FFC announces financial results for the period ended on June 30, 2022

July 28, 2022: Fauji Fertilizer Company Limited (FFC) has announced its half-yearly financial results for the period ended June 30, 2022, in its Board of Directors’ meeting held on July 28, 2022.

FFC attained Urea production of 1,276 thousand tonnes, 4% higher than last year mainly because of the deferment of plant turnaround to H2. The company also achieved a benchmark sona urea offtake of 1,275 thousand tonnes for the period. Increased urea sales combined with higher prices of imported fertilizers also led to the highest ever all-product revenue of Rs54.71 billion during the period. The increase in investment income combined with higher dividend payout by associated companies contributed to improved other income of Rs7.41bn.

The profit before tax at Rs18.82bn was negatively affected by the double-digit increase in interest rates with higher finance costs compared to the previous year. The total tax charge was Rs9.22bn (includes a super tax of Rs3.52bn and Rs0.86bn for years 2021 and 2022 respectively) at an effective tax rate of 49%.

The company, therefore, achieved net profitability of Rs9.6bn translating into an EPS of Rs7.55. The dollarized profitability of the company however stood significantly reduced to $51 million compared to $60mn in 2021, due to the severe devaluation of PKR during the period.

The Board of Directors of FFC also announced a second interim dividend of Rs2.10 per share for the period.

Press Release