Earnings Report /

Fauji Fertilizer Bin Qasim Ltd: 2QCY22 Review: Exchange loss and stupendous taxation overshadow strong earnings

  • FFBL has posted unconsolidated NPAT of PKR1.8bn (EPS: PKR1.38) for 2QCY22, lower than our expected EPS of PKR2.11

  • Revenues have nearly tripled YoY due to sharp rise in DAP offtake; GMs clocked in at 19%, down c.2ppt YoY

  • FFBL posted lower-than expected EPS owed to elevated taxation, without which the EPS is likely to have been beat

Abdul Ghani Mianoor
Intermarket Securities
26 July 2022


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