April 30, 2024 (MLN): Fatima Fertilizer Company Limited (PSX: FATIMA) experienced a rise of 2.1x YoY in its profitability, with its profit after tax rising to Rs8.16 billion [EPS: Rs3.88], compared to a profit of Rs3.88bn [EPS: Rs1.85] in the same period last year (SPLY).
Going by the results, the company's top line grew 75.4% YoY to Rs65.25bn as compared to Rs37.2bn in SPLY.
The cost of sales rose by 65.2% YoY but was lesser than proportionate to sales rise, which improved the gross profit by 92.3% YoY to Rs26.93bn in Q1 2024.
The gross margins improved to 41.27% as compared to 37.65% in SPLY.
During the period under review, other income rose by almost 5x YoY to stand at Rs2.3bn in Q1 2024 as compared to Rs463.69m in SPLY.
On the expense side, the company's Administrative Expenses rose 35.2% YoY to Rs2.62bn, selling and distribution expenses rose 35.7% YoY to Rs3.38bn, and other operating expenses rose 35.7% YoY to Rs5.89bn.
The company’s finance cost marked a decline of 35.7% YoY and stood at Rs737.84m as compared to Rs1.15bn in SPLY.
On the tax front, the company paid a higher tax worth Rs7.79bn against the Rs2.78bn paid in the corresponding period of last year, depicting an increase of 2.8x YoY.
| Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Mar 24 | Mar 23 | % Change | |
| Sales | 65,246,795 | 37,200,625 | 75.39% |
| Cost of sales | (38,319,605) | (23,195,146) | 65.21% |
| Gross Profit/ (loss) | 26,927,190 | 14,005,479 | 92.26% |
| Administrative Expenses | (2,618,093) | (1,935,991) | 35.23% |
| Selling And Distribution Expenses | (3,375,949) | (2,488,408) | 35.67% |
| Other Gains / (Losses) | (659,909) | (86,716) | 661.00% |
| Share Of Profit / (Loss) | – | 3,043 | – |
| Other Income | 2,303,349 | 463,685 | 396.75% |
| Other Operating Expenses | (5,893,698) | (2,155,876) | 173.38% |
| Finance Cost | (737,839) | (1,147,125) | -35.68% |
| Profit/ (loss) before taxation | 15,945,051 | 6,658,091 | 139.48% |
| Taxation | (7,789,420) | (2,780,604) | 180.13% |
| Net profit/ (loss) for the period | 8,155,631 | 3,877,487 | 110.33% |
| Basic earnings/ (loss) per share | 3.88 | 1.85 | – |
Amount in thousand except for EPS
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Posted on: 2024-04-30T09:13:47+05:00
