Fatima Fertilizer Q3 profit rises 25%

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MG News | October 29, 2024 at 03:07 PM GMT+05:00

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October 29, 2024 (MLN): Fatima Fertilizer Company Limited (PSX: FATIMA) earned a 25.1% higher net profit of Rs9.4 billion [EPS: Rs4.48] during the quarter ending September 2024 despite lower revenue.

That compares to a profit of Rs7.52bn [EPS: Rs3.58] recorded in the same period last year (SPLY).

Its revenue fell 18.2% to Rs61.78bn as compared to Rs75.48bn in SPLY. Gross profit decreased 5.0% to Rs21.04bn in Q3 CY24.

The gross margins, however, improved to 34.0% as compared to 29.3% in SPLY.

During the period under review, other income expanded 58.7% to stand at Rs2.27bn in Q3 CY24 as compared to Rs1.43bn in SPLY.

On the expense side, the company's administrative expenses rose 26.5% from a year ago to Rs2.39bn, selling and distribution expenses fell 7.7% to Rs3.44bn, and other operating expenses fell 28.9% to Rs1.54bn.

The company’s finance cost dipped by 12.4% and stood at Rs872.65m as compared to Rs995.98m in SPLY.

On the tax front, the company paid a lower tax worth Rs5.66bn against an expense paid worth Rs7.15bn in the corresponding period of last year, a fall of 21.0%.

This translates to an effective tax rate of 37.6% as compared to 48.8% in SPLY.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
  Sep 24 Sep 23 % Change
Sales 61,782,194 75,482,818 -18.15%
Cost of sales (40,746,553) (53,338,114) -23.61%
Gross Profit/ (loss) 21,035,641 22,144,704 -5.01%
Administrative Expenses (2,391,688) (1,890,529) 26.51%
Selling And Distribution Expenses (3,441,536) (3,727,215) -7.66%
Other Gains / (Losses) (6,375) (116,682) -94.54%
Share Of Profit / (Loss) 3,753 (6,978) -
Other Income 2,271,646 1,431,817 58.65%
Other Operating Expenses (1,538,519) (2,164,254) -28.91%
Finance Cost (872,649) (995,977) -12.38%
Profit/ (loss) before taxation 15,060,273 14,674,886 2.63%
Taxation (5,655,562) (7,154,593) -20.95%
Net profit/ (loss) for the period 9,404,711 7,520,293 25.06%
Basic earnings/ (loss) per share 4.48 3.58 -

Amount in thousand except for EPS

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