Earnings Report /
Pakistan

Fauji Cement: 4QFY21 review – Lower-than-expected margins lead to earnings miss

  • FCCL has posted a NPAT of PKR0.86bn in 4QFY21 (EPS: PKR0.62), down 15% qoq, vs. our expected EPS of PKR0.71.

  • Net Sales have surged 80% yoy to PKR6.74bn, due to a c.23% yoy increase in total sales volume and lack of discounts

  • Gross margins have risen to 23.5%, up by a staggering c.30ppt yoy but declined 6ppt qoq.

Intermarket Securities
6 September 2021