July 29, 2019 (MLN): Fauji Fertilizer Company (FFC) Limited has announced its financial results for the half year ended on June 30, 2019 as per which the company’s net profits after tax has increased remarkably by 87.5% to logged in at Rs 8.6 billion with earning per share (EPS) at Rs 6.77, compared to Rs 4.6 billion with EPS at Rs 3.61 in the corresponding period last year.
The company witnessed an elevation in profitability due to improved urea prices and higher dividend income.
During the period, company also witnessed an increase in finance cost by 41% owing to higher interest rates, other expenses by 40% and decline in other income by 28% but the company managed to earn profits on the back higher top-line earnings and decline in cost of sales.
The Board of Directors of the company announced an interim cash dividend for the aforementioned period at Rs 2.85 per share i.e. 28.50%. This is in addition to interim dividend already paid at Rs 2.50 per share i.e. 25%.
Consolidated Profit and Loss Account for the half year ended June 30, 2019 ('000 Rupees) | |||
|---|---|---|---|
Jun-19 | Jun-18 | % Change | |
Sales – net | 48,547,817 | 45,058,336 | 7.7% |
Cost of sales | 32,646,483 | 34,886,528 | -6.4% |
Gross Profit | 15,901,334 | 10,171,808 | 56.3% |
Administrative expenses and distribution cost | 4,005,643 | 4,603,549 | -13.0% |
Finance cost | 1,494,624 | 1,060,702 | 40.9% |
Other expenses | 1,170,929 | 837,519 | 39.8% |
Total expenses | 6,671,196 | 6,501,770 | 2.6% |
Other income | 2,558,847 | 3,580,597 | -28.5% |
Share of profit of associates and joint venture | 8,694 | 497,865 | -98.3% |
Profit before taxation | 11,797,679 | 7,748,500 | 52.3% |
Provision of taxation | 3,190,659 | 3,157,780 | 1.0% |
Profit after taxation | 8,607,020 | 4,590,720 | 87.5% |
Earnings per share – basic and diluted (Rupees) | 6.77 | 3.61 | 87.5% |
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