ISLAMABAD: Fauji Fertilizer Company (FFC), a leading fertilizer producer in Pakistan, achieved a remarkable consolidated profit-after-tax of Rs25.01 billion for the quarter ending June 30, 2024. This represents more than a doubling of its profit compared to Rs12.44 billion for the same period last year.
According to the profit and loss statement released at the Pakistan Stock Exchange (PSX) on Monday, the board of directors convened on July 30, 2024, to assess the company’s financial and operational performance.
The board declared a cash dividend of Rs10 per share, or 100%, for the half-year period ending June 30, 2024, in addition to the interim dividend of Rs5.5 per share, or 55%, previously distributed.
Earnings per share (EPS) for the second quarter of the calendar year 2024 were Rs19.33, up from Rs9.48 in the same quarter of the previous year.
During this period, FFC’s revenue surged to Rs64.53 billion, marking a nearly 51% increase. The company’s gross profit grew by approximately 63%, reaching Rs36.2 billion, compared to Rs22.21 billion in the previous year. This growth improved FFC’s profit margin to 56.09% from 51.9% in the prior year.
The company also reported a rise in ‘other income’ to Rs5.09 billion from Rs3.01 billion, reflecting a 69% increase. Meanwhile, finance costs decreased slightly by about 6%, falling from Rs1.56 billion in the previous year to Rs1.47 billion. However, other expenses more than doubled to Rs2.4 billion from Rs1.18 billion.
FFC also announced the launch of its company-owned stores and outlets, with around 70 new locations expected to open in all sales districts by the end of Q3 2024. This initiative is aimed at directly benefiting farmers across the country.
