Fauji Fertilizer Bin Qasim Limited (FFBL) announced financial result for 1QCY24 today where the company registered a net profit of PKR 4,306mn (EPS: PKR 3.33) against a loss of PKR 5,429mn (LPS: PKR 4.20) in 1QCY23 which is primarily due to absence of hefty exchange loss during the quarter.

Result Highlights      

• Net sales jumped up by 48% YoY to PKR 46,524mn during 1QCY24 owed to i) 33% YoY growth in DAP sales, and ii) higher urea and DAP prices. However, urea offtake plummeted by 27% YoY in 1QCY24. On QoQ basis, the topline reduced by 17% amid a decline in urea and DAP offtake by 23% and 25%, respectively.
• Gross margins clocked in at 18.9% in 1QCY24 vis-à-vis 6.8% in SPLY owed to a decline in phosphoric acid prices. 
• Other income surged by 5x YoY to PKR 4,025mn in 1QCY24 on account of higher income from cash and cash equivalents tagged with a dividend income from subsidiaries and associates (AKBL).
• Financial charges plummeted by 59% YoY to clock in at PKR 1,020mn during 1QCY24 amid lower short-term borrowings.
• The company booked effective taxation at 47% in 1QCY24.

Millat Tractors Limited profitability up by 2x to at PKR 13.63/share in 3QFY24