Fauji Fertilizer reports 43% rise in annual profit, benefiting from improved urea price
MG News | January 31, 2019 at 01:32 PM GMT+05:00
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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