Rise in fertilizer prices keeps Fauji Fertilizer’s profitability up
MG News | January 30, 2020 at 02:17 PM GMT+05:00
January 30, 2020 (MLN): Fauji Fertilizer Company (FFC) has announced its financial results for the year ended on December 31, 2020. As per results, the company posted its net earnings of Rs 17.33 billion, up by 5.4% YoY, against last year’s net earnings of Rs 16.43 in CY18.
The rise in net profitability was attributable to an increase in urea offtakes and rise in prices.
During the period under review, the sales revenue were flat due to falling in Urea and DAP offtakes which were offset by an increase in prices, resulting in an increase of gross margins from 27% YoY to 30% YoY.
More notably, the finance cost of the company increased substantially by 45%YoY owing to higher interest rate and running finance requirement.
The earnings per share of the company for the year ended December 31, 2019, have been reported Rs 13.62 in comparison to Rs 12.92 during the same period last year.
Other than this, the Board has announced a final cash dividend for the year ended Dec 31, 2020, at Rs 3.25 per share i.e. 32.50%. This is in addition to interim dividends already paid at Rs 7.55 per share.
| Consolidated Profit and Loss Account for the year ended December 31, 2019 ('000 Rupees) | |||
|---|---|---|---|
|
| Dec-19 | Dec-18 | % Change |
| Turnover | 109,817,389 | 109,433,588 | 0.4% |
| Cost of sales | 77,039,227 | 80,282,515 | -4.0% |
| Gross Profit | 32,778,162 | 29,151,073 | 12.4% |
| Administrative expenses and distribution cost | 8,867,378 | 9,508,770 | -6.7% |
| Finance cost | 3,311,837 | 2,244,609 | 47.5% |
| Other expenses | 2,380,931 | 2,111,115 | 12.8% |
| Total expenses | 14,560,146 | 13,864,494 | 5.0% |
| Other income | 5,751,571 | 5,090,494 | 13.0% |
| Share of (loss)/profit of associates and joint venture | (379,319) | 3,356,746 |
|
| Profit before taxation | 23,590,268 | 23,733,819 | -0.6% |
| Provision of taxation | 6,256,488 | 7,295,615 | -14.2% |
| Profit for the year | 17,333,780 | 16,438,204 | 5.4% |
| Earnings per share - basic and diluted (Rupees) | 13.62 | 12.92 | 5.4% |
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