January 30, 2019 (MLN): Fauji Fertilizer Bin Qasim (FFBL)’s net income for CY18 has struck in at Rs.778 million with EPS at Rs.0.29, marking a 16% decline from last year (Rs.925.2 million).
A primary reason for this drop in profitability is that the company received Rs.2.3 billion lower non-core income (Rs.1.3 billion) this year, as a result of lower dividend income received from FFBL’s subsidiaries.
Moreover, hikes of over Rs.1 billion each, in operating expenses (Rs.1.7 billion) and finance cost (Rs.5.2 billion), has contributed further to an overall drop in gains.
Despite this outflows, FFBL’s pre-tax profits (Rs.1.4 billion) showed an increase of Rs.184 million (15.6%, YoY), but after accounting for taxation (Rs.590.7 million), the net income for the year demonstrated a Rs.147 million drop form last year.
Consolidated Profit and Loss for the year ended December 31 ,2018 ('000 Rupees) | |||
|---|---|---|---|
| Dec-18 | Dec-17 | % Change |
Sales-net | 77,555,064 | 64,388,706 | 20.4% |
Cost of Sales | (63,335,899) | (54,810,414) | 15.6% |
Gross Profit | 14,219,165 | 9,578,292 | 48.5% |
Selling and distribution cost | (7,425,513) | (7,518,851) | -1.2% |
Administrative expenses | (2,285,668) | (2,320,252) | -1.5% |
Finance costs | (5,213,584) | (3,880,318) | 34.4% |
Other operating expenses | (1,676,638) | (633,469) | 164.7% |
Share of profit of associates and joint venture – net | 2,402,358 | 2,343,875 | 2.5% |
Other income | 1,348,654 | 3,615,120 | -62.7% |
Profit/(loss) before taxation | 1,368,774 | 1,184,397 | 15.6% |
Taxation | (590,670) | (259,159) | 127.9% |
Profit/(loss) after taxation | 778,104 | 925,238 | -15.9% |
Earnings per share – basic and diluted (Rupees) | 1.68 | 2.03 | -17.2% |
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