Islamabad July 25 2023: Pakistan largest fertilizer manufacturer, Fauji Fertilizer Company Limited (FFC), has posted highest ever six monthly profitability of Rs 13.08 billion compared to Rs 9.60 billion last year, despite the high level of inflation, devaluation of currency and imposition of additional
super tax.
For the half year ended June 30, 2023 earning per share stood at PKR 10.28. The Profitability in dollar terms however declined by 8 percent to USD 48 million compared to USD 52 million last year.
The Board of Directors of FFC in their Meeting also recommended an Interim Cash Dividend for the half year ended June 30, 2023 at PKR 3.15 per share i.e. 31.50 percent. This is in addition to Interim Dividend already paid at PKR 4.26 per share i.e. 42.60 percent.
“The increased profitability is attributable to significant cost optimization measures and operational efficiency enhancement initiatives implemented by the management” says Company Chairman Waqar Ahmed Malik.
The Company produced 1,278 thousand tonnes of Sona urea, at an operating
efficiency of 125 percent, in line with last year.
It is pertinent to mention that selling prices of urea varied significantly within the fertilizer industry, with FFC marketing urea at the lowest price of PKR 2,565 per bag, compared to average market price of around PKR 3,000 per bag and international price of PKR 5,700.
The entitlement of dividend will be paid to the shareholders whose names will appear in the Register of Members on August 06, 2023. The Share Transfer Books of the Company will be closed from August 07, 2023 to August 09, 2023 (both days inclusive).
Fauji Fertilizer Company Limited is a public company incorporated in Pakistan under the Companies Act, 1913, (now the Companies Act, 2017). The principal activity of the Company is manufacturing, purchasing and marketing of fertilizers and chemicals, including investment in other fertilizer, chemical, cement, energy generation, food processing and banking operations.
