FFC earns profit of Rs6.4 billion
KARACHI: Fauji Fertilizer Company Limited (FFC) announced profit of Rs6.4 billion (EPS: Rs5.07) for the quarter ended September 30, 2021, up 39 per cent, compared with the profit of Rs4.6 billion (EPS: Rs3.64) during the same period of the last year, a bourse filing said on Wednesday.
Alongside the results, FFC announced a cash dividend of Rs3.75/share, which is in addition to the interim dividend of Rs6.1 already paid to the shareholders.
For the nine months of CY21, the profits surged 15 per cent to Rs15.88 billion (EPS: Rs12.49).
The revenues during the quarter climbed 20 per cent to Rs29.5 billion, amid 22 per cent rise in urea off-take and 7 per cent and 72 per cent higher urea and DAP prices, respectively.
“Meanwhile, DAP off-take declined 46 per cent in the third quarter of CY21,” an analyst at Arif Habib Limited said.
On a cumulative basis, the net sales during the period under review surged 8 per cent to Rs73.5 billion owed to 2 per cent growth in the urea price and 56 per cent growth in DAP prices.
“Gross margins arrived at 37.8 per cent (up 418bps) in the third quarter of CY21 given higher urea prices, whereas, during the nine months of CY21, gross margins settled at 37.2 per cent, compared with 33.9 per cent last year.
The financial charges surged 240 per cent to Rs647 million in the third quarter of CY21 on account of increase in short-term borrowings.
Other income during the quarter jumped 79 per cent to Rs1.7 billion on the back of higher income from cash and cash balances.
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