Fatima Fertilizer boosts dividend by 57% as profit soars
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MG News | August 27, 2024 at 02:59 PM GMT+05:00
August 27, 2024 (MLN): Fatima Fertilizer Company Limited (PSX: FATIMA) recorded a profit of Rs5.08 billion [EPS: Rs2.42] in the quarter ending June 2024, and hiked dividend per share by 57% YoY to Rs2.75.
That compares with a profit of profit of Rs1.25bn [EPS: Rs0.59] earned in the same period last year (SPLY).
The company's sales slipped 10.6% to Rs41.83bn as compared to Rs46.78bn in SPLY.
However, the cost of sales also fell 20.0%, improving the gross profit by 10.8% YoY to Rs15.82bn in Q2 2024.
The gross margins rose to 37.8% as compared to 30.5% in SPLY.
Other income grew 194.1% YoY to stand at Rs2.1bn in Q2 2024 as compared to Rs715.46m in SPLY.
On the expense side, the company's selling and distribution expenses rose 57.7% YoY to Rs2.44bn, administrative expenses rose 53.4% YoY to Rs3.1bn, and other operating expenses rose 65.3% YoY to Rs1.63bn.
The company’s finance cost decreased by 52.3% and stood at Rs721.34m as compared to Rs1.51bn in SPLY.
On the tax front, the company paid a lower tax worth Rs4.94bn against the Rs7.51bn paid in the corresponding period of last year, depicting a fall of 34.2%.
| Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Jun 24 | Jun 23 | % Change | |
| Sales | 41,830,742 | 46,776,713 | -10.57% |
| Cost of sales | (26,009,252) | (32,494,560) | -19.96% |
| Gross profit/ (loss) | 15,821,490 | 14,282,153 | 10.78% |
| Selling and distribution expenses | (2,441,069) | (1,547,933) | 57.70% |
| Administrative expenses | (3,099,398) | (2,020,840) | 53.37% |
| Other losses | (16,676) | (173,216) | 0.00% |
| Share of profit from associates | 1,637 | 2,981 | -45.09% |
| Other income | 2,103,973 | 715,463 | 194.07% |
| Other operating expenses | (1,632,254) | (987,187) | 65.34% |
| Finance cost | (721,342) | (1,513,669) | -52.34% |
| Profit/ (loss) before taxation | 10,016,361 | 8,757,752 | 14.37% |
| Taxation | (4,940,647) | (7,508,713) | -34.20% |
| Net profit/ (loss) for the period | 5,075,714 | 1,249,039 | 306.37% |
| Basic earnings/ (loss) per share | 2.42 | 0.59 | - |
Amount in thousand except for EPS
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