Skip to main content

Corporate results: FFBL profit up despite gas curtailment woes

Corporate results: FFBL profit up despite gas curtailment woes

By Our Correspondent
Published: October 26, 2013



Earnings per share for the nine month period were recorded at Rs3.58, up 57% from Rs2.28 in the previous year. PHOTO: FILE
KARACHI: Fauji FertilizerBin Qasim Limited (FFBL) announced its financial results for the first ninth months of calendar year 2013, revealing an after-tax profit of Rs3.2 billion, up 51% on a consolidated basis from Rs2.1 billion in the previous year. However profit after tax for the third quarter of the fiscal year remained largely the same at Rs1.4 billion when compared to last year’s figure of Rs1.48 billion.
Earnings per share for the nine month period were recorded at Rs3.58, up 57% from Rs2.28 in the previous year. The company issued a dividend of Rs1 per share.
The company recorded a rise in net sales for the nine month period at Rs33.7 billion, up 15% from Rs29.2 billion in the previous year. The rise in sales resulted in a gross profit of Rs9.1 billion compared to Rs6.43 billion in the previous year.
The rise in monetary sales is primarily because of a low base as the company produced lower Di-Ammonium Phosphate (DAP) and urea due to non availability of gas coupled with annual overhaul of the plant because of which production operations remained suspended for about 64 days. However, the company was still able to increase production over the previous year for both urea and DAP, resulting in higher off-takes, according to Sarfraz Abbasi of Summit Research.
However net sales in the third quarter of the calendar year actually dropped 24% to Rs13.6 billion when compared to Rs17.9 billion of last year, bringing gross profits down from Rs3.9 billion to Rs3.8 billion, earnings per share down to Rs1.58 from a previous Rs1.59.
According to Shajar Capital, DAP sales during the first nine months witnessed a 21% increase year on year, although urea offtake witnessed a slight decrease on 3% year on year.
The company also saw an 8% drop in financial costs coming in at Rs1.2 billion, from Rs1.3 billion in the previous year.
The improvement in earnings is primarily attributable to the ~21%YoY increase in the company’s DAP sales during 9MCY13, although urea offtake witnessed a slight decrease on 3%YoY.

Comments

Post a Comment

Popular posts from this blog

Dark days for fertiliser industry continue

Dark days for fertiliser industry continue Published: December 28, 2011 Sales of urea, the most widely used fertiliser, declined by 5% in the period from January to November 2011 due to persistent gas outages faced by manufacturers which has led to a drop in production levels. The four plants which are on the Sui Northern Gas Pipelines Limited network remained the main victims of the chaotic situation due to gas shortage. The dark days are expected to continue as the government in a new gas load management plan has agreed to cut-off gas supply to the four plants on the SNGPL-based pipeline. The four plants include Engro Corporation’s Enven, Pak-Arab Fertilizer, Agritech Fertilizer and Dawood Hercules Fertilizer. Similarly, another fertilizer, di-ammonia phosphate (DAP) witnessed a decline in sales by 18% to 1.01 million tons on a yearly basis against 1.24 million tons in the same period last year, according to data released by National Fertiliser Development Centre on Tuesday....
Post a Comment
Read more

Corporate results: Pak Suzuki posts lower than expected results

                           Corporate results: Pak Suzuki posts lower than expected results By  Farhan Zaheer Published: October 31, 2013 Pak Suzuki sold 59,292 cars in 9MCY13 compared to 69,589 in the same period of last year, down by a significant 15% YoY. PHOTO: FILE KARACHI:  Pak Suzuki Motor Company – the biggest automobile manufacturer by market share in Pakistan – has posted a handsome earning of Rs371 million in the July-September quarter, against a loss of Rs193 million in the corresponding period last year. The company recorded per share earnings of Rs4.51 in the third quarter of 2013 against a loss per share of Rs2.35 last year. In comparison to the third quarter of previous year, the company’s gross profit increased significantly to Rs890 million against a negative growth of Rs49 million. However analysts had projected better results, blaming the ...
Post a Comment
Read more

Car sales surge by 20.5 per cent

Car sales surge by 20.5 per cent Aamir Shafaat Khan   | Business |  From the Newspaper (13 hours ago) Today Nauman Khan of Top Line Securities said December 2011 sales declined as buyers preferred to defer orders due to year end phenomenon. - File photo KARACHI : Car sales in the first half of current fiscal year went up by 20.5 per cent amid negative developments including the government’s decision to impose a ban on CNG kits and cylinders, suspension in production of Honda Civic and City and increase in prices of all vehicles. According to figures shared by the Pakistan Automotive Manufacturers (PAMA), consumers purchased 12,240 more cars in July-December 2011 to 71,886 units as compared to 59,646 units in the same period of 2010. Increase in production of Suzuki Mehran and Suzuki Bolan for onward supply to Punjab government’s Yellow Cab Scheme was the main reason that averted the negative impact of ban on ...
Post a Comment
Read more