After posting losses for six consecutive quarters, Fauji Fertilizer Bin Qasim (FFBL) announced unconsolidated profit of PKR 3,306mn (EPS: PKR3.54) in 3Q2020 taking 9M2020 loss to PKR 901mn (LPS: Rs0.97) as compared to a loss of PKR 2,418mn (LPS: PKR2.59) during the same period last year.
The Profit came in higher than expectations due to higher Other Income booked during the period.
Revenues of the company increased by 14% YoY to PKR 25.18billion compared to PKR22.14billion in 3Q2019 amid an increase in Urea and DAP Sales offtake by 15% YoY and 22% YoY, respectively.
Gross margins of the company clocked in at 15.7%, up 5.4ppts YoY mainly due to the reduction in the cost of Gas Infrastructure Development Cess (GIDC).
Other Expenses were down by 68% YoY to PKR134 mainly due to Exchange Gain, as per channel checks.
Other Income increased by 24% YoY to PKR2,544mn mainly due to dividend income from FFBL Power amounting to PKR 2bn, which is higher than our expectations.
Effective tax rate of the company clocked in at 16% in 3Q2020 vs. 141% in 3Q2019.
|Selling and Dist. Exp||1,572||1,806||-13%||26%||3,534||-4%|
|Profit for the Year||3,306||(467)||(901)|
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