Fauji Fertilizer Company (FFC) Limited, which is Pakistan’s largest urea manufacturing company, has announced its financial result for the third quarter of 2019.
FFC’s booked an unconsolidated profit of Rs. 3.56 billion for the quarter, down by 6.82% compared to Rs. 3.80 billion earned in the same period last year. This takes FFC’s nine-month (Q1-Q3 2019) unconsolidated profitability to Rs. 12.5 billion, up by 46% against Rs. 8.5 billion recorded last year.
During the period, the company produced 1,861 thousand tonnes of Sona Urea while the offtake was recorded at 1,773 thousand tonnes. The revenues for the nine-month period increased to Rs. 73.02 billion, up by 3.33% as compared with Rs. 70.67 billion recorded last year. The Earnings per share (EPS) were posted at Rs. 9.80 compared to Rs. 6.70 in the same period of last year.
The company also announced an interim cash dividend of Rs. 2.20 per share, taking the nine-month payout to Rs. 7.55 per share. Other income of the company for the third quarter was reported at Rs. 1.55 billion as compared to Rs. 665 million for last year, which takes the other income to Rs. 5.52 billion.
Finance cost of the company was reported at Rs. 1.65 billion as compared to Rs. 1.18 billion reported during the same period last year.
During the mentioned quarter, the profits were down mainly due to lower DAP offtakes and delayed increase in urea prices, which decreased the margins for the third quarter.
FFC’s shares at the stock exchange were closed at Rs. 96.20, down by Rs. 1.13 with a turnover of 805,500 shares on Monday