Rise in fertilizer prices keeps Fauji Fertilizer’s profitability up

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By MG News | January 30, 2020 at 02:17 PM GMT+05:00

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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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