March 22, 2024 (MLN): Fatima Fertilizer Company Limited (PSX: FATIMA) recorded an increase of 56.62% YoY in its profitability in 2023, earning a profit after tax of Rs22.4 billion [EPS: Rs10.67], compared to a profit of Rs14.3bn [EPS: Rs6.81] in the previous year.
Along with the results, the company announced a final cash dividend for the year ended December 31, 2023, at Rs2.75 per share.
This is in addition to the interim dividend already paid at Rs1.75 per share.
Going by the unconsolidated results made available by the company, sales expanded by 46.6% YoY to Rs232.75bn as compared to Rs158.8bn in SPLY.
The cost of sales also rose by 50.8% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 38.0% YoY to Rs72.41bn in 2023.
The gross margins, however, worsened to 31.11% as compared to 33.04% in SPLY.
During the review year, other income surged 3.48x YoY to stand at Rs7.28bn in 2023 as compared to Rs2.09bn in SPLY.
On the expense side, the company observed a rise in administrative expenses by 37.4% YoY and other expenses by 19.1% YoY to clock in at Rs8.19bn and Rs7.62bn respectively during the review period.
The company’s finance cost rose 40.5% YoY and stood at Rs4.64bn as compared to Rs3.3bn in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs25.34bn against the Rs16.07bn paid in the corresponding period of last year, depicting an increase of 57.7% YoY.
| Unconsolidated (un-audited) Financial Results for year ended December 31, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Dec 23 | Dec 22 | % Change | |
| Sales – Net | 232,754,821 | 158,797,102 | 46.57% |
| Cost of sales | (160,345,454) | (106,336,773) | 50.79% |
| Gross Profit / (Loss) | 72,409,367 | 52,460,329 | 38.03% |
| Administrative expenses | (8,194,659) | (5,964,194) | 37.40% |
| Distribution costs | (10,435,036) | (8,010,485) | 30.27% |
| Other losses | (1,046,460) | (426,023) | 145.63% |
| Share of loss from associates | (1,404) | (68,408) | -97.95% |
| Other income | 7,276,640 | 2,088,990 | 248.33% |
| Other expenses | (7,623,757) | (6,400,908) | 19.10% |
| Finance cost | (4,640,423) | (3,303,226) | 40.48% |
| Profit before taxation | 47,744,268 | 30,376,075 | 57.18% |
| Taxation | (25,344,869) | (16,074,096) | 57.68% |
| Net profit / (loss) for the period | 22,399,399 | 14,301,979 | 56.62% |
| Basic earnings/ (loss) per share | 10.67 | 6.81 | – |
Amount in thousand except for EPS
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Posted on: 2024-03-22T09:13:11+05:00
