Fauji Fertilizer Bin Qasim Limited reported a profit-after-tax (PAT) of Rs8.28 billion during the three-month period that ended June 30, 2024, registering a massive growth of 495% year-on-year (YoY).
The company registered a profit of Rs1.39 billion in the same period last year (SPLY), revealed the company’s consolidated financial statements provided to the Pakistan Stock Exchange (PSX) on Thursday.
The company’s earnings per share (EPS) clocked in at Rs5.83 in the second quarter of 2024, as compared to EPS of Re0.79 in SPLY.
The increase in earnings comes “amid growth in urea and DAP offtake, lower phosphoric acid prices, and dividend income from PMP during the quarter,” said brokerage house Arif Habib Limited (AHL) in a note.
Sales revenue rose nearly 40% to Rs57.68 billion for the second quarter, as compared to Rs41.3 billion in SPLY.
Subsequently, the company posted a gross profit of Rs14.02 billion in 2QCY24, a significant increase of nearly 78% YoY. During the quarter, the company saw its profit margin improve to 24.3%, as compared to 19.1% in SPLY.
During the period, FFBL’s other income and share of profit of associates rose to Rs6.57 billion, a jump of nearly 210% YoY, as compared to Rs2.12 billion in SPLY.
The company paid taxes to the tune of Rs5.09 billion in 2QCY24, a YoY increase of 247%.
Incorporated as a public limited company, the company is engaged in the manufacturing, purchasing and marketing of fertilizers. The company has investments in diverse fields such as food and dairy products, power generation, financial services and chemicals.
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