Saturday, April 20, 2024

Fauji Fertilizer Bin Qasim Records massive Loss of Rs. 5.43 Billion in 3 Months

Fauji Fertilizer Bin Qasim Limited (FFBL) has reported a loss of Rs. 5.43 billion in the first quarter of CY23 as compared to a profit after tax of Rs. 1.627 billion in the same period last year.

As per the company’s financial results for the quarter ended on March 31, 2023, the loss per share for 1QFY23 was recorded at Rs. 4.20, whereas the earnings per share for 1QFY22 stood at Rs. 1.26.

Despite the growth in net sales by 27% on a year-on-year basis to Rs. 31.523 billion in 1QFY23 due to a hike in urea and DAP prices by 45% and 10% respectively and an increase in DAP offtake by 11% on a yearly basis, urea offtake witnessed a decline of 25% on a yearly basis in the first quarter of FY23.

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