FATIMA underperforms heavily, reports 9% growth in net earnings

MG News | October 30, 2019 at 11:53 AM GMT+05:00

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October 30, 2019 (MLN): Fatima Fertilizers Limited (FATIMA) has stated net earnings of Rs. 9.2 billion (EPS: Rs. 4.39) in its latest financial result for the nine months ended September 30, 2019. This signifies a growth of around 9% as compared to the results of the same period last year.

The topline income of the company grew by a commendable margin of 44%, due to growth in the volumetric sale as well as a rise in the prices of DAP, Urea, CAN and NP.

However, the cost of sales surged by nearly 95% due to the persist devaluation of local currency.

The company also saw a 105% increase in finance costs due to hike in interest rates and increase in overall borrowings.

Unfortunately, the company underperformed heavily against the market consensus, wherein major brokerage houses expected the net profits to go up by 30%.

Profit and Loss Account for the nine months ended on September 30, 2019 ('000 Rupees)
	Sep-19	Sep-18	% Change
Sales	51,238,878	35,566,278	44.07%
Cost of sales	(30,135,228)	(15,483,843)	94.62%
Gross profit	21,103,650	20,082,435	5.09%
Distribution cost	(2,689,839)	(3,238,288)	-16.94%
Administrative expenses	(2,009,946)	(1,565,884)	28.36%
Finance cost	(2,526,354)	(1,227,430)	105.82%
Other operating expenses	(1,396,206)	(1,239,312)	12.66%
Other income	723,786	377,367	91.80%
Share of profit from Associates	16,701	43,718	-61.80%
Profit before tax	13,221,792	13,232,606	-0.08%
Taxation	(4,003,372)	(4,764,776)	-15.98%
Profit for the period	9,218,420	8,467,830	8.86%
Earnings per share - basic and diluted (Rupees)	4.39	4.03	8.93%

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