FFBL stages earnings turnaround due to higher DAP margins
MG News | April 26, 2021 at 02:37 PM GMT+05:00
April 26, 2020 (MLN): Strong DAP offtake and prices helped Fauji Fertilizer Bin Qasim Limited (FFBL) in posting strong consolidated net profits of Rs 1.22 billion (EPS: Rs 0.87) in the first quarter ended March 31, 2021, against losses of Rs 2.90 billion (LPS: Rs 2.03) in the same period a year earlier.
The move to profits was helped by a 35.5% YoY rise in the net sales in 1QCY21 due to an uptrend in local DAP margins and dividend income support from its subsidies AKBL that announced a pay-out of Rs 3 per share in the last quarter, expanding gross margins to 24% from 8%, said Ailia Naeem, a Research Analyst at AKD Securities.
The company’s bottom line was further strengthened by lower finance costs as they came down by 54% YoY to Rs 1.30 billion amid a lower interest rate regime.
Meanwhile, the effective tax rate went up by 45% YoY to Rs 661 million during 1QCY21.
|
Consolidated Profit and Loss for the First Quarter ended March 31, 2020 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Mar-21 |
March-20 |
% Change |
|
Sales-net |
17,455,908 |
12,879,987 |
35.5% |
|
Cost of Sales |
(13,300,895) |
(11,821,750) |
12.5% |
|
Gross Profit |
4,155,013 |
1,058,237 |
292.6% |
|
Selling and distribution cost |
(1,191,266) |
(988,907) |
20.5% |
|
Administrative expenses |
(449,571) |
(459,179) |
-2.1% |
|
|
2,514,176 |
(389,849) |
- |
|
Finance costs |
(1,297,046) |
(2,824,558) |
-54.1% |
|
Unwinding of GIDC |
(345,886) |
- |
- |
|
Other operating expenses |
(191,105) |
(272,637) |
-29.9% |
|
Other Income |
- |
|
- |
|
Share of profit of associates and joint venture- net |
755,322 |
807,552 |
-6.5% |
|
Others |
448,126 |
235,414 |
90.4% |
|
Profit/ (Loss) before taxation |
1,883,587 |
(2,444,078) |
- |
|
Taxation |
(661,288) |
(456,271) |
44.9% |
|
Profit/ (Loss) after taxation |
1,222,299 |
(2,900,349) |
- |
|
Earnings/ (loss) per share - basic and diluted (Rupees) |
0.87 |
(2.03) |
- |
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