FFC posts Rs20.8bn profit for 2020

NEWS DESK: Fauji Fertilizer Company (FFC) has announced its financial results for the year ended 31th December 2020, with a net profitably of Rs20.82 billion.

The profitability translated into earnings per share (EPS) of Rs16.36, which was 22pc 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 Rs3.4 per share for the quarter, with aggregate distribution of Rs11.20 per share for the year 2020.

It attained urea production of 2,487,000 tonnes while the aggregate sales revenue for the year was recorded at Rs97.66 billion.

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

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