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Fauji Fertilizer Profit Surges by 24% to Rs. 7.73 Billion in Q1 2023

Fauji Fertilizer Company Limited (FFC) has announced its financial results for the quarter that ended on March 31st, the calendar year 2023 (1QCY23), wherein the company posted a profit after tax of Rs. 7.73 billion, up 24 percent year-on-year (YoY) from Rs. 6.24 billion in the same period last year (SPLY).

On a quarter-on-quarter basis, FFC’s profits surged by 48 percent from Rs. 5.2 billion recorded in 4QCY22.

The company has posted earnings per share (EPS) of Rs. 6.1 versus an EPS of Rs. 4.9 in 1QCY22.

The earnings have come above industry estimates of Rs. 5.7 per share. According to Ismail Iqbal Securities, this deviation has mainly come from higher-than-expected other income. In addition to this, the company has also announced an interim cash dividend of PKR 4.2/sh.

In 1QCY23, the topline of the company arrived at Rs. 36.4 billion, up by 38 percent YoY on the back of higher prices. Gross margin has clocked in at 40 percent, up by 4.5 ppts YoY.

Other income has increased by 2 percent YoY to Rs. 3.5 billion amid higher interest rates. Also, the finance of the company has surged by 37 percent YoY to Rs. 1.4 billion.

FFC recorded an effective tax rate of 35.3 percent during the period in review.

The company’s scrip at the bourse closed at Rs. 102.79, up 0.95 percent or Rs. 0.97 with a turnover of 1,409,635 shares on Thursday.

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