We have to inform you that the Board of Directors of our Company in their meeting, held at FFBL Tower, DHA-11, Islamabad on 25 Jul 2022, recommended the following:-
Cash Dividend NIL
Bonus Issue NIL
Right Shares NIL
Any other Entitlement / Corporate Action. NIL
Any other price sensitive Information. NIL
2. The Financial Results of the Company for the period ended 30 Jun 2022, comprising of Statement of Profit or Loss (Unconsolidated as Annex-A and Consolidated as Annex-B) are attached. Financial results overview is appended below:-
a. FINANCIAL RESULTS- OVERVIEW. During the half year ended June 2022,
the Company exhibited significant improvement in all areas of operations, sales and financial management, resulting in ever highest DAP production, Sales , Gross Profit, Operating Profit and Profit Before Tax. Production of DAP at 449 KMt and Urea at 262 KMt was 31% and 14% higher respectively as compared to Same Period Last Year (SPLY). Similarly, sales volume of DAP at 311 KMt and Urea at 261 KMt was 35% and 19% higher respectively. Consequently, Sales at PKR 71 Bn were 137% higher as compared to SPLY. Likewise , Gross Profit at PKR 14.1 Bn and Operating Profit at PKR I 0.4 Bn was higher by 137% and 235%
respectively. Despite exchange loss of PKR 3 Bn, Profit Before Tax at PKR 8.8 Bn was 89% higher as compared to SPLY, primarily on account of dividend from the Moroccan JV, Pakistan Maroc Phosphore. Super Tax of PKR 2.7 Bn has been imposed in June 2022 , which includes PKR 2.3 Bn relating to the profit of 2021. As a result, the reported Profit after Tax at PKR 3.4 Bn was 12% lower as compared to SPLY. Th is performance was achieved despite significant headwinds on account of international geopolitical situation, compounded by local macro economic indicators.
b. Consistent with Parent Company's performance, on Consolidated basis, during the half year ended June 2022, the Group achieved highest ever financial results in all aspects, from top to bottom. Sales at PKR 80 Bn and Gross Profit at PKR 18 Bn, was I 08% and 85% higher respectively as compared to SPLY. The Operating Profit at PKR 13 Bn and Profit Before Tax at PKR 10 Bn was higher by 126% and 243% respectively as compared to SPLY. Subsequent to imposition of Super Tax on fertilizer business, as stated above (PKR 2.7 Bn), the reported Profit after Tax at PKR 4 Bn is higher by 117% as compared to SPLY.
3. The Half Yearly Report of the Company for the period ended 30 Jun 2022 will be transmitted through PUCARSseparately, within the specified time.
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