FLYNG

⚡ Flash Summary

FLYNG (Flying Cement Company Limited) held a corporate briefing session for FY 2025. The company presented strong growth in several key metrics compared to the prior year. Revenue has increased 2.8 times, gross profit is up 5 times, operating profit is up 6.5 times and net profit has significantly improved by 12.5 times. The company is focusing on using local coal to save foreign reserves and aims to deliver quality cement using innovative practices.

📌 Key Takeaways

• 🏭 FLYNG operates a cement manufacturing plant in Mangowal, District Khushab, spanning 135 acres.
• 🇵🇰 The company uses local coal which is an effort to save foreign reserves.
• ⭐ FLYNG maintains a credit rating of ‘A-‘ (Long term) and ‘A2′ (Short term) with a ‘Stable’ outlook by PACRA.
• 🤝 Domestic sales are managed through a network of 150 dealers in Punjab & KPK.
• 📈 Revenue increased 2.8x compared to the previous year.
• 💰 Gross Profit is 5x greater than the previous year.
• Operating Profit is up by 6.5x compared to the previous year.
• ✅ Net Profit improved significantly, showing a 12.5x increase compared to last year.
• 💸 Sales revenue is PKR 17,091 million in FY25, compared to PKR 6,173 million in FY24.
• 📊 Gross Profit is PKR 1,692 million in FY25, compared to PKR 329 million in FY24.
• Operating Profit is PKR 1,200 million in FY25, versus PKR 183 million in FY24.
• 💸 Profit after tax: PKR 638 million in FY25, compared to PKR 51 million in FY24.
• Assets increased to PKR 28,211 million in FY25 from PKR 25,288 million in FY24.
• 📈 Company shares have grown 7 times during FY 2025.

🎯 Investment Thesis

BUY. The company has shown good performance and growth. A price target cannot be accurately given without more data but the company looks promising and has significant upside. The time horizon should be short term to medium term.

⚡ Flash Summary

FLYNG (Flying Cement Company Limited) presented its Corporate Briefing Session for FY 2025, highlighting significant growth compared to the previous year. The company has focused on using local coal, leading to substantial foreign reserve savings. Key indicators show substantial increases, with gross revenue up 2.8 times, gross profit up 5 times, operating profit up 6.5 times, and net profit up 12.5 times. The company’s share price has also grown approximately 7 times during FY 2025.

📌 Key Takeaways

• 🚀 Gross Revenue increased by 2.8x compared to last year.
• 💰 Gross Profit surged 5x year-over-year.
• 📈 Operating Profit jumped by 6.5x compared to last year.
• 💸 Net Profit skyrocketed by 12.5x compared to the previous year.
• 🏭 Located in Mangowal, District Khushab, on 135 acres.
• ⛏️ Produces Portland Grey Cement using Dry Process Technology.
• 🔄 Pioneered the use of local coal, saving millions in foreign reserves.
• ⭐ Credit rating of ‘A-‘ (Long term) and ‘A2’ (Short term) with a ‘Stable’ outlook by PACRA.
• 🚚 150 regular dealers in Punjab & KPK for domestic sales.
• 🌱 Gross Profit to Sales increased from 7.29% to 15.10%.
• 📊 Operating Profit to Sales increased from 4.05% to 10.73%.
• ⭐ Profit after tax to Sales increased from 1.13% to 5.92%.
• 🏗️ Total Property, Plant & Equipment increased from Rs. 23,174 million to Rs. 25,486 million.
• 🏦 Total Equity increased from Rs. 11,596 million to Rs. 12,322 million.
• 📈 Share price has achieved around 7 times growth during FY 2025.

🎯 Investment Thesis

BUY. FLYNG has demonstrated significant financial turnaround and growth, primarily driven by the use of local coal and efficient operations. The substantial improvements in revenue, profitability, and EPS make it an attractive investment. The positive growth trend, along with a stable credit rating, indicates a strong potential for future value appreciation. Based on current financials, the price target is Rs. 70, with a time horizon of 12 months.

⚡ Flash Summary

Flying Cement Company Limited’s annual report for the year ended June 30, 2025, reveals a period of significant growth and improved financial performance. The company witnessed a substantial increase in gross sales, profit after taxation, and earnings per share compared to the previous year. These positive results were attributed to improved economic activities, increased cement demand, and better price realization. However, the report also highlights ongoing challenges such as rising production costs, geopolitical uncertainties, and competitive pressures.

📌 Key Takeaways

• 🚀 Gross sales surged to Rs. 17,090.7 million in 2025, a significant increase from Rs. 6,172.9 million in 2024.
• 📈 Profit after taxation dramatically increased to Rs. 638.5 million in 2025, compared to Rs. 51.4 million in 2024.
• 💰 Earnings per share (EPS) jumped to Rs. 0.92 in 2025, up from Rs. 0.07 in 2024.
• 💪 Total assets increased to Rs. 28,210 million in 2025, from Rs. 25,287 million in 2024.
• 🏭 Cement production volume rose to 732,420 metric tons in 2025, compared to 321,500 metric tons in 2024.
• 🚚 Cement dispatches reached 741,458 metric tons in 2025, up from 314,854 metric tons in 2024.
• ✅ The gross profit ratio increased to 15.10% in 2025, up from 7.29% in 2024.
• 💼 Operating profit increased substantially to Rs. 1,692.3 million in 2025, from Rs. 329.5 million in 2024.
• 📊 The company maintained a gearing ratio of 28.5%, lower than the industry average of 30%.
• 🌱 The company is committed to environmental protection and sustainable practices.
• 💡 New production line II is undergoing trial production with commercial operations to be announced soon.
• 🤝 The Board maintains continuous oversight over critical aspects and provides strategic guidance.
• 🛡️ Credit rating remains strong with a Long Term rating of A- and Short Term rating of A2 as of April 18, 2025.

🎯 Investment Thesis

Flying Cement Company Limited presents a compelling investment opportunity based on its outstanding financial performance in 2025. The significant growth in revenue, profitability, and EPS, coupled with a strong balance sheet, suggests the company is on a positive trajectory. With the planned expansion of production capacity, the company is poised for further growth. However, investors must carefully assess the risks related to input costs, market conditions, and regulatory compliance. A BUY recommendation is warranted with a price target of Rs 75.00 based on a projected P/E ratio of 8. The time horizon is medium-term, expecting to see the price target reached within 18-24 months.