Fauji Fertilizer Company Limited (FFC): Result Review: FFC 2Q2017 EPS Clocks in at PKR 1.28/share – By Elixir Research

<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Fauji Fertilizer Company Limited (FFC) reported 2QCY17 earnings at PKR1.6bn (EPS: PKR1.28), down 25%YoY, below our expectation of PKR1.97/sh. For 1HCY17, earnings of the company clocked in at PKR3.8bn (EPS: PKR3.0), down 22% YoY.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Along with the results, the company also announced a cash dividend of PKR1.0/sh; this is addition to an interim dividend to PKR1.5/sh already paid during the year.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Deviation from our estimates primarily emanated from i) lower than estimated gross profit of PKR1.0bn owing to heavy price discount during 2Q, ii) higher than anticipated distribution expense ...