KARACHI: Fauji Fertilizer Company (FFC) has announced its financial results for the year ended December 31, 2020 with net profitably of Rs 20.82 billion. The profitability translated into earning per share (EPS) of Rs 16.36 which was 22 percent higher than last year.

The increase in profitability is primarily attributable to a temporary gain on extinguishment and re-measurement of GIDC liability under the requirements of the international financial reporting standards, which shall reverse in the next four years during the repayment term of GIDC liability as determined by the apex Court.

The company declared final dividend of Rs 3.4 per share for the quarter, with aggregate distribution of Rs 11.20 per share for the year 2020.

The Company attained urea production of 2,487 thousand tonnes while the aggregate sales revenue for the year was Rs 97.66 billion.

Despite uncertain circumstances due to prevailing pandemic COVID-19, Company was able to achieve uninterrupted business operations while ensuring best standards of health and safety for its employees.—PR

Copyright Business Recorder, 2021