An urea company in Pakistan called Fauji Fertilizer Company Limited (FFC) Limited made $6.24 billion in profit after taxes for the quarter ending March 31, calendar year (CY) 2022. This is the company’s largest profit after taxes.
Profit after tax increased by 7% year over year (YoY) to Rs. 5.815 billion from Rs. 5.815 billion in the same period last year, according to the company’s financial results. FFC also announced that it would pay an interim cash dividend of Rs. 3.70 per share, which was more than the market expected.
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The company’s net sales increased by 22% year on year to Rs. 26.315 billion in 1Q22 from Rs. 21.539 billion in the same period last year, owing to increased urea offtake and a 13% and 96% increase in urea and DAP prices, respectively. Net sales decreased by 25% quarter over quarter (QoQ).
The company’s gross margins decreased by 3.51 percent year over year to 35.6 percent during the period under review. On the other hand, profit margins rose 2.75 percent on a quarterly basis because urea prices and profit margins rose, which led to a rise in profit.
Gross profits increased 11% to Rs. 9.36 billion from Rs. 8.43 billion in the previous year’s same period. Other income increased by 27% to Rs. 3.46 billion from Rs. 2.72 billion due to higher cash and cash equivalent income.
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The company’s financing costs increased by 155% year-on-year to Rs. 1.07 billion during the quarter, owing to higher interest rates and an increase in short-term borrowings.
