FFC earnings more than double in Dec 2024
MG News | January 29, 2025 at 04:13 PM GMT+05:00
January 29, 2025 (MLN): Fauji Fertilizer Company Limited (PSX: FFC) recorded an increase of 118.1% YoY in profitability for the year ended December 2024, reporting a profit after tax of Rs64 billion [EPS: Rs45.49], compared to a profit of Rs29bn [EPS: Rs23.32] in the same period last year (SPLY).
The compnay declared a final cash dividend of Rs21.00 per share (210%) for the year ended December 31, 2024.
This is in addition to interim dividends already paid at Rs15.50 per share (155%), which were later revised to Rs13.86 per share (138.60%) post-merger.
Higher sales volume besides increase in selling prices due to significant escalation in gas prices towards close of last year resulted in higher sales revenue of Rs373bn compared to Rs159bn in SPLY.
The cost of sales also rose by 158.7% led by high cost of imported urea, inflation and higher gas prices.
The gross profit increased by 97.7% YoY to Rs127bn in this quarter.
The gross margins, however, worsened to 33.99% as compared to 40.03% in SPLY.
During the period under review, other income increased significantly by 106.1% YoY to stand at Rs35bn as compared to Rs17bn in SPLY.
On the expense side, the company's Other Operating Expenses rose 83.8% YoY to Rs9.98bn.
The company’s finance cost also expanded by 16% YoY and stood at Rs6.52bn as compared to Rs5.62bn in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs46.38bn against the Rs23.87bn paid in the corresponding period of last year, depicting a rise of 94.3% YoY.
| Consolidated Profit and Loss Account for the half year ended December 31, 2024 ('000 Rupees) | |||
| Dec-24 | Dec-23 | % Change | |
| Turnover | 373,536,920 | 159,471,951 | 134.2% |
| Cost of sales | (246,364,351) | (95,219,741) | 158.7% |
| Gross Profit | 127,172,569 | 64,252,210 | 97.9% |
| Distribution cost | (29,363,654) | (12,683,864) | 131.5% |
| Finance cost | (6,523,895) | (5,623,775) | 16.0% |
| Unwinding of GIDC liability | (212,406) | (1,160,336) | |
| Loss allowance on subsidy receivable from GoP | (1,203,000) | (2,900,000) | -58.5% |
| Impairment loss on investment in a subsidiary | (4,000,000) | ||
| Other expenses | (9,988,622) | (5,433,935) | 83.8% |
| Other income | 35,231,337 | 17,096,950 | 106.1% |
| Profit before taxation | 111,112,329 | 53,547,250 | 107.5% |
| Provision of taxation | (46,380,890) | (23,873,902) | 94.3% |
| Profit for the year | 64,731,439 | 29,673,348 | 118.1% |
| Earnings per share - basic and diluted (Rupees) | 45.49 | 23.32 | 95.1% |
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