Cost control drives up Fatima fertilizers' half yearly profits by 87.9%
MG News | August 28, 2018 at 11:40 AM GMT+05:00
Despite 2% reduction in Fatima Fertilizer Company’s sales, its bottom line rose up significantly, due to decreased cost of sales.
The company considered its earnings for the half year period ended on June 30th 2018, in a Board of Directors meeting held on August 27th 2018.
On a year-on-year basis, Fatima Fertilizers’ Cost of sales came down by 36%, from Rs.16.3 billion to Rs.10.3 billion.
This left a noticeable impact on the profit and loss account, as the gross profits recorded a growth of 68%.
While expenses grew as well, the company still managed to bring up its overall profit for the period from Rs.3 billion to Rs.5.7 billion, demonstrating a YoY rise of 87.9%
Earnings per share grew from Rs.1.44 per share to Rs.2.71 per share.
| Profit and Loss Account for the half year ended on June 30th 2018 ('000 Rupees) | |||
|---|---|---|---|
|
| Jun-18 | Jun-17 | % Change |
| Sales | 23,630,597 | 24,157,671 | -2.18% |
| Cost of sales | (10,313,790) | (16,256,731) | -36.56% |
| Gross profit | 13,316,807 | 7,900,940 | 68.55% |
| Distribution cost | (2,353,660) | (1,641,515) | 43.38% |
| Administrative expenses | (1,115,642) | (936,353) | 19.15% |
| Finance cost | (810,166) | (1,329,070) | -39.04% |
| Other operating expenses | (794,294) | (347,739) | 128.42% |
| Other income | 219,242 | 206,500 | 6.17% |
| Share of profit from Associates | 30,597 | - |
|
| Profit before tax | 8,492,884 | 3,852,763 | 120.44% |
| Taxation | (2,794,318) | (820,709) | 240.48% |
| Profit for the period | 5,698,566 | 3,032,054 | 87.94% |
| Earnings per share - basic and diluted (Rupees) | 2.71 | 1.44 | 88.19% |
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