Fauji Fertilizer Company (FFC) Limited, Pakistan’s largest urea manufacturer, has reported a profit after tax of Rs. 6.24 billion for the quarter ending March 31, calendar year (CY) 2022.
According to the company’s financial figures, earnings after tax increased by 7% year on year (YoY) to Rs. 5.815 billion in the same time last year.
Along with the results, FFC declared an interim cash dividend of Rs. 3.70 per share for the quarter, which was more than expected by the industry.
The company’s net sales climbed by 22 percent year on year to Rs. 26.315 billion during 1QCY22 from Rs. 21.539 billion in the same period previous year due to greater urea offtake and a 13 percent and 96 percent rise in urea and DAP prices, respectively.
Net sales fell by 25% on a quarter-to-quarter (QoQ) basis.
During the period under review, the company’s gross margins fell by 3.51 percent year on year to 35.6 percent. On the other hand, margins increased by 2.75 percent year on year due to higher urea pricing and margins.
Gross earnings climbed by 11% to Rs. 9.36 billion in the same time last year, from Rs. 8.43 billion.
The company’s other income increased by 27% to Rs. 3.46 billion from Rs. 2.72 billion due to greater revenue from cash and cash equivalents.
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