The Board of Directors of our Company in their Meeting held on July 28, 2022 at 1100 hours at FFC Head Office, Rawalpindi recommended the following
a. Cash Dividend
An Interim Cash Dividend for the half year ended June 30, 2022 at Rs 2.10 per
share i.e. 21%. This is in addition to Interim Dividend already paid at Rs 3.70 per share i.e. 37%.
b. Bonus Shares. NIL
c. Right Shares; NIL
d. Any other Price-Sensitive Information. Nil.
2. The Financial Results of the Company are attached as Annexure 'A' and 'B'. Financial Result's overview is given below:
a. Sona Urea production by the Company stood at 1,276 thousand tonnes which was 4% higher than last year mainly because of deferment of plant turnaround in H2. Higher urea demand resulted in record Sona urea offtake of 1,275 thousand tonnes 13% higher than last year. Increased urea sales combined with higher prices of imported fertilizers also led to highest ever all product revenue of Rs 54.71 billion during the period, 24% higher than previous year.
b. The profit before tax at Rs 18.82 billion was however negatively affected by the double digit increase in interest rates with higher finance cost of Rs 2.02 billion compared to Rs 805 million in 2021. Total tax charge was Rs 9.22 billion (includes super tax of Rs 3.52 billion and Rs 0.86 billion for year 2021 and 2022 respectively) at an effective tax rate of 49% compared to Rs 3.73 billion for the period ending June 2021. The increase in investment income combined with
higher dividend payout by associated companies contributed towards improved other income of Rs 7.41 billion compared to Rs 4.21 billion in previous year.
c. As a result, the Company earned profit after tax of Rs 9.60 billion compared to Rs 9.44 billion last year with EPS of Rs 7.55 as opposed to Rs 7.42 in 2021. The dollarized profitability of the Company however stood significantly reduced to USO 51 million compared to USD 60 million in 2021, due to severe devaluation of Pak rupee during the current period.
d. The Consolidated revenue stood at Rs 62.06 billion, 34% higher than last year, whereas the gross profitability registered a growth of 46% and was recorded at Rs 25.60 billion. The operating profitability stood at Rs 20.84 billion, 57% higher than last year. Net profitability was negatively impacted by increase in interest rates and super tax. Total tax charge was Rs 11.22 billion (includes super tax of Rs 4.32 billion and Rs 1.06 billion for year 2021 and 2022 respectively) at an effective tax rate of 42% compared to Rs 4.30 billion for the period ended June 2021. Net profitability thus stood at Rs 15.38 billion compared to Rs 11.56 billion last year. Major contributors towards increase in consolidated profitability were higher investment income and increased share of profit from associates of Rs 6.01 billion compared to Rs 3.63 billion last year.
3. The above entitlement will be paid to the shareholders whose names will appear in the Register of Members on August 09, 2022. The Share Transfer Books of the Company will be closed from August 10, 2022 to August 12, 2022 (both days inclusive). Transfers received at the CDC Share Registrar Services Limited, CDC House 99-B, Block 'B', S.M.C.H.S Main Shahra-e-Faisal, Karachi-74400 at the close of business on August 09, 2022 will be treated in time for the purpose of above entitlement to the transferees.
4. The half year report for the period ended June 30, 2022 will be transmitted through PUCARS separately, within specified time.
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