FFBL 2021 profit up 53pc

KARACHI: Fauji Fertilizer Bin Qasim Limited (FFBL) on Wednesday announced 52.9 percent higher earnings for the year ended December 31, 2021 against losses incurred in 2020, as sales registered an increase.

In an interim consolidated statement to the Pakistan Stock Exchange, the company reported a net profit of Rs9.22 billion for the year ended December 31, up against Rs6.03 billion during the preceding year.

The company did not announce any dividends for the period. Earnings per share came in at Rs6.95, compared with Rs6.23 a share last year.

The company said its net sales for the year increased to Rs128.23 billion, compared with Rs98.06 billion a year earlier. Cost of sales remained at Rs99.14 billion against Rs79.15 billion.

Other income was recorded at Rs1.91 billion against Rs1.26 billion during the same period last year.

A report of Insight Research said the earnings remained lower than their expectations due to higher ECL and tax charges.

Finance cost for the year witnessed a sharp decline of 47 percent, attributable to lower debt levels. Other income witnessed an increase of 76 percent year-on-year in CY21, attributable to higher dividend income and gain on disposal of wind energy projects.