November 18, 2025
Future Energy Source Company Limited (FESCO)
Unaudited Financials for the Six Months Ended September 30, 2025
Future Energy Source Company Limited (FESCO) reported a 1% decrease in revenue, totaling $15.61 billion, compared to $15.71 billion for the corresponding period last year. Revenue for the second quarter increased by 6%, closing at $8.39 billion versus $7.93 billion for the comparable quarter of 2024.
Cost of Goods Sold amounted to $14.62 billion (2024: $14.84 billion), representing a 1% year-over-year decrease. Consequently, gross profit rose by 15% to $993.96 million, compared to $867.40 million for the six months ended September 30, 2024. For the second quarter, gross profit was $560.98 million, versus $455.12 million for the similar quarter of 2024.
Other income increased by 1,068%, closing at $10.16 million (2024: $869,623), while impairment losses on financial assets amounted to $6.10 million for the period under review. For the quarter, impairment losses totaled $3.00 million.
Operating profit for the six months ended September 30, 2025, was $417.78 million, a 7% increase relative to $390.25 million reported in 2024. Operating profit for the second quarter amounted to $249.04 million (2024: $204.45 million). Net finance cost totaled $72.58 million, a 1% decrease from the corresponding period last year (2024: $71.58 million).
Profit before taxation for the six months ended September 30, 2025, was $345.19 million, an 8% increase compared to $318.67 million reported in 2024. For the second quarter, profit before taxation amounted to $205.82 million (2024: $170.30 million).
There was no taxation charge reported for the six months ended September 30, 2025. Net profit for the six months was $345.19 million, an 8% increase from $318.67 million reported in 2024. For the second quarter, net profit was $205.82 million (2024: $170.30 million).
Consequently, earnings per share (EPS) for the six months amounted to $0.14 (2024: $0.13), while EPS for the quarter totaled $0.08 (2024: $0.07). The twelve-month trailing EPS was $0.20, based on 2,500,000,000 shares.
Notably, FESCO’s stock price closed the trading period on November 17, 2025, at $2.96, with a corresponding P/E ratio of 15.16x.
Balance Sheet Highlights
The company’s assets totaled $5.99 billion (2024: $5.25 billion). This increase was attributable to property, plant and equipment which amounted to $4.35 billion ($3.47 billion).
Shareholder’s equity was $3.06 billion (2024: $2.58 billion), representing a book value per share of $1.23 (2024: $1.03).
Disclaimer:
Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein
