PHOTO: FAUJI CEMENT
KARACHI: Fauji Fertilizer Bin Qasim (FFBL) has posted a net profit of Rs925 million in the year ended December 31, 2017, up 306% compared with Rs228 million in the previous year, according to a company notice sent to the Pakistan Stock Exchange (PSX) on Friday.
Earnings per share jumped to Rs2.03 in 2017 compared with Rs1 a year earlier.
The result was above market expectations. Along with its financial performance, FFBL declared a final cash dividend of Rs0.75 per share.
FFBL’s stock price closed at Rs38.34, down 3.3%, at the PSX. Overall, the KSE-100 Index closed at 44,551 points, down 265 points or 0.59%.
Sales of the fertiliser manufacturer grew 22% year-on-year in the fourth quarter (Oct-Dec) of 2017 to Rs30.1 billion.
This could be attributed to a 9% year-on-year increase in diammonium phosphate (DAP) prices that averaged Rs2,775 per bag compared to Rs2,551 last year and were broadly in line with an 11% increase in international prices.
Published in The Express Tribune, January 27th, 2018.
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