Higher top-line earnings lift Fatima Fertilizer's profits by 21%

By MG News | April 23, 2019 at 05:33 PM GMT+05:00

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April 23, 2019 (MLN): Fertilizer Fertilizers Limited has posted Profit after Tax of Rs. 3.08 billion (EPS: Rs. 1.47) for the quarter ended March 31, 2019, as against PAT of Rs. 2.5 billion in the corresponding period of last year, indicating an improvement of 21.23%.

The uptick in bottom-line earnings was a result of progress in sales revenue by 35%, which in turn was an outcome of improved volumes in CAN & Urea. Furthermore, higher selling price of fertilizers also contributed considerably in lifting the topline earnings of the company.

However, the Finance cost of the company swelled by 59.71% due to recent hike in interest rates, as well as surge in working capital requirements. The increase in non-core expenses by 64% was just another addition to the misery.

Moreover, the company earned additional income in the form of profit from associated companies, which amounted to Rs. 4.6 million.

Profit and loss account for the quarter ended March 31 2019 (Rupees'000)
	Mar-19	Mar-18	% Change
Sales	15,659,315	11,599,311	35.00%
Cost of sales	-8,345,607	-5,015,152	66.41%
Gross profit	7,313,708	6,584,159	11.08%
Distribution cost	-1,282,639	-1,343,261	-4.51%
Administrative expenses	-609,379	-677,137	-10.01%
Finance cost	-661,348	-414,100	59.71%
Other operating expenses	-588,280	-357,380	64.61%
Other income	208,572	98,082	112.65%
Share of profit from associated company	4,653	-
Profit before tax	4,385,287	3,890,363	12.72%
Taxation	-1,298,226	-1,343,916	-3.40%
Profit for the period	3,087,061	2,546,447	21.23%
Earnings per share- basic and diluted (Rupees)	1.47	1.21	21.49%

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