KARACHI July 30, 2024: According to a notice posted on the Pakistan Stock Exchange, Fauji Fertilizer Company Limited reported it’s highest-ever profit after tax, amounting to Rs 26,071 million, for the first half of 2024.
This significant rise in profitability is attributed to a 55 percent increase in gross profits, reaching Rs 48,420 million. Additionally, other income surged by 151 percent to Rs 15,770 million.
The company’s sales grew by 61 percent to Rs 115,574 million, driven by a 3 percent and 26 percent YoY increase in urea and DAP offtake, respectively, along with 62 percent and 19 percent higher prices for urea and DAP. Muhammad Iqbal Jawaid, an analyst at Arif Habib Limited, highlighted these details in his report.
In its results posted on the PSX website, the company announced the introduction of company-owned outlets, enabling farmers to purchase products directly. The company produced 1,279K tonnes of Sona Urea and sold 1,280K tonnes, a 3 percent increase from the previous year. Including 94K tonnes of imported urea, total sales amounted to 1,374K tonnes. Consequently, the company’s market share improved to 46 percent, up from 40 percent last year.
