Nestle’s profit falls, PSO posts 30pc rise
KARACHI: Nestlé Pakistan Ltd on Friday reported that its profit-after-tax (PAT) fell 10.49 per cent to Rs50.67 billion, translating into earnings per share (EPS) of Rs111.75, in the first quarter of 2024 compared to Rs56.61bn (EPS: Rs124) in 1QCY23.
However, sales revenue rose 9.7pc to Rs54.4bn for the first quarter due to broad-based growth across products and demand-generating activities.
In a statement, Nestle Pakistan maintains a cautious outlook for the rest of the year in view of the continuing external challenges.
PSO income surges
Pakistan State Oil (PSO) posted a 30pc growth in its net profit to Rs13.4bn (EPS: Rs28.5) during the first nine months of the current fiscal year Rs10.3bn (EPS: Rs21.9) in 9MFY23
PSO’s market share rose by 1.3pc in white oil to 52.4pc in the above period, predominantly driven by a 2.1pc expansion in gasoline market share, soaring to 46.4pc in 9MFY24. PSO maintained a market share of 54.5pc in the diesel market.
The company also retained its leading position in the black oil market, selling 247,000 tonnes during the period, despite a 74.6pc decline in sales year-on-year due to reduced furnace oil-based power generation. PSO held 99.40pc market share in the Jet fuel industry.
FCEPL
FrieslandCampina Engro Pakistan Ltd (FCEPL) delivered a strong top-line growth of 21pc to Rs 27.5bn for three months ending March 2024 from Rs22.7bn 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.
PAT as a percentage of sales plunged by 200bps over last year to Rs0.67bn from Rs0.99bn in the same period last year due to an increase in interest rates. A breakup reveals that dairy-based products reported revenue of Rs26.1bn, up 15pc over the same period last year. Revenue from the frozen segment stood at Rs1.36bn as against Rs1.44bn in the above period.
JS Bank profit surges 376pc
JS Bank Ltd (JSBL) posted a record consolidated profit of Rs4.2bn in the first quarter of the calendar year 2024.
In a filing to the PSX, the bank reported that its PAT jumped by 376pc compared to the same period in 2023. The EPS rose to Rs1.66 compared to Rs0.68.
Published in Dawn, April 27th, 2024