Fatima Fertilizer boosts dividend by 57% as profit soars

MG News | August 27, 2024 at 02:59 PM GMT+05:00

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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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