FFC half-year profit up 18pc

KARACHI: Fauji Fertilizer Company (FFC) net profit increased 18 percent to Rs11.56 billion for the half-year ended June 30, 2021, translating into earnings per share (EPS) of Rs9.09, a bourse filing said on Friday.

FFC posted Rs9.78 billion with EPS of Rs7.69 in the first half of last year. The company announced cash dividend of Rs2.60/share, ie 26 percent. This was in addition to interim cash dividend already paid at Rs3.50/share, ie 35 percent.

The company said its net sales for the half-year decreased to Rs46.45 billion, compared with Rs45.56 billion a year earlier.

A report of Arif Habib Limited said financial charges dropped by 17 percent year on year to Rs385 million in Q2CY21 on account of lower interest rates. Total financial charges for 1HCY21 settled at Rs805 million, down by 29 percent year on year.

Other income portrayed a slide of 35 percent year on year to Rs1.49 billion on the back of a fall in income from financial assets. Therefore, other income in 1HCY21 came out to be Rs4.21 billion, up by five percent year on year.