Fatima Fertilizer Q3 profit rises 25%
MG News | October 29, 2024 at 03:07 PM GMT+05:00
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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