Fatima Fertlizer reports 23% increase in profitability owing to improved fertilizer prices

MG News | August 27, 2019 at 04:52 PM GMT+05:00

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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 30^th 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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