Fauji Fertilizer bin Qasim Limited (FFBL) has announced financial results for the CY18 ending 31st December 2018 reporting an increase in net income to Rs. 1,437 million against net income of Rs. 1,004 million last year.
Translating into earnings per share of Rs. 1.54 per share as compared to the earnings per share of Rs. 1.08 in previous year. As a result, the dividend announced increased to Rs. 1.00 per share as compared to Rs. 0.75 per share last year.
The company reported 17% increase in net sales as compared to last year. Total net sales this year were recorded to be Rs. 61,511 Million primarily led by increasing fertilizer prices.
Gross profit saw the rise as compared to last year due to increase in prices of fertilizers. The increase was on the back of a rise in Urea and DAP prices by 16% and 25% respectively.
On the expenses side, FFBL reported 8% decrease in Distribution & Administration Expenses, whereas, other operating expenses at the company jumped by 197% during the year.
Other income of the company fell by 27% due to absence of subsidy income.