Fauji Fertilizer reports 43% rise in annual profit, benefiting from improved urea price

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MG News | January 31, 2019 at 01:32 PM GMT+05:00

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January 31, 2019 (MLN): Fauji Fertilizer Company Limited (FFC) has successfully boosted its annual gains in CY18 by Rs.4.9 billion (or 43%, YoY) as it reported its net income for the year at Rs.16.4 billion and EPS at Rs.12.92.

As can be seen in the table below, the company’s turnover increased by nearly 17% (or Rs.15.9 billion), entailing a 7% rise in gross margins which currently stand firm at 27%. This uplift in topline is a result of improved urea price which increased by 23% YoY in CY18.

In addition to this, since finance cost was cut remarkably by 29.7% (Rs.947 million), the overall expenses for the year are recorded around 0.4% lower than last year, which further contributed towards increased profitability.

FFC’s board has also recommended a final Cash Dividend at Rs.3.9 per share i.e. 39%, in addition to an Interim Dividend already paid at Rs.4.95 per share, i.e. 49.5%.

Consolidated Profit and Loss Account for the year ended December 31,2018 ('000 Rupees)

 

Dec-18

Dec-17

% Change

Turnover

                             109,433,588

                               93,583,447

16.9%

Cost of sales

                               80,282,515

                               74,478,825

7.8%

Gross Profit

                               29,151,073

                               19,104,622

52.6%

Administrative expenses and distribution cost

                                 9,508,770

                                 9,093,469

4.6%

Finance cost

                                 2,244,609

                                 3,191,616

-29.7%

Other expenses

                                 2,111,115

                                 1,632,375

29.3%

 

                               13,864,494

                               13,917,460

-0.4%

Other income

                                 5,090,494

                                 8,059,392

-36.8%

Share of profit/loss of associates and joint venture

                                 3,356,746

                                 3,535,333

-5.1%

Profit before taxation

                               23,733,819

                               16,781,887

41.4%

Provision of taxation

                                 7,295,615

                                 5,285,987

38.0%

Profit after taxation

                               16,438,204

                               11,495,900

43.0%

Earnings per share - basic and diluted (Rupees)

                                          12.92

                                            9.04

42.9%

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