Fauji Fertilizer Company Limited (PSX: FFC) has announced its financial results for the quarter that ended on June 30, 2024, whereby it posted an unconsolidated profit after tax of Rs. 15.5 billion, up 191 percent compared to Rs. 5.3 billion in the same period last year.
According to Topline Securities, this is the highest-ever quarterly profit for the period due to the increase in urea prices despite no change in gas prices.
This takes 6MCY24 earnings to Rs. 26 billion compared to Rs. 13 billion in SPLY.
Along with the result, FFC announced an interim cash dividend for the half year ended June 30, 2024, at Rs. 10 per share. This is in addition to the dividend already paid at Rs. 5.5 per share.
In 2QCY24, the net sales of the company arrived at Rs. 57 billion, up by 61 percent. Gross margins clocked in at 54 percent during the quarter.
Other income has increased by 100 percent to Rs. 5.5 billion in Q2, while the finance cost of the company surged by 16 percent to Rs. 1.38 billion during the period in review. FFC paid Rs. 10.5 billion in taxes during the quarter.
The company posted earnings per share (EPS) of Rs. 12.22 in 2QCY24 and an EPS of Rs. 20.49 for 6MCY24.
FFC’s scrip at the bourse closed at Rs. 178.16, up 4.65 percent or Rs. 7.91 with a turnover of 7.8 million shares on Tuesday.