October 28, 2019 (MLN): Fauji Fertilizer Company (FFC) has reported net earnings of Rs. 13.2 billion (EPS: Rs. 10.39) for the nine months ended September 30, 2019, against Rs. 10 billion reported in the same period last year, i.e. up by around 32%.
Despite an increase in prices of Urea and DAP, the net turnover of the company increased by merely 3.8% due to a fall in the volumetric sale of the two.
On the other hand, the cost of sales declined by a meager margin of 2.7% in spite of an increase in the prices of gas during the stated period.
Contrary to the beliefs of market spectators, wherein the non-core income was expected to go up substantially because of piling up of GIDC accruals and high returns from short term investments, the other income fell by 2.5%.
The company also announced an Interim Cash Dividend for the quarter ended September 30, 2019 at Rs. 2.2 per share i.e. 22%. This is in addition to Interim Dividends already paid at Rs. 5.35 per share i.e. 53.5%
|
Consolidated Profit and Loss Account for the nine months ended September 30, 2019 ('000 Rupees) |
|||
|---|---|---|---|
|
Sep-19 |
Sep-18 |
% Change |
|
|
Turnover – net |
76,528,654 |
73,726,557 |
3.8% |
|
Cost of sales |
52,818,689 |
54,294,933 |
-2.7% |
|
Gross Profit |
23,709,965 |
19,431,624 |
22.0% |
|
Administrative expenses and distribution cost |
6,165,178 |
7,186,010 |
-14.2% |
|
Finance cost |
2,262,557 |
1,656,711 |
36.6% |
|
Other expenses |
1,698,009 |
1,408,245 |
20.6% |
|
Other income |
4,046,455 |
4,150,005 |
-2.5% |
|
Share of profit of associates and joint venture |
117,777 |
1,915,117 |
-93.9% |
|
Profit before taxation |
17,748,453 |
15,245,780 |
16.4% |
|
Provision of taxation |
4,527,987 |
5,217,332 |
-13.2% |
|
Profit after taxation |
13,220,466 |
10,028,448 |
31.8% |
|
Earnings per share – basic and diluted (Rupees) |
10.39 |
7.88 |
31.9% |
Copyright Mettis Link News
30787
