Fatima Fertlizer reports 23% increase in profitability owing to improved fertilizer prices
MG News | August 27, 2019 at 04:52 PM GMT+05:00
August 27, 2019 (MLN): Fatima Fertilizer Limited (FATIMA) posted 23% increase in its Net profits after tax to Rs 7 billion compared to Rs 5.7 billion earned in the same period last year. The company reported its Earning per share (EPS) at Rs 3.36 for 6 months ended on June 30th 2019.
The upsurge in earnings came largely as a result of improved fertilizer prices, higher Nitro phosphate (NP) offtake and higher volumetric sales.
Drop in selling and distribution expenses by 20%YoY to PKR 1.88 billion and increase in other income by 111% also helped in lifting up the company’s profitability.
Moreover, the company reported 95% increase in finance cost owing to higher interest rates which helped in limiting the growth impact of company’s earnings.
| Profit and Loss Account for the six months ended on June 30th 2019 ('000 Rupees) | |||
|---|---|---|---|
|
| Jun-19 | Jun-18 | % Change |
| Sales | 34,013,172 | 23,630,597 | 43.94% |
| Cost of sales | (18,575,995) | (10,313,790) | 80.11% |
| Gross profit | 15,437,177 | 13,316,807 | 15.92% |
| Distribution cost | (1,878,837) | (2,353,660) | -20.17% |
| Administrative expenses | (1,309,529) | (1,115,642) | 17.38% |
| Finance cost | (1,582,139) | (810,166) | 95.29% |
| Other operating expenses | (1,052,947) | (794,294) | 32.56% |
| Other income | 463,350 | 219,242 | 111.34% |
| Share of profit from Associates | 12,383 | 30,597 | -59.53 |
| Profit before tax | 10,089,458 | 8,492,884 | 18.80% |
| Taxation | (3,032,277) | (2,794,318) | 8.52% |
| Profit for the period | 7,057,181 | 5,698,566 | 23.84% |
| Earnings per share - basic and diluted (Rupees) | 3.36 | 2.71 | 23.99% |
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