Fauji Fertilizer Company (FFC) , one of Pakistan’s largest fertilizer producers, posted a consolidated profit-after-tax of Rs25.01 billion in the quarter ended June 30, 2024, more than double when compared with Rs12.44 billion in the same period of the previous year.
According to the profit and loss statement shared by the company at the Pakistan Stock Exchange (PSX) on Monday, the board of directors met on July 30, 2024, to review the company’s financial and operational performance.
The BoD announced a cash dividend of Rs10 per share i.e. 100%, for the half year ended on June 30, 2024. This is in addition to an interim dividend already paid at Rs5.5 per share i.e.55%.
Earnings per share (EPS) were recorded at Rs19.33 in 2QCY24 as compared to EPS of Rs9.48 in the same period of the previous year.
During the period, FFC saw its revenue rise to Rs64.53 billion, an increase of nearly 51%.
Fauji Fertilizer Company makes Rs47.5bn profit in 2023
The company’s gross profit increased by nearly 63%, clocking in at Rs36.2 billion in 2QCY24, compared to Rs22.21 billion in SPLY. Resultantly, FFC’s profit margin improved to 56.09% in 2QCY24, as compared to 51.9% recorded in SPLY.
FFC’s ‘other income’ also increased to Rs5.09 billion in 2QCY24, compared to Rs3.01 billion in SPLY, an increase of nearly 69%.
On the other hand, the company’s finance cost declined marginally by nearly 6% from Rs1.56 billion in 2QCY23 to Rs1.47 billion in 2QCY24.
The company’s other expenses rose significantly to Rs2.4 billion in 2QCY24, up nearly 103%, as compared to Rs1.18 billion in SPLY.
The company informed that it has started selling its products through the company owned stores/outlets.
“Investment in this channel will benefit farmers across the country as approximately 70 such outlets are being opened in all sales districts and shall be operational by end of 3rd Quarter, 2024,” said the company.
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