Rawalpindi: Fauji Fertilizer Company Limited (FFC) disclosed impressive financial results for the first half of 2024, with significant growth in profit and dividends. The announcement came during a board meeting at the FFC head office in Rawalpindi on July 30, 2024.

The company declared a cash dividend of Rs. 10.00 per share for the half-year ended June 30, 2024, equating to a 100% dividend. This dividend is in addition to a previously paid interim dividend of Rs. 5.50 per share, representing a 55% dividend.

FFC reported a notable increase in its profitability, with a net income reaching Rs 26.1 billion, doubling the earnings per share from Rs 10.28 to Rs 20.49 compared to the same period last year. According to information available from the Pakistan Stock Exchange (PSX), the substantial growth in earnings is attributed to the company's record return on investments and dividend income, which soared from Rs 6.3 billion last year to Rs 15.8 billion this year.

The company also made strides in direct sales, opening approximately 70 company-owned stores and outlets across the country. This strategic move is aimed at enhancing service to farmers by providing direct access to FFC's products.

Operational improvements were noted in FFC's plants, which produced 1,279 thousand tonnes of Sona Urea, with sales slightly higher at 1,280 thousand tonnes. The company's urea market share improved to 46% from 40% during the same period in the previous year.

FFC's financial performance is detailed in the un-audited condensed interim statement of profit or loss. For the six months ended June 30, 2024, the company's turnover reached Rs 115.57 billion, with a gross profit of Rs 48.42 billion.

The shareholders whose names appear on the register by August 11, 2024, will be eligible for the dividend, with the share transfer books closing from August 12 to August 14, 2024.