Friesland Campina Engro Pakistan Limited (FCEPL): 1HCY25 Analyst briefing takeaway – By AKD Research

<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">During 1HCY25, company recorded revenue of PkR52.5bn, a 4.6%YoY decline from PkR55.0bn in 1HCY24, mainly due to lower dairy-segment sales.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Dairy-segment sales fell 7.4%YoY to PkR45.2bn during 1H, impacted by sales tax on UHT milk, while frozen dessert sales increased by 17.7%YoY to PkR7.2bn.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Gross margin improved to 18.6% in 1HCY25 (vs. 17.2% SPLY), supported by a better product mix and cost optimization.</span></li></ul>