Tag: FFBL

  • FFBL declares Rs1.7 billion in 2QCY22

    FFBL declares Rs1.7 billion in 2QCY22

    KARACHI: Fauji Fertilizers Bin Qasim Limited (FFBL) on Tuesday declared Rs1.7 billion profit after tax (PAT) for the quarter ended June 30, 2022.

    The company announced financial results for its 2QCY22 results, where it posted unconsolidated PAT of Rs1.7 billion (EPS: 1.38), down 32 per cent YoY.

    This takes cumulative 1HCY22 PAT to Rs3.4 billion (earnings per share (EPS): Rs2.64) vs PAT of Rs3.8 billion (EPS: Rs3.0) in same period last year.

    READ MORE: Hyundai announces second quarter financial results

    The result is above our expectation due to higher other income and higher volumetric sales.

    Company posted topline of Rs46.1 billion vs Rs16.9 billion in same period last year (SPLY), depicting an increase of 173 per cent. The primary reason for higher sales is attributable to higher realized Diammonium phosphate (DAP) prices and 50 per cent increase in DAP volumetric sales.

    On QoQ basis, topline recorded a growth of 86 per cent, on the back of higher volumetric sale and fertilizer prices.

    READ MORE: PTCL declares 39% growth in half year net profit

    Gross margins clocked in at 19 per cent during 2QCY22, down the 270 basis points (bps) on QoQ basis, attributable to higher phosacid prices (up by 9 per cent QoQ).

    Finance cost witnessed a jump of 49 per cent/ 28 per cent on YoY/QoQ basis, amid rising financing cost.

    Other income clocked in at Rs3.2 billion, up by 31 per cent/ 191 per cent YoY/QoQ. The increase is mainly attributable to dividend from PMP.

    Other expenses for 2QCY22, clocked in at Rs2.9 billion, vs Rs0.94 billion in 1QCY22. The significant jump in other charges is due to exchange loss on account of trade payables.

    READ MORE: Pakistan banks register record profit in 1Q2022

    Effective tax rate for the quarter clocked in at 71 per cent, attributable to imposition of super tax and poverty alleviation tax announced in federal budget. As per management, company has recorded super tax of Rs2.7 billion in June, 2022.

  • KSE-100 sheds 41 points amid cautious trading

    KSE-100 sheds 41 points amid cautious trading

    KARACHI: The Pakistan Stock Exchange (PSX) experienced a slight downturn on Friday, with the benchmark KSE-100 index shedding 41 points amid cautious trading.

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