Going up: Fauji Fertilizer Bin Qasim posts rise in earnings
Favourable trend in agriculture sector pulls DAP off-take.
Earnings per share (EPS) for the company jumped to Rs6.01 compared to Rs4.64 in the period under review.
KARACHI:
Fauji Fertilizer Bin Qasim (FFBL) on Monday posted a profit after tax of Rs5.6 billion in the year ending on December 2013 (CY2013), up 30% compared to a profit of Rs4.3 billion in the same period the previous year.
Earnings per share (EPS) for the company jumped to Rs6.01 compared to Rs4.64 in the period under review.
The company also announced a final dividend of Rs2.25 making full year cash dividend of Rs5 per share (Rs4.5 in year 2012).
The company’s revenue increased by 14% to Rs54.5 billion as against Rs47.9 billion posted in the previous year. The increase in di-ammonium phosphate (DAP) off-take is the key reason behind the rise in the revenue which increased by 26% to 770,000 tons in 2013. However, urea off-take declined by 4% as compared to the last year.
A favourable agricultural environment in the country was the main factor behind the volumetric variance, Topline Securities reported on Monday.
Other income of the company fell to Rs494 million in 2013 against Rs1.04 billion in the same period last year, primarily due to loss of Rs163 million from its JV Pakistan Maroc Phosphore (PMP) compared to the profit of Rs6.7 million in the last year.
Only in the fourth quarter of 2013 (4Q2013), the company posted an EPS of Rs2.48, up 5% compared to an EPS of Rs2.36 in 4Q2012.
AKD Securities said in a report that a margin contraction is expected in the first quarter of calendar year 2014 (1QCY14) as a result of the recent hike in Gas Infrastructure Development Cess (GIDC) and scheduled gas outage expected till February 2014, while a recent uptick in international DAP price may lead to a recovery in local price going forward.
[infogram url="https://infogr.am/fauji-fertiliser" height="710"]
Published in The Express Tribune, January 28th, 2014.
Fauji Fertilizer Bin Qasim (FFBL) on Monday posted a profit after tax of Rs5.6 billion in the year ending on December 2013 (CY2013), up 30% compared to a profit of Rs4.3 billion in the same period the previous year.
Earnings per share (EPS) for the company jumped to Rs6.01 compared to Rs4.64 in the period under review.
The company also announced a final dividend of Rs2.25 making full year cash dividend of Rs5 per share (Rs4.5 in year 2012).
The company’s revenue increased by 14% to Rs54.5 billion as against Rs47.9 billion posted in the previous year. The increase in di-ammonium phosphate (DAP) off-take is the key reason behind the rise in the revenue which increased by 26% to 770,000 tons in 2013. However, urea off-take declined by 4% as compared to the last year.
A favourable agricultural environment in the country was the main factor behind the volumetric variance, Topline Securities reported on Monday.
Other income of the company fell to Rs494 million in 2013 against Rs1.04 billion in the same period last year, primarily due to loss of Rs163 million from its JV Pakistan Maroc Phosphore (PMP) compared to the profit of Rs6.7 million in the last year.
Only in the fourth quarter of 2013 (4Q2013), the company posted an EPS of Rs2.48, up 5% compared to an EPS of Rs2.36 in 4Q2012.
AKD Securities said in a report that a margin contraction is expected in the first quarter of calendar year 2014 (1QCY14) as a result of the recent hike in Gas Infrastructure Development Cess (GIDC) and scheduled gas outage expected till February 2014, while a recent uptick in international DAP price may lead to a recovery in local price going forward.
[infogram url="https://infogr.am/fauji-fertiliser" height="710"]
Published in The Express Tribune, January 28th, 2014.