FFBL sees turnaround in earnings owing to higher dividend income and DAP offtake

MG News | October 27, 2020 at 04:14 PM GMT+05:00

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October 27, 2020 (MLN): Fauji Fertilizer Bin Qasim Limited (FFBL) has issued its financial earnings result for the nine months ended on September 2020, according to which FFBL posted net profits of Rs 24.4 million against the loss of Rs 5 billion reported in the corresponding period last year.

This translated into earnings per share which clocked in at Rs 0.37 against the loss per share of Rs 4.36 recorded in the same period last year.

The turnaround in earnings linked to higher dividend income, lower phosphoric acid prices and 12% YoY increase in topline, due to uptick in both Urea and DAP offtake.

This, along with removal of GIDC on feed and fuel gas, resulted in increase in FFBL’s gross margins from 15% to 17%.

Moreover, due to higher dividend income from power subsidiaries, the Other income of the Company jumped notably by 58% YoY to Rs 2.8 billion from Rs 1.8 billion in the same period last year.

On the expense side, the company witnessed 17.6% YoY decline in Selling and Distribution cost, 14.5% YoY drop in admin related expenses and 1.4% YoY cut in financial charges which further supported Company’s earnings.

Furthermore, the company booked affective rate at 98% during the period mentioned above.

Consolidated Profit and Loss for the Nine months ended September 2020 ('000 Rupees)
	Sep-20	Sep-19	% Change
Sales-net	60,915,183	54,380,377	12.0%
Cost of Sales	(50,330,916)	(46,092,735)	9.2%
Gross Profit	10,584,267	8,287,642	27.7%
Selling and distribution cost	(4,344,961)	(5,273,242)	-17.6%
Administrative expenses	(1,401,747)	(1,639,965)	-14.5%
	4,837,559	1,374,435	252.0%
Finance costs	(6,782,870)	(6,879,021)	-1.4%
Other operating expenses	(406,946)	(730,911)	-44.3%
Other Income	2,887,798	1,827,377	58.0%
Share of profit of associates and joint venture- net	794,094	984,811	-19.4%
Loss before taxation	1,329,635	(3,423,309)
Taxation-net	(1,305,222)	(1,711,251)	-23.7%
Loss after taxation	24,413	(5,134,560)
Loss per share - basic and diluted (Rupees)	0.37	(4.36)

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