April 27, 2023: Fauji Fertilizer Company Limited (FFC) has announced its financial results for the period ended March 31, 2023, in its Board of Directors’ meeting held on Thursday.
Urea production by the company stood at 633 thousand tonnes whereas sales were recorded at 631 thousand tonnes, the same as last year.
The company continued to face economic challenges including very high-level inflation, escalating GST rates, and increased interest rates, besides the continued devaluation of the Pak rupee, negatively impacting the operating and financing costs of the company.
Shortage of foreign currency reserves have also caused delays in the procurement of essential spares and machinery.
The increase in interest rates enabled the company to earn income on deposits of Rs3.5 billion. This income also included an unrealized exchange gain of Rs930 million earned on the foreign exchange deposits of the company due to the devaluation of Pak rupee.
The net profitability of the company thus stood at Rs7.7bn with earnings per share of Rs6.08 per share compared to Rs4.90 per share for 2022.
The profitability in dollar terms however declined to $30mn compared to $35mn last year.
The Board of Directors of FFC has announced the first interim dividend of Rs4.26 per share, for the first quarter of 2023.
