KARACHI: Fauji Fertilizer Company (FFC) has posted Rs8.8 billion net profit for the first six months of current calendar year, showing 7.4 per cent growth.
According to Topline Securities report, the result was below market expectations mainly due to the imposition of super tax and 382 basis points (pts) decline in gross profit margins in the second quarter of 2015.
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The company’s pre-tax profits increased by 23 per cent year-on-year during the 1HCY15. The result also accompanied second cash dividend of Rs1.75 per share (total dividend for first half of 2015 (1HCY15) Rs5.69 per share). The un-consolidated first half 2015 profits of FFC, on the other hand, stood at Rs8.3 billion or an earnings per share (EPS) of Rs6.5.
The revenue of the company, in 1H2015, posted a growth of 9% year on year to Rs40.6 billion owing to 3.8% year on year increase in urea off-take. Urea off-take increased due to delay of wheat sowing season. The company sold 1,219,000 tons of urea in 1H2015 compared to 1,174,000 tons in the same period last year.
