FFC observes 32% growth in net income
MG News | October 28, 2019 at 01:23 PM GMT+05:00
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% |
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