Earnings Report /
Pakistan

Fauji Fertilizer: 2QCY21 Review: A non-cash expense leads to earning miss

  • FFC has posted unconsolidated 2QCY21 NPAT of PKR3.62bn (EPS: PKR2.85), down 26% yoy.

  • Gross margins have increased by 3ppt yoy to 35% in 2QCY21 (almost same as our expected margins of 35.3%).

  • FFC has also booked unwinding on GIDC payable of PKR1.1bn. This was the major deviation from our estimate.

Intermarket Securities
30 July 2021