Fauji Fertilizer posts 81pc increase in H1 earnings

KARACHI: Fauji Fertilizer Company (FFC) on Tuesday reported an 81 percent increase in its half-year earnings, due to an increase in the net turnover.

In a statement to the Pakistan Stock Exchange, the company reported a net profit of Rs37.687 billion for the half-year that ended June 30, up from Rs20.769 billion during the same period last year.

The company also announced an interim cash dividend for the half-year at Rs10, which is in addition to the interim cash dividend already paid at Rs5.5 per share. Earnings per share came in at Rs29.20 a share, compared with earnings per share of Rs15.97 a share a year ago.

The company said its turnover for the half-year rose to Rs126.84 billion, compared with Rs82.518 billion a year earlier. The cost of sales also increased to Rs71.993 billion from Rs44.561 billion.

For the quarter that ended June 30, the company reported a net profit of Rs25.012 billion, up from Rs12.437 billion recorded during the same quarter last year. EPS for the quarter remained at Rs19.33 per share compared with EPS of Rs9.48 a share.According to analysts, the earnings came higher than market expectations.