Fatima Fertilizer Q3 profit rises 25%

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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