F.P. Report
KARACHI: Fauji Fertilizer Company Limited (FFC) has announced its financial results for the period ended March 31, 2023 in its Board of Directors’ meeting held on Thursday. Urea production by the Company stood at 633 thousand tonnes whereas sales were recorded at 631 thousand tonnes, same as last year.
The Company continued to face economic challenges including very high level inflation, escalating GST rates, increased interest rates, besides continued devaluation of the Pak rupee, negatively impacting the operating and financing costs of the Company. Shortage of foreign currency reserves have also caused delay in procurement of essential spares and machinery.
The increase in interest rates enabled the Company to earn income on deposits of Rs 3.5 billion. This income also included an unrealized exchange gain of Rs 930 million earned on the foreign exchange deposits of the Company due to devaluation of Pak rupee. The net profitability of the Company thus stood at Rs 7.7 billion with earnings per share of Rs. 6.08 per share compared to Rs 4.90 per share for 2022.
The profitability in dollar terms however declined to USD 30 million compared to USD 35 million last year. The Board of Directors of FFC have announced first interim dividend of Rs 4.26 per share, for the first quarter of 2023.
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