MARI GAS COMPANY LIMITED (MGCL) DAHARKI, SINDH Having taken Fauji Foundation on board as a 51% shareholder in 1983, the company commenced business as MGCL in December 1985. It produces 434 million cubic feet of natural gas per day and nearly 80% of gas is supplied to three fertiliser companies, viz, Engro Chemical Pakistan Ltd, Fauji Fertiliser Company Limited and Pak Saudi Fertiliser Limited. The remaining gas is supplied to WAPDA at Guddu for power generation.
Mari Gas is a public limited Company with authorised and paid up capital of Rs 2,500 million and Rs 367.5 million respectively and is listed on all the three recognised stock exchanges in Pakistan. In the field of exploration, it has a planned investment of US $20 million per annum.
2003-04 (PKR in millions):
Total Assets: 7,059.
Net Profit: 937.
FAUJI CEMENT COMPANY LIMITED (FCCL) JHANG BAHTAR, PUNJAB Built at a cost of US $180 million, in November 1997, this is a modern, 3,000 metric tons per day plant. FCCL is a listed company with authorised and paid up capital of Rs 6,000 million and Rs 4,194 million respectively. The project is in the process of partial conversion from furnace oil to coal 2003-04 (PKR in million):
Total Assets: 5910.
Net worth: 1,939.
FAUJI FERTILIZER COMPANY LTD (FFC) GOTH MACHHI, PUNJAB FFC has two plants, which commenced production in 1982 & 1993 respectively. These are amongst the largest single train urea plants in the world. The two units have a collective production capacity of 2320 metric tons per day of ammonia and 4030 metric tons per day of prilled urea. FFC also acquired the Pak Saudi Fertiliser Plant in May 2002 and merged it with FFC in July 2002.
Situated at Mirpur Mathelo, the plant has an installed capacity of 574,000 tons urea. FFC, together with its sister company Fauji Fertiliser Bin Qasim, has 60% share of the urea market in Pakistan. The company was first to attain ISO 9002 certification in respect of Quality Management System in 1997.
'Sona is its brand name. FFC is a public listed company with authorised and paid up capital of Rs 5,000 million and Rs 2,949 million respectively. 2003-04 (PKR in millions):
Total Assets: 12,296.
Net Profit: 6,103.
FAUJI FIERTILIZER BIN QASIM LIMITED (FFBL) PORT QASIM, KARACHI The Company started out in 1993 as Fauji Jordan Fertiliser Company (FJFC) , a joint venture of Fauji Foundation, Fauji Fertiliser and Jordan Phosphate Mines Company (JPMC). It planned to produce, for the first time in Pakistan, 1,670 metric tons per day of granulated urea and 1,350 metric tons of di-ammonia phosphate (DAP). In 2003, after JPMC sold its shares, it was re-named as Fauji Fertiliser Bin Qasim Limited (FFBL).
The major share-holders are FFC (51%), Fauji Foundation (17%) and CDC Holdings Malaysia (10%). In addition to Urea and DAP, it also produces 1,270 metric tons of ammonia per day. It is a public listed company with authorised and paid up capital of Rs 11,000 million and Rs 9,341 million respectively.2003-04 (PKR in million):
Total Asset: 21,967.
Net Profit: 2,148.
FAUJI KABIRWALA POWER COMPANY LIMITED (FKPCL) KABIRWALA, PUNJAB Fauji Kabirwala Power Plant (FKPCL) is a 170 MW Combined Cycle Power Plant located near Kabirwala, district Khanewal. The US $170 million plant has been set up by Fauji Foundation in collaboration with Messrs EI-Paso Energy International, USA, with debt equity ratio 75:25. The major portion of the debt has been financed by ADB and EDC of Canada.
The project went commercial in March 2000 and since then it has been supplying power to the WAPDA National Grid. Based on its performance, the plant has been declared the world's best "Combined Cycle Plant" by Siemens Westinghouse. It has been awarded "New Combined Cycle Power Plant of the Year Award" for the years 2000, 2001 & 2002 consecutively by the same company. 2003-04 (PKR in millions):
Total Assets: 8,434.
Net Profit: 1,076.
FAUJI OIL TERMINAL & DISTRIBUTION COMPANY LIMITED (FOTCO) PORT QASIM, KARACHI Fauji Oil Terminal & Distribution Company Limited, operative since April 1995 is an ISO 9002 certified environment-friendly marine oil terminal. The US $100 million jetty is capable of handling 9 million metric tons of oil per annum. Constructed on 'Build-own-Operate' basis, it is also one of the best in the Subcontinent with a jetty having a handling capacity of 75,000 DWT vessels.
Fauji Oil Terminal has recently expanded its facility to handle white oil imports at its existing jetty, by laying a separate 4 km long 30 inch dia pipeline for this purpose.
This will not only double the annual handling capacity, but also bring the terminal in accord with the scheduled commissioning of PARCO's White Oil Pipeline Project. Provisions also exist for handling of crude oil and for construction of a POL storage facility. 2003-04 (PKR in millions):
Total Asset: 2,791.
Net Profit: 569.
FOUNDATION SECURITIES (PVT) LTD KARACHI To diversify its commercial operations and enter a new sector, the Fauji Foundation established FSL in January 2005. FSL is an equities and banking that will be a member of the Karachi Stock Exchange.
The Foundation owns 95% of FSL, the balance 5% being with the management, who are incentivised to increase their holding over time, with the limit that the Foundation always remains a majority owner. Initial share capital is PKR 150 million.
Operations in Karachi are planned to start in April 2005, with branches in Islamabad and Lahore later in the year. FSL is a first step towards building a diversified financial services business, focused on investment for both institutions and individuals. Planning is underway for the establishment of an asset management business, which will be responsible for launching and managing open and close-end mutual funds.