KARACHI: Fauji Fertilizer Bin Qasim Limited (FFBL) has reported its highest-ever first-quarter profit after tax of Rs4.3 billion, compared to a loss of Rs5.4 billion in the same quarter last year.
The company attributed the robust turnaround to higher international DAP margins, significant forward sales, and a higher DAP sales volume of 179,000 tonnes.In a statement to Pakistan Stock Exchange the comapny said it's top line surged 47.6 percent year-on-year to Rs46.52 billion, while the cost of sales rose 28.5 percent year-on-year. However, the change was less than proportionate to sales decline, resulting in a gross profit increase of 4.01 times year-on-year to Rs8.78 billion.
The company's gross margins improved to 18.86 percent from 6.80 percent in the same quarter last year.FFBL also reported a significant reduction in exchange losses, which decreased from Rs4.62 billion in the first quarter of 2023 to just Rs6.45 million in the first quarter of 2024.
Other income grew 4.48 times year-on-year to Rs4.02 billion. The company's finance cost shrunk 59 percent year-on-year to Rs1.02 billion, mainly due to higher interest rates.FFBL paid a higher tax of Rs3.89 billion, compared to Rs339.88 million in the corresponding period of last year.
On a consolidated basis, the group reported a profit after tax of Rs7.6 billion, marking a significant improvement from a loss of Rs4.6 billionin the same quarter last year.The company's joint venture, Pakistan Maroc Phosphore (PMP), also contributed to the profit after tax of Rs1.7 billion, compared to a loss of Rs1.8 billion in the same quarter last year.
POL profit declines 24 percent in Q3
Pakistan Oilfields Limited, on Thursday, reported a 24 percent decline in its 3rd quarter net profit due to a decrease in other income.
The net profit for the quarter ended March 31 was Rs12.470 billion, down from Rs16.407 billion in the same quarter last year. The company chose not to declare any cash dividend for this period.
Earnings per share (EPS) stood at Rs43.89, compared to Rs57.76 last year. POL's sales for the quarter increased to Rs18.272 billion, up from Rs17.685 billion a year earlier. However, other income decreased significantly to Rs3.898 billion, compared to Rs14.212 billion during the same period last year.
For the nine months ending March 31, POL's net profit was Rs30.391 billion, slightly lower than the Rs30.929 billion recorded during the same period last year. The EPS for this period remained at Rs106.95, down from Rs108.87.
The company's profitability was impacted by reduced inflow of profits from associated companies, which amounted to Rs766.5 million in 9MFY24, marking a 23 percent year-on-year decline. Additionally, other income decreased by 48.55 percent year-on-year, standing at Rs11.55 billion in 9MFY24.
POL's finance costs contracted significantly, dropping by 71 percent year-on-year to Rs2.26 billion, compared to Rs7.78 billion previously. On the tax front, the company paid a higher tax of Rs10.66 billion, up from Rs6.99 billion in the corresponding period of last year, reflecting a 52.27 percent rise.
Engro’s Q1 net profit soars 18 percent
Engro Corporation reported an 18 percent increase in its first-quarter net profit on Thursday, attributed to a surge in revenue.
According to a statement released to the Pakistan Stock Exchange, the company's net profit for the quarter ending March 31 reached Rs10.384 billion, up from Rs8.796 billion during the same period last year. The company also declared an interim cash dividend of Rs11 per share for the first quarter.
Earnings per share rose to Rs10.66, compared to Rs8.18 a year ago. Net revenue for the quarter climbed to Rs104.299 billion, a significant increase from Rs72.073 billion in the previous year. However, the cost of revenue remained higher at Rs76.706 billion, up from Rs54.084 billion.
Engro Corporation attributed its higher profitability to several factors, including increased fertilizer sales, improved margins, efficient plant operations, and higher earnings from dollar-denominated businesses. The company also achieved efficiencies through cost optimization.
On the expense side, administrative expenses rose by 26.7 percent year-on-year, reaching Rs3.35 billion, while other expenses increased by 33.8 percent year-on-year, totaling Rs1.29 billion during the review period.
Administrative costs also saw an uptick, recorded at Rs3.35 billion in 1QCY24, compared to Rs2.65 billion in 1QCY23. Notably, ENGRO's allowance on subsidy from the government experienced a crucial shift, with the company recording a gain of Rs57.78 million compared to a loss of Rs432.45 million in the same quarter last year.
During the review period, other income contracted by 10.1 percent year-on-year, standing at Rs3.48 billion in 1QCY24, down from Rs3.87 billion in the same period last year. Despite higher interest rates, the company's finance cost decreased by 7.1 percent year-on-year, reaching Rs4.05 billion compared to Rs4.36 billion in the previous year.
BAFL declares Rs2/per share interim dividend
Bank Alfalah Limited (BAFL) on Tuesday reported a profit after tax of Rs9.912 billion for the quarter ended March 31, 2024, representing an earning per share of 6.28 rupees.
The bank's board of directors also declared an interim cash dividend of Rs2.00 per share.BAFL's deposit base grew 31.5 percent year-on-year to Rs2.043 trillion as of March 31, 2024, one of the strongest growths in the banking sector.
The bank's advances stood at Rs754.298 billion, while its credit discipline remained robust with a non-performing loan coverage of 124.5 percent, including general provision.
BAFL's capital adequacy ratio (CAR) stood at 17.00 percent as of March 31, 2024, comfortably above the regulatory requirement.
Faysal Bank Q1 net profit jumps 100pc to Rs6.6 billion
Faysal Bank Limited reported a 100 percent increase in its first-quarter net profit on Thursday, driven by a surge in profit earned income, the bank said in a statement to the Pakistan Stock Exchange.
Net profit for the quarter ended March 31 rose to Rs6.609 billion from Rs3.306 billion in the same period last year.
The bank also announced an interim cash dividend of Re1 per share.
Earnings per share came in at Rs4.35, compared with Rs2.18 a share last year.
Faysal Bank said its profit earned income for the quarter rose to Rs59.454 billion, compared with Rs34.838 billion a year earlier. However, profit expenses remained higher at Rs40.744 billion from Rs21.797 billion during the same quarter last year.
One spokesperson for the bank said the total assets reached a new high of Rs1.5 trillion, with deposits increasing to Rs1.050 trillion and loan book more than Rs603 billion. Advance-to-Deposit Ratio (ADR) was at a healthy 55 percent, while its Capital Adequacy Ratio stood at 18.57 percent, well above the regulatory requirement.
Mian Muhammad Younis, chairman of Faysal Bank, commenting on the performance of the bank said, "The results for Q1'24 are a clear indication of the strong foundations that we have laid as a leading Islamic bank and continued commitment of the board and management.”
Yousaf Hussain, President & CEO of Faysal Bank, said "Our good performance in the first quarter of 2024 is a testament to the sound interplay of the bank’s customer-centric approach coupled with excellent Shariah-compliant financial and digital products and high-quality service. Because of such solid fundamentals, the bank is all set to continue with its accelerated growth plans including network expansion.”