Announcement of FrieslandCampina Engro Pakistan Ltd’s Fiscal Year 2023 Results

ISLAMABAD: FrieslandCampina Engro Pakistan Ltd (FCEPL) has disclosed its financial performance for the fiscal year ending on December 31, 2023.

Despite a challenging macro-economic landscape and fierce competition, the company maintained its growth momentum, achieving its highest-ever revenue and operating profit.

Notably, FCEPL surpassed the PKR 100 billion revenue milestone, marking a 36% increase from the previous year.

However, the company’s profit after tax declined from PKR 2.5 billion to PKR 1.5 billion due to heightened finance costs and margin pressures stemming from inflation, global supply chain disruptions, and currency devaluation.

Nevertheless, FCEPL’s dairy and dairy-based products segment demonstrated robust growth, with segment revenue reaching PKR 91.68 billion, up 38.3% year-over-year. Olper’s brand played a pivotal role in driving growth across various product categories, supported by strategic marketing campaigns.

In the frozen desserts segment, FCEPL recorded sales of PKR 8.56 billion, representing a 19.2% increase from the previous year, attributed to effective seasonal marketing activities and product innovations.

Summary of Financial Results

Outlined below is the company’s financial performance for the fiscal year ending on December 31, 2023:

Looking ahead, the company anticipates challenges due to inflationary pressures, declining consumer purchasing power, and global supply chain disruptions. However, with an agile business model, FCEPL remains confident in its ability to drive efficiencies, resilience, and future growth.

Focusing on its Dairy Development Program, FCEPL aims to enhance the livelihoods of farmers, including women farmers, while continuing investments in brand equity, product portfolio expansion, and transitioning to packaged milk.

With a commitment to upholding the highest standards of hygiene, food safety, and sustainability, FrieslandCampina Engro Pakistan Limited is positioned to lead the narrative of food safety and nourishment in Pakistan, leveraging its global expertise and heritage to provide safe, affordable, and nourishing dairy products to millions of Pakistanis.

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