | 3,843,680,389 | ||
NON-CURRENT LIABILITIES | 12,912,143,440 | 12,343,563,562 | |
7 | 4,205,997,626 | 3,589,685,120 | |
Long term liabilities | |||
Loan from associated undertaking | 57,263,438 | 934,678,914 | |
Long term deposits | 8 | 22,305,340 | 18,205,340 |
Deferred liabilities | 685,499,888 | 541,136,312 | |
CURRENT LIABILITIES | 4,971,066,292 | 5,083,705,686 | |
8,634,682,611 | 5,820,070,844 | ||
Trade and other payables | |||
Directors & shareholders loan | 78,118,700 | 350,271,281 | |
Unclaimed Dividend | 9 | 59,526 | 59,526 |
Short term finances | 289,250,407 | 395,435,334 | |
Current portion of long term finance | 7 | 646,032,057 | 1,368,184,996 |
TOTAL LIABILITIES | 9,648,143,301 | 7,934,021,981 | |
14,619,209,593 | 13,017,727,667 | ||
Contingencies and commitments | 10 | - | - |
TOTAL EQUITY AND LIABILITIES | 27,531,353,033 | 25,361,291,229 | |
ASSETS | |||
NON-CURRENT ASSETS | 11 | 24,731,586,769 | 23,174,488,535 |
Property, plant & equipment | |||
Long term security deposits | 32,880,151 | 32,880,151 | |
CURRENT ASSETS | 24,764,466,920 | 23,207,368,686 | |
269,132,217 | 134,840,629 | ||
Stores, spares & loose tools | |||
Stock in trade | 1,449,615,713 | 1,215,420,461 | |
Trade debts | 222,325,408 | 192,495,895 | |
Advances, deposits, prepayments & other receivables | 667,629,459 | 474,870,766 | |
Cash and bank balances | 158,183,316 | 136,294,792 | |
TOTAL ASSETS | 2,766,886,113 | 2,153,922,543 | |
27,531,353,033 | 25,361,291,229 |
The annexed notes from 1 to 16 form an integral part of these condensed interim financial statements.
Director | Chief Executive | Chief Financial Officer | 6 |
Flying Cement Company Limited
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF YEAR ENDED DECEMBER 31, 2024
For the half year ended | For the quarter ended | |||
Jul - Dec | Jul - Dec | Oct-Dec | Oct-Dec | |
2024 | 2023 | 2024 | 2023 | |
(Un-Audited) | (Un-Audited) | (Un-Audited) | (Un-Audited) | |
--------------------(Rupees)------------------ | ||||
Gross sales | 5,889,064,027 | 3,190,324,468 | 3,557,747,553 | 1,634,451,988 |
Less : Sales tax & excise duty | (1,961,760,388) | (822,458,794) | (1,178,273,655) | (413,713,405) |
Net sales | 3,927,303,639 | 2,367,865,674 | 2,379,473,898 | 1,220,738,583 |
Cost of sales | (3,426,352,836) | (1,979,835,587) | (1,971,115,583) | (1,072,614,150) |
Gross Profit | 500,950,803 | 388,030,087 | 408,358,315 | 148,124,433 |
Distribution cost | (9,286,502) | (9,954,440) | (2,334,802) | (4,977,220) |
Administrative expenses | (167,827,676) | (49,117,364) | (145,752,736) | (26,617,941) |
(177,114,178) | (59,071,804) | (148,087,538) | (31,595,161) | |
Operating Profit | 323,836,625 | 328,958,284 | 260,270,777 | 116,529,272 |
Finance cost | (61,681,005) | (112,327,698) | (40,932,075) | (58,571,201) |
Other income | 45,430,272 | 28,809,940 | 45,430,272 | 28,809,940 |
Profit before taxation | 307,585,892 | 245,440,526 | 264,768,974 | 86,768,011 |
Taxation | (226,800,124) | (74,482,365) | (207,484,499) | (4,659,029) |
Profit after taxation | 80,785,768 | 170,958,161 | 57,284,475 | 82,108,982 |
Other Comprehensive income | - | - | - | - |
Total Comprehensive income | 80,785,768 | 170,958,161 | 57,284,475 | 82,108,982 |
for the period | ||||
Earnings per share- basic | 0.12 | 0.25 | 0.08 | 0.12 |
The annexed notes from 1 to 16 form an integral part of these condensed interim financial statements.
Director | Chief Executive | Chief Financial Officer |
7
FLYING CEMENT COMPANY LIMITED
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE HALF YEAR ENDED DECEMBER 31, 2024 (Un-Audited)
Capital Reserves | ||||||
Ordinary Share | Accumulated Profit | Directors & | Revaluation | Gain on Disposal of | Total | |
Capital | / (Loss) | Shareholders Loan | ||||
Surplus | Shares | |||||
(Rs.) | (Rs.) | (Rs.) | (RS.) | (Rs.) | (Rs.) | |
Balance as at July 01, 2023 | 6,948,000,000 | 1,314,391,557 | 57,035,933 | 3,845,115,494 | 126,978,994 | 12,291,521,978 |
Profit / (Loss) for the period | - | - | - | - | - | - |
Other comprehensive Income / (Loss) for the period | - | 170,958,161 | - | - | - | 170,958,161 |
Incremental depreciation | - | 29,235,519 | - | (29,235,519) | - | - |
Balance as at December 31, 2023 | 6,948,000,000 | 1,514,585,237 | 57,035,933 | 3,815,879,975 | 126,978,994 | 12,462,480,139 |
Balance as at June 30, 2024 | 6,948,000,000 | 1,424,904,179 | 57,035,933 | 3,786,644,456 | 126,978,994 | 12,343,563,562 |
Profit / (Loss) for the period | - | 80,785,768 | - | - | - | 80,785,768 |
Directors & Shareholders loan - Net | 487,794,110 | 487,794,110 | ||||
Incremental depreciation | - | 28,650,808 | - | (28,650,808) | - | - |
Balance as at December 31, 2024 | 6,948,000,000 | 1,534,340,755 | 544,830,043 | 3,757,993,648 | 126,978,994 | - |
12,912,143,440 |
The annexed notes from 1 to 16 form an integral part of these condensed interim financial statements.
Director | Chief Executive | Chief Financial Officer |
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