FESCO Announces $515m Profit for 23/24 Financial Year

Fuel company, Future Energy Source Company Limited, FESCO, says for the year ended March 2024, it recorded profit after taxes of $515 million dollars.

This represents a decline of 9.8 per cent or $56 million in comparison to the corresponding period ended March, 2023. For the period ended March, 2023 the company experienced record net profit of $571 million.

FESCO says the slippage in net profits for the year ended March 2024, reflects a significant increase year over year in interest and advertising expenses.

Meanwhile, for the year ended March 31, 2024, FESCO says it recorded revenues of $28 billion. The company says this reflects a 9.4 per cent or almost $2.5 billion increase over the year ending March 31, 2023