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

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%

 

Copyright Mettis Link News

Posted on: 2019-08-27T16:52:00+05:00

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