January 30, 2023 (MLN): Fauji Fertilizer Bin Qasim Limited (PSX: FFBL), the country’s sole DAP producer, has revealed its consolidated financial statement for the year ended on December 31, 2022, as per which, the bottom line of the company shrank by 12.98% YoY to clock in at Rs8.03 billion (EPS: 5.92) compared to Rs9.22bn (EPS: 6.95) earned in the last year, the company filing on PSX showed today.
The drop in prices is primarily attributed to a severe economic crisis resulting in rupee devaluation, severe inflation, and high-interest rate, coupled with domestic floods resulting in the tragic loss of life and livelihood.
In the notice company stated, “the DAP business faced bigger challenges due to the havoc played by the Ukrainian war on international DAP prices.”
Consequent to DAP prices touching an all-time high of Rs14,931 per bag, the demand collapsed to 1,175 KT in 2022, industry receding to 2012 levels, resulting in FFBL carrying forward 188 KT to 2023, the report added.
During the period, the company reported sales revenue of Rs183bn, up by 42.81% YoY compared to the same period last year, and gross profit stood at Rs34.76bn up by 19.42% YoY.
On the cost front, distribution and selling expenses stood at Rs8.76bn, up by 27.88% YoY on the back of higher fuel costs and other inflationary pressures.
On the other side, administrative expenses went down by 5.04% to clock in at Rs2.33bn.
However, the super tax charge of Rs7.96bn reduced the profit after tax.
|
Financial Results for the Year ended on December 31, 2022 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Dec-2022 |
Dec-2021 |
% Change |
|
Sales |
183,128,626 |
128,235,849 |
42.81% |
|
Cost of sales |
-148,363,443 |
-99,124,791 |
49.67% |
|
Gross profit |
34,765,183 |
29,111,058 |
19.42% |
|
Selling and distribution expenses |
-8,755,347 |
-6,846,633 |
27.88% |
|
Administrative expenses |
-2,333,413 |
-2,457,213 |
-5.04% |
|
|
-11,088,760 |
-9,303,846 |
19.18% |
|
|
23,676,423 |
19,807,212 |
19.53% |
|
Finance cost |
-8,553,316 |
-4,811,006 |
77.79% |
|
Other expenses |
-8,605,247 |
-5,447,160 |
57.98% |
|
Allowance for expected credit losses |
-236,912 |
-751,353 |
-68.47% |
|
Other Income |
3,620,513 |
1,919,141 |
88.65% |
|
Share of profit of joint ventures and association- net |
6,980,449 |
5,526,104 |
26.32% |
|
|
16,881,910 |
16,242,938 |
3.93% |
|
Unwinding cost on GIDC payable |
-891,198 |
-1,253,839 |
-28.92% |
|
Profit before taxation |
15,990,712 |
14,989,099 |
6.68% |
|
Taxation |
-7,963,200 |
-5,764,114 |
38.15% |
|
Profit for the year |
8,027,512 |
9,224,985 |
-12.98% |
|
Earnings per share – basic and diluted (Rupees) |
5.92 |
6.95 |
-14.82% |
Copyright Mettis Link News
Posted on: 2023-01-30T15:22:43+05:00
