Fatima Fertilizer’s profit jumps 56% in 2023

Fatima Fertilizer Company Limited has reported a profit after tax of Rs23 billion during the year 2023, an increase of over 56%

On a consolidated basis, the company registered earnings of Rs14.7 billion in the same period of the previous year, according to the profit and loss accounts filed with the Pakistan Stock Exchange (PSX) on Friday.

Resultantly, earnings per share (EPS) increased to Rs10.96 in the period under review compared to Rs7.01 in SPLY.

The company’s board of directors also approved a final cash dividend for the year ended December 31, 2023, at Rs2.75 per share i.e. 27.5%. This is in addition to the interim dividend already paid at Rs1.75 per share i.e. 17.5%.

Fatima Fertilizer Company Limited

The company’s net sales surged by 47% to Rs235.4 billion during the year, which ended December 31, 2023, compared to Rs159.7 billion recorded in the prior year.

Fatima’s operating expenses surged to Rs18.81 billion in the year 2023, as compared to Rs14.1 billion in SPLY, a YoY increase of 33%.

During the year, the fertiliser manufacturer saw its cost of finance balloon to Rs4.9 billion, up by 42%.

The company’s other income showed growth of 171% YoY hitting Rs7.23 billion in 2023, compared to Rs2.67 billion in 2022.

Fatima Fertilizer Company Limited was incorporated in Pakistan in 2003 as a result of a joint venture between Fatima Group and Arif Habib Group.

The company has three production plants situated at Multan, Sheikhupura and Sadiqabad. The fully integrated production facility of the company produces two intermediate products i.e. Ammonia and Nitric Acid and four final products i.e. urea, Calcium Ammonium Nitrate (CAN), Nitro Phosphate (NP) and Nitrogen Phosphorous Potassium (NPK).