FATIMA's profit soars by 20% YoY to Rs13bn in 9MCY23

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MG News | October 26, 2023 at 10:22 AM GMT+05:00

October 26, 2023 (MLN): Fatima Fertilizer Company Limited (PSX: FATIMA) has revealed its profit and loss statement for 9MCY23 as per which the company recorded a profit of Rs12.99bn [EPS: 6.19], compared to Rs10.82bn profit reported in the Same Period Last Year (SPLY), reflecting an increase of  20.17% YoY.

Going by the results, the company's top line rose by 61.01% YoY to Rs161.43bn as compared to Rs100.26bn in SPLY.

The cost of sales also went up by 87.08% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 24.30% YoY to Rs51.75bn in 9MCY23.

On the expense side, the company observed an increase in Selling and distribution expenses by 56.61% YoY and administrative expenses by 24.72% YoY to clock in at Rs8.3.bn and Rs5.44bn respectively during the review period.

Similarly, FATIMA's other operating expenses for the 9MCY23 increased by 9.78% YoY to Rs5.41bn.

Moving forward, other income during the review period grew by 36.27% YoY to stand at Rs2.54bn in 9MCY23 as compared to Rs1.87bn in SPLY.

The company’s finance costs surged by 78.35% YoY and stood at Rs3.85bn as compared to Rs2.16bn in 9MCY22, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs17.91bn against the Rs15.62bn paid in the corresponding period of last year, depicting a rise of 14.72% YoY.

Condensed Consolidated Interim Financial Results for Nine months ended September 2023
  Sep 23 Sep 22 % Change
Sales 161,429,848 100,261,849 61.01%
Cost of sales (109,678,044) (58,626,579) 87.08%
Gross Profit 51,751,804 41,635,270 24.30%
Selling and distribution expenses (8,302,233) (5,301,136) 56.61%
Administrative and general expenses  (5,444,241) (4,365,054) 24.72%
Share of (loss) / profit from associates (954) 2,665 -
Other losses (376,614) (319,248) 17.97%
Other Income 2,543,518 1,866,496 36.27%
Other expenses (5,414,074) (4,931,794) 9.78%
Finance cost (3,850,030) (2,158,717) 78.35%
Profit before tax 30,907,176 26,428,482 16.95%
Taxation (17,914,951) (15,616,886) 14.72%
Net profit for the period 12,992,225 10,811,596 20.17%
Basic and diluted earnings/ (loss) per share  6.19 5.15 -

 

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