Fauji Cement more than doubles revenue in FY2022

Pakistan-based Fauji Cement Company Ltd has reported revenue of PKR54,243m (US$227m) in the year ended 30 June 2022, compared to PKR24,271m in the same period a year earlier. Over the 12-month period, operating profit advanced from PKR5053m to PKR11,982m, while profit for the year improved from PKR3471m to PKR7112m. Earnings per share in the year ended 30 June 2022 came in at PKR3.26, up from PKR2.52 in the year ended 30 June 2021.

The company’s board of directors has also approved the setting up of an 11.25MW solar power plant at its Nizampur site. The PKR1600m project is due to be completed in the first half of 2023 and will boost Fauji Cement’s solar power capacity to 40MW.

IMS Research has added that FCCL has registered decent full-year earnings after the amalgamation of Askari Cement. In the future, it believes that higher synergies, coupled with the early expansion of Askari Cement, will increase the market share and elevate the company's overall profitability, the analyst predicted.