RAWALPINDI: Fauji Fertilizer Company Limited (FFC) has announced its half yearly financial results for the period ended June 30, 2022 in its Board of Directors’ meeting held on July 28, 2022.
FFC attained urea production of 1,276 thousand tonnes, 4% higher than last year mainly because of deferment of plant turnaround to H2. Company also achieved benchmark sona urea off-take of 1,275 thousand tonnes for the period. Increased urea sales combined with higher prices of imported fertilizers also led to highest ever all product revenue of Rs 54.71 billion during the period. The increase in investment income combined with higher dividend payout by associated companies contributed towards improved other income of Rs 7.41 billion.
The profit before tax at Rs 18.82 billion was negatively affected by the double digit increase in interest rates with higher finance cost compared to previous year. Total tax charge was Rs 9.22 billion (includes super tax of Rs 3.52 billion and Rs 0.86 billion for year 2021 and 2022 respectively) at an effective tax rate of 49%.
The company therefore achieved net profitability of Rs9.60 billion translating into an EPS of Rs 7.55. The dollarised profitability of the company however stood significantly reduced to USD 51 million compared to USD 60 million in 2021, due to severe devaluation of PKR during the period.
The Board of Directors of FFC also announced second interim dividend of Rs 2.10 per share for the period.
Copyright Business Recorder, 2022
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