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FFBL half-year profit rises 117pc

Our Correspondent
Wednesday, Jul 27, 2022

KARACHI: Fauji Fertilizer Bin Qasim Limited (FFBL) on Tuesday announced 117 percent higher earnings in the half-year ended June 30, 2022 on account of an increase in sales.

In an interim consolidated statement to the Pakistan Stock Exchange (PSX), the company reported a net profit of Rs4.083 billion for the half-year ended June 30, up against Rs1.878 billion during the same period the previous year.

The company did not announce any dividend for this period.

Earnings per share (EPS) came in at Rs3.14, compared with Rs1.29 a share last year.

Net sales for the period increased to Rs80.310 billion, compared with Rs38.607 billion a year earlier. The cost of sales remained at Rs66.494 billion against Rs28.983 billion.

Other income was Rs5.173 billion against Rs256.860 million during the same period last year.

For the quarter ended June 30, the company posted a net profit of Rs884.139 million, up against Rs656.528 million during the same period the previous year.

EPS for the quarter was recorded at Re0.67, against Re0.41 declared during the same period last year.

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In a statement to the PSX, the company reported a net profit of Rs658.202 million during the first quarter ended June 30 against Rs928.224 million during the same period last year.

The company did not announce any dividend for this period.

EPS came in at Rs4.61, compared with EPS of Rs6.50 during the same period last year.

The company said its sales for the quarter increased to Rs30.245 billion, compared with Rs21.764 billion a year earlier. However, the cost of sales was recorded at Rs28.330 billion from Rs20.169 billion last year, which reduced the profits.

Gross profit during the quarter was recorded at Rs1.915 billion, against Rs1.594 billion during the same period last year.

However, other costs increased to Rs821.185 million against Rs231.249 million which further decreased the profit margins.