ISLAMABAD: Fauji Fertilizer Company Limited (FFC) has announced its half yearly financial results for the period ended June 30, 2023 in its Board of Directors’ meeting.

The Company has posted highest ever six monthly profitability of Rs 13.08 billion compared to Rs 9.60 billion last year, despite the high level of inflation, devaluation of currency and imposition of additional super tax. Earnings per share stood at Rs 10.28. The profitability in dollar terms however declined by 8% to USD 48 million compared to USD 52 million last year.

The increased profitability is attributable to significant cost optimization measures and operational efficiency enhancement initiatives implemented by the management. The Company produced 1,278 thousand tonnes in line with last year. It is pertinent to mention that selling prices of urea varied significantly within the fertilizer industry, with FFC marketing urea at the lowest price of Rs 2,565 per bag, compared to average market prices of around Rs 3,000 per bag and international price of Rs 5,700.

The Board of Directors of FFC also announced second interim dividend of Rs 3.15 per share for the period with an aggregate distribution of 7.41 for the period.

Copyright Business Recorder, 2023