Fauji Fertilizer Company Limited (FFC): Dividend Below Expectations, But Overall Performance Holds Steady - By IIS Research

<p></p><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">FFC posted its CY24 results today for the first time after the amalgamation with FFBL. On an unconsolidated basis, EPS stood at PKR 45.49, while on a consolidated basis, EPS came in at PKR 60.10. The company announced a DPS of PKR 21/sh for the quarter against our expectation of PKR 25/sh, in addition to the PKR 15.5 already paid (revised to PKR 13.86/sh based on the new number of shares), bringing the total CY24 payout to PKR 34.86/sh.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">The results also reflect a PKR 4 billion impairment loss on the company's investment in its subsidiary. Gross profit and net profit margins stood at 34% and 17%, respectively, while the effective tax rate was recorded at...