KARACHI: Fauji Fertiliser Bin Qasim Ltd said on Monday its profit for April-June remained Rs1.78 billion, down 32 per cent on a year-on-year but up 10pc from the preceding quarter.

Its earnings announcement on the Pakistan Stock Exchange showed half-yearly profits of the urea maker totalled Rs3.41bn, down 12pc year-on-year.

The result came higher than the expectation due to better gross profit margins, said Topline Securities.

“We estimated GP margins at 15pc for April-June. However, actual margins clocked in at 19pc with a majority of the deviation coming from the lower-than-expected cost of sales,” it added.

The company recorded a super tax charge of Rs2.29bn on 2021 results and Rs435m on 2022 results. The effective tax rate of the company clocked in at 72pc in April-June versus 12pc a year ago.

There was no cash dividend announcement.

Published in Dawn, July 26th, 2022