Fauji Fertilizer Company Limited (FFC) announced the financial results for the first quarter ended on 31 March 2024 at the meeting of the Board of Directors held on 29 April 2024.
Urea production by the company was 654 thousand tons, and sales of 6,623 thousand tons, up 5% from 2023. The company also sold 94,000 tons of urea provided by the government to farmers for continuous urea supply. Therefore, the total volume of urea sales of the company was 755 thousand tons compared to 631 thousand tons in the corresponding period last year.
Compared to the same period last year, sales volume at the end of last year was $58.4 billion due to higher sales prices due to a significant increase in gas prices.
Imported urea, inflation and high gas prices led to an 88% increase in sales prices to $41.1 billion. Distribution value increased 70% to $5.2 billion, mainly due to the impact of Arrow Weight Adjustment and inflation. The increase in super tax in the Finance Bill 2023 resulted in a 42% increase in tax rates compared to the same period last year.
The highlight of the results was the investment profit and total revenue of $10.3 billion. As a result, FFC’s net income was $10.5 billion with earnings per share of $8.27, compared to $6.08 in the same period last year. The dollar income remains at $38 million in 2021.
FFC’s board of directors declared an interim dividend of $5.5 per share for the first quarter of 2024.
