Fatima Fertilizers sees a mere growth of 4% in earnings during 9MCY20

By MG News | October 29, 2020 at 11:30 AM GMT+05:00

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October 29, 2020 (MLN): Fatima Fertilizers Limited has reported earnings of Rs. 9.56 billion (EPS: 4.55) for the nine months ended September 30, 2020, which is around 4% higher than the profits recorded in the same period of last year.

The trivial change in earnings was mostly due to gross profits which remained somewhat static at Rs. 21 billion over the same period of last year. The revenues fell by 9.3% owing to lower dispatches, whereas the cost of sales fell by 17%.

The major highlight for the company during the period under review was the 114% growth in other income. Other factors such as a 13% fall in other expenses and an 11.4% increase in the share of profit from associates also provided some respite to the company.

However, the positive impact of the above changes was partially negated by an increase in finance costs and income tax expense by 15% and 1.7%, respectively.

Financial Results for the nine months ended September 30, 2020 (Rupees'000)
	Sep-20	Sep-19	% Change
Net sales	46,448,423	51,238,878	-9.3%
Cost of sales	(25,073,685)	(30,135,228)	-16.8%
Gross profit	21,374,738	21,103,650	1.3%
Distribution cost	(2,777,209)	(2,689,839)	3.2%
Administrative expenses	(2,407,711)	(2,009,946)	19.8%
Other income	1,548,445	723,786	113.9%
Other operating expenses	(1,219,326)	(1,396,206)	-12.7%
Share of profit / (loss) from associates	18,607	16,701	11.4%
Finance cost	(2,901,676)	(2,526,354)	14.9%
Profit before taxation	13,635,868	13,221,792	3.1%
Taxation	(4,073,358)	(4,003,372)	1.7%
Profit after taxation	9,562,510	9,218,420	3.7%
Earnings per share	4.55	4.39	3.6%

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