April 27, 2023 (MLN): The profitability of Fatima Fertilizer Company Limited (PSX: FATIMA) has contracted by 23.87% YoY to Rs4.33 billion [EPS: Rs2.06] during the year ended on 1QCY23, compared to Rs5.69bn [EPS: Rs2.71] in the same period last year.
Going by the results, the topline of the company clocked in at Rs33.52bn, registering 15.13% YoY growth compared to the same period last year, due to an increase in prices and volumetric growth.
However, the cost of sales increased by 14.85% YoY, proportionately lower than the which maintained the gross margins of the company at 42% in 1QCY23.
On the costs front, the company observed a 72% YoY upsurge in distribution costs. While administrative expenses and operating expenses went up by 69% YoY and 70.47% YoY, respectively.
Notably, the other income has more than doubled to Rs799.65mn which may be due to higher short-term investments and dividend income.
Further, the financial cost of the company jumped by 2.4x YoY to around Rs1bn in the review period.
On the taxation front, FATIMA booked Rs3bn taxes during 1QCY23, showing a 17.5% YoY increase against Rs2.56bn taxes paid in the same period last year.
|
Consolidated financial results for the first quarter ended on March 31, 2023 ('000 Rupees) |
|||
|---|---|---|---|
|
Mar-23 |
Mar-22 |
% Change |
|
|
Sales |
33,518,983 |
29,114,016 |
15.13% |
|
Cost of sales |
(19,367,258) |
(16,863,457) |
14.85% |
|
Gross profit |
14,151,725 |
12,250,559 |
15.52% |
|
Distribution cost |
(2,459,347) |
(1,429,288) |
72.07% |
|
Administrative expenses |
(1,912,332) |
(1,131,439) |
69.02% |
|
Finance cost |
(999,706) |
(416,781) |
139.86% |
|
Other operating expenses |
(2,153,746) |
(1,263,391) |
70.47% |
|
Other income |
799,651 |
340,305 |
134.98% |
|
Share of profit from associates |
3,043 |
7,781 |
-60.89% |
|
Other gain/(loss) |
|||
|
The unwinding of provision for GIDC |
(53,036) |
(77,591) |
– |
|
loss allowance on subsidy receivable from GoP |
(33,680) |
(27,431) |
– |
|
Profit before tax |
7,342,572 |
8,252,724 |
-11.03% |
|
Taxation |
(3,010,987) |
(2,562,716) |
17.49% |
|
Profit for the period |
4,331,585 |
5,690,008 |
-23.87% |
|
Earnings per share – basic and diluted (Rupees) |
2.06 |
2.71 |
– |
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Posted on: 2023-04-27T10:35:44+05:00
