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Fatima Fertilizer’s annual net profits remain flat

June 01, 2020 (MLN): Fatima Fertilizer Company Limited has announced its annual financial results ended December 31, 2019, wherein, the company has posted net profits of Rs 12.07 billion, depicting a meagre growth of 1.31% as compared to the net profits of Rs 11.91 billion of the previous year.

This has translated into earnings per share- basic and diluted which clocked in at Rs 5.75 against Rs 5.67 in the aforementioned period.

Alongside financial results, the Board of Directors of the company announced a final cash dividend for the year ended December 31, 2019 at Rs 2 per share i.e. 20%.

As per the financial statement issued by the company, the sales of the company grew by 46% YoY. However, a significant increase in the cost of sales by 83.57% YoY made the gross margin shrink to 37%.

More notably, it bore colossal finance cost which increased 2 times YoY from Rs 1.82 billion to Rs 3.76 billion when compared to the prior year owing to the higher interest rate, restricting the bottom line. Moreover, the administrative expenses increased by 20% YoY while other expenses plunged by 13.33%.

Meanwhile, other income of the company soared by 80.7%, from Rs 603 million to Rs 1.09 million, YoY. Income tax expenses also jumped by 5%.

Financial Results for the year ended on December 31, 2019 ('000 Rupees)

 

Dec-19

Dec-18

% Change

Sales

 74,964,214

 51,309,994

46.10%

Cost of sales

 (47,065,331)

 (25,639,375)

83.57%

Gross profit

 27,898,883

 25,670,619

8.68%

Distribution cost

 (3,800,064)

 (3,684,686)

3.13%

Administrative expenses

 (2,778,727)

 (2,316,965)

19.93%

Finance cost

 (3,760,909)

 (1,822,902)

106.31%

Other operating expenses

 (1,480,466)

 (1,708,069)

-13.33%

Other income

 1,089,749

 603,101

80.69%

Share of profit from Associates

 24,687

 49,211

-49.83%

Profit before tax

 17,193,153

 16,790,309

2.40%

Taxation

 (5,123,471)

 (4,876,754)

5.06%

Profit for the period

 12,069,682

 11,913,555

1.31%

Earnings per share – basic and diluted (Rupees)

 5.75

 5.67

1.41%

 

Copyright Mettis Link News

Posted on: 2020-06-01T15:14:00+05:00

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