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) |
- |
Copyright Mettis Link News
Related News
Name | Price/Vol | %Chg/NChg |
---|---|---|
KSE100 | 138,665.50 299.28M | 1.68% 2285.53 |
ALLSHR | 85,699.50 778.48M | 1.24% 1051.15 |
KSE30 | 42,353.14 103.20M | 1.94% 806.91 |
KMI30 | 195,182.04 107.99M | 1.81% 3462.27 |
KMIALLSHR | 56,389.15 437.73M | 1.01% 561.42 |
BKTi | 38,422.98 17.31M | 1.57% 595.37 |
OGTi | 27,718.26 13.25M | 0.17% 47.58 |
Symbol | Bid/Ask | High/Low |
---|
Name | Last | High/Low | Chg/%Chg |
---|---|---|---|
BITCOIN FUTURES | 119,710.00 | 119,915.00 117,720.00 | 80.00 0.07% |
BRENT CRUDE | 69.35 | 69.42 68.27 | 0.83 1.21% |
RICHARDS BAY COAL MONTHLY | 96.50 | 0.00 0.00 | 0.95 0.99% |
ROTTERDAM COAL MONTHLY | 105.00 | 105.00 105.00 | -0.15 -0.14% |
USD RBD PALM OLEIN | 998.50 | 998.50 998.50 | 0.00 0.00% |
CRUDE OIL - WTI | 67.35 | 67.54 66.29 | 0.97 1.46% |
SUGAR #11 WORLD | 16.75 | 16.88 16.54 | 0.19 1.15% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
Name | Last | Chg/%Chg |
---|
Name | Last | Chg/%Chg |
---|