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• During 2QCY20, topline declined by12%YoY to PKR23.15bn against PKR26.18bn in the preceding year attributable to decline in UREA/DAP
prices by 9%/4%YoY respectively.
• Along with the result, the company announced an interim cash of PKR2.75/share taking cumulative payout to PKR5.25/share in 1HCY20.
FFC Financials
2QCY20 2QCY19 YoY 1QCY20 QoQ 1HCY20 1HCY19 YoY
Net Sales 23,156 26,180 -12% 20,626 12% 43,782 46,491 -6%
COGS 15,757 17,336 -9% 13,136 20% 28,893 31,684 -9%
Gross Profit 7,398 8,844 -16% 7,490 -1% 14,889 14,807 1%
Selling and Dist Expense 1,855 1,737 7% 2,075 -11% 3,930 3,744 5%
Other Income 2,287 1,969 16% 1,720 33% 4,007 3,969 1%
Other Operating Expenses 628 1,322 -52% 563 12% 1,191 1,807 -34%
EBIT 7,202 7,754 -7% 6,573 10% 13,775 13,226 4%
Finance Cost 462 629 -27% 673 -31% 1,135 1,098 3%
PBT 6,740 7,124 -5% 5,900 14% 12,640 12,128 4%
PAT 4,874 5,208 -6% 4,262 14% 9,136 8,905 3%
Gp margin 32.0% 33.8% 36% 34.0% 31.8%
EPS 3.83 4.09 3.35 7.18 7.00
DPS 2.75 2.85 2.50 5.25 5.35
Source: Company Financials, Summit Research
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