The company had reported a net loss of Rs. 8.37 billion for the calendar year 2019.
During the 4Q2020, the company booked unconsolidated profits of Rs. 3.09 compared to a loss of Rs. 3.50 billion during 2019.
For 2020, the company reported net sales of Rs. 98.06 billion, up 20.30 percent compared to Rs. 81.52 billion recorded in the calendar year 2019. While the costs of sales went up by 14.40 percent to Rs. 79.15 billion compared to Rs. 69.13 billion in 2019. This took the company’s gross profits to Rs. 18.90 billion, up by 52.70 percent compared to Rs. 12.38 billion.
The earnings included a one-off gain of Rs. 2.74 billion, courtesy of accounting adjustments with regards to adjustment in GIDC liability. The reasons for this turn around was the increase in sales with a 10 percent uptick in urea/35 percent DAP offtake and GIDC elimination.
Sales and gross profit increased significantly versus 2019 primarily due to an increase in volumes and a significant reduction in operating costs.
Selling and distribution expenses came down by 9.3 percent to Rs. 6.44 billion compared to Rs. 7.10 billion. The finance cost of the company was reported at Rs. 8.34 billion, down by 15.76 percent compared to Rs. 9.09 billion due to the decrease in interest rates. Other expenses were down to Rs. 505 million compared to Rs. 807 million in 2019.
The share of profit of joint ventures and associates soared by 44.50 percent to Rs. 4.45 billion. The joint ventures had reported a net profit of Rs. 3.08 billion in 2019.
Earnings per share of the company were reported at Rs. 6.23. It had reported a loss per share of Rs. 6.15 in 2019.
FFBL’s scrip at the bourse was closed at Rs. 27.88, down by Rs. 0.90 or 3.13 percent, with a turnover of 36.02 million shares on Tuesday.
Source: Propakistani