FFBL is scheduled to announce its financial result for 1HCY22 on 25th Jul’22

Fauji Fertilizer Bin Qasim Limited (FFBL) is scheduled to announce its financial result for 1HCY22 on 25th Jul’22, where we expect the company to post a profit after tax of PKR 3,049mn (EPS: PKR 2.36), down by 21% YoY. The drop in earnings comes on the back of higher taxation during the 2QFY22 tagged with fall in dividend income.

On a quarterly basis, the profitability is projected at PKR 1,422mn (EPS: PKR 1.10) compared to PKR 2,609mn (EPS: PKR 2.03) in SPLY, depicting a decline of 46% YoY on account of super tax imposed by the government.

Meanwhile, DAP offtake witnessed a jump of 59% YoY, along with surge in urea and DAP prices by 22% and 79% YoY, respectively. Gross margins are forecast to settle at 19.0% during 2QCY22 vis-à-vis 20.7% in 2QCY21 owed to higher phosphoric acid prices. Furthermore, financial charges are expected to climb up by 70% YoY amid higher interest rates and short term borrowings. Other income is set to plunge by 75% YoY given lower dividend income from subsidiaries.

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