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

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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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