Fatima Fertilizer’s profits jump by 50.7% amid falling cost of sales
By MG News | October 30, 2018 at 05:27 PM GMT+05:00
October 30, 2018 (MLN): Fatima Fertilizer Company Limited (FATIMA) has reported a substantial increase in profits by 50.7% during the nine months ended September 30th 2018 on account of a reduction in cost of sales of about 26.4% (Rs5.5 billion) as compared to the same period last year.
According to the financial results announced, during the period company has incurred an escalation in operating expenses as distribution expenses increased by 27.9%, administrative expenses increased by 19.63% and other operating expenses hiked by 132.4%, a more impactful change was witnessed in taxes which grew by 874.59%, but the decline in cost of sales by higher magnitude mitigated the impact of increased taxes and operating expenses.
The company has reported basic and diluted earnings per share at Rs.4.03 per share, up from Rs.2.68 per share.
| Profit and Loss Account for the Nine months ended on September 30th 2018 ('000 Rupees) | |||
|---|---|---|---|
|
| Sep-18 | Sep-17 | % Change |
| Sales | 35,566,278 | 33,240,297 | 7.00% |
| Cost of sales | (15,483,843) | (21,034,260) | -26.39% |
| Gross profit | 20,082,435 | 12,206,037 | 64.53% |
| Distribution cost | (3,238,288) | (2,532,364) | 27.88% |
| Administrative expenses | (1,565,884) | (1,308,902) | 19.63% |
| Finance cost | (1,227,430) | (2,016,592) | -39.13% |
| Other operating expenses | (1,239,312) | (533,219) | 132.42% |
| Other income | 377,367 | 293,492 | 28.58% |
| Share of profit from Associates | 43,718 | - |
|
| Profit before tax | 13,232,606 | 6,108,452 | 116.63% |
| Taxation | (4,764,776) | (488,903) | 874.59% |
| Profit for the period | 8,467,830 | 5,619,549 | 50.69% |
| Earnings per share - basic and diluted (Rupees) | 4.03 | 2.68 | 50.37% |
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