Fauji Fertilizer Company Limited (FFC) has announced its financial results for the first half of the year ending on June 30, 2023, during its Board of Directors’ meeting.
Despite challenges implicated due to high inflation and currency devaluation and inflicting additional super tax, the company achieved its highest-ever six-month profitability, recording Rs 13.08 billion in profits, compared to Rs 9.60 billion in the previous year.
Earnings per share were reported at Rs 10.28. However, in dollar terms, profitability declined by 8%, amounting to USD 48 million compared to USD 52 million in the previous year. The company’s success is credited to its efforts in cost optimization and improving operational efficiency.
FFC produced 1,278 thousand tonnes of urea, consistent with the previous year, and marketed it at a low price of Rs 2,565 per bag, compared to average market prices of around Rs 3,000 per bag and an international price of Rs 5,700.
As a result of its strong performance, the Board of Directors declared a second interim dividend of Rs 3.15 per share, amounting to an aggregate distribution of 7.41 for the period.