Equity Analysis /
Pakistan

Fauji Fertilizer Bin Qasim Ltd: 2QCY21 Review: Higher other income and lower tax rate lead to earnings miss

  • FFBL has posted unconsolidated NPAT of PKR2.61bn (EPS: PKR2.02) in 2QCY21, higher than our expected EPS: PKR1.67

  • Gross margin has increased by 8ppt yoy to 21% in 2Q, mainly due to higher DAP prices as compare to raw material prices

  • Other income during the quarter increased by 81% yoy to PKR2.48bn. This may be due to bumper dividend received from PMP

Intermarket Securities
29 July 2021