Earnings Report /
Pakistan

Fauji Fertilizer Bin Qasim Ltd: 3QCY21 review – couple of big one-offs lead to earnings miss

  • FFBL has posted core NPAT of PKR2.27bn (EPS: PKR1.76) in 3QCY21, much lower than our expected (EPS: PKR6.40)

  • GMs have increased by 6.5ppt yoy to 22% in 2Q, the yoy increase in GM is mainly due to a massive jump in DAP prices

  • Other income has increased by 64% yoy to PKR4.17bn, This is majorly due to a one-off gain booked during the quarter

Intermarket Securities
25 October 2021