IGI Securities Limited - Flash Note (July 26, 2022)

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IGI Securities Limited – Flash Note (July 26, 2022)

July 26, 2022

Karachi, July 26, 2022 (PPI-OT): Fertiliser – Fauji Fertilizer Bin Qasim Limited

Earnings: Fauji Fertilizer Bin Qasim Limited (FFBL) announced its results for the quarter ending June 2022. As per the details available, the company reported earnings of PKR 1.78bn (PKR 1.38/share) compared to last year’s PKR 2.6bn (PKR 2.02/share) a decrease of 31%y.

Operating performance: During the period under review, the company’s net sales increased to PKR 46.15bn showing an increase of +2.7xy. Company gross margins decreased to 19% compared to last year’s 21%; Company’s EBIT increased to PKR7.402bn (+90%y). However, EBIT margins deteriorated to 16% compared to last year’s 23%. Company tax charge increased to 72% versus last year’s 12%.