External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

Fauji Fertilizer Company / Equity Bottom-Up

<ul>
<li>Fauji Fertilizer Company (FFC) announced its 4Q2024 financial result today, wherein the company recorded unconsolidated quarterly profit of Rs14bn (EPS: Rs9.94), up 90% YoY. The result came below industry expectations. Along with the results, the company also declared its quarterly cash dividend of Rs21/share, in line with expectations. It takes total 2024 cash dividend to Rs34.86/share (Payout ratio: 76.6%).</li>
<li>Full year 2024 earnings clocked in at Rs64.7bn (EPS: Rs45.49) compared to Rs29.6bn (EPS: Rs20.85), up 118% YoY. To note, we have taken 3Q2024 earnings as merged entity EPS (estimated), while 4Q2023 and 2023 earnings are actual unconsolidated of FFC.</li>
<li>Earnings have declined on QoQ basis by 42% QoQ, as company has recorded impairment loss of Rs4bn on one its subsidiary, alongside the decline in other income by 46% QoQ. The latter has declined owing to reduced interest rates, while we also estimated dividend income of Rs2.5bn from FFBL Power Company, which as per our channel checks hasn't realized in 4Q2024 and may come in coming quarters.</li>
</ul>
<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>


Fauji Fertilizer Company (FFC) announced its 4Q2024 financial result today, wherein the company recorded unconsolidated quarterly profit of Rs14bn (EPS: Rs9.94), up 90% YoY. The result came below industry expectations. Along with the results, the company also declared its quarterly cash dividend of Rs21/share, in line with expectations. It takes total 2024 cash dividend to Rs34.86/share (Payout ratio: 76.6%).
Full year 2024 earnings clocked in at Rs64.7bn (EPS: Rs45.49) compared to Rs29.6bn (EPS: Rs20.85), up 118% YoY. To note, we have taken 3Q2024 earnings as merged entity EPS (estimated), while 4Q2023 and 2023 earnings are actual unconsolidated of FFC.
Earnings have declined on QoQ basis by 42% QoQ, as company has recorded impairment loss of Rs4bn on one its subsidiary, alongside the decline in other income by 46% QoQ. The latter has declined owing to reduced interest rates, while we also estimated dividend income of Rs2.5bn from FFBL Power Company, which as per our channel checks hasn't realized in 4Q2024 and may come in coming quarters.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fauji Fertilizer Company (FFC): 4Q2024 EPS at Rs9.94, up 90% YoY (Earnings below expectations)