Karachi: Fauji Foods Limited (FFL), subsidiary of Fauji Fertilizer Bin Qasim Limited witnessed turnaround in its financial performance, as company’s profit-after-tax (PAT) clocked in at Rs 605 million during year ending December 31, 2023. In same period last year, FFL posted Loss After Tax (LAT) of Rs 2.17 billion.

According to notice to Pakistan Stock Exchange, board of directors reviewed company’s financial and operational performance and announced nil cash dividend.

Earnings per share (EPS) were recorded at Re 0.26 in 2023 as compared to LPS of Rs 1.37 in same period last year (SPLY). During calendar year, FFL saw its revenue rise to Rs 19.81 billion compared to Rs 12.35 billion in SPLY, which is an increase of more than 60 percent.

Subsequently, company’s gross profit increased by nearly 208 percent, clocking in at Rs 2.98 billion in 2023 compared to Rs 968.7 million in SPLY. FFL’s ‘other income’ also increased to Rs 238.5 million in 2023 compared to Rs 199.4 million in SPLY, an increase of nearly 20 percent.

However, its finance cost reduced dramatically from Rs 1.26 billion in CY2022 to Rs 323.8 million in CY 2023, helping surge in bottom-line.

Published in The Daily National Courier, January, 24 2024

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