Declared Dividend • Jul 31
Second quarter dividend of PK₨14.50 announced Shareholders will receive a dividend of PK₨14.50. Ex-date: 10th August 2026 Payment date: 3rd September 2026 Dividend yield will be 7.3%, which is lower than the industry average of 12%. Sustainability & Growth Dividend is covered by both earnings (67% earnings payout ratio) and cash flows (72% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 13% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 30
Second quarter 2026 earnings released: EPS: PK₨15.43 (vs PK₨14.28 in 2Q 2025) Second quarter 2026 results: EPS: PK₨15.43 (up from PK₨14.28 in 2Q 2025). Revenue: PK₨120.6b (up 13% from 2Q 2025). Net income: PK₨22.2b (up 13% from 2Q 2025). Profit margin: 18% (in line with 2Q 2025). Revenue is expected to decline by 2.0% p.a. on average during the next 2 years, while revenues in the Chemicals industry in Asia are expected to grow by 12%. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Jul 22
Fauji Fertilizer Company Limited to Report First Half, 2026 Results on Jul 29, 2026 Fauji Fertilizer Company Limited announced that they will report first half, 2026 results on Jul 29, 2026 Reported Earnings • May 01
First quarter 2026 earnings released: EPS: PK₨13.62 (vs PK₨12.39 in 1Q 2025) First quarter 2026 results: EPS: PK₨13.62 (up from PK₨12.39 in 1Q 2025). Revenue: PK₨109.6b (up 45% from 1Q 2025). Net income: PK₨19.6b (up 13% from 1Q 2025). Profit margin: 18% (down from 23% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 70% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Apr 22
Fauji Fertilizer Company Limited to Report Q1, 2026 Results on Apr 29, 2026 Fauji Fertilizer Company Limited announced that they will report Q1, 2026 results on Apr 29, 2026 Upcoming Dividend • Feb 27
Upcoming dividend of PK₨8.50 per share Eligible shareholders must have bought the stock before 06 March 2026. Payment date: 08 April 2026. Payout ratio is a comfortable 63% but the company is paying out more than the cash it is generating. Trailing yield: 6.7%. Lower than top quartile of Pakistani dividend payers (7.5%). In line with average of industry peers (6.4%). Reported Earnings • Jan 30
Full year 2025 earnings released: EPS: PK₨58.44 (vs PK₨59.29 in FY 2024) Full year 2025 results: EPS: PK₨58.44 (down from PK₨59.29 in FY 2024). Revenue: PK₨483.8b (up 18% from FY 2024). Net income: PK₨83.2b (down 1.4% from FY 2024). Profit margin: 17% (down from 21% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Jan 30
Fauji Fertilizer Company Limited, Annual General Meeting, Mar 16, 2026 Fauji Fertilizer Company Limited, Annual General Meeting, Mar 16, 2026. Duyuru • Jan 22
Fauji Fertilizer Company Limited to Report Fiscal Year 2025 Results on Jan 29, 2026 Fauji Fertilizer Company Limited announced that they will report fiscal year 2025 results on Jan 29, 2026 Duyuru • Jan 20
Fauji Fertilizer Company Limited Appoints Fatima Asad Khan as Independent Director, with Effect from 17 January 2026 The board of directors of Fauji Fertilizer Company Limited has appointed Ms. Fatima Asad Khan as Independent Director of the Company, with effect from 17 January 2026. Price Target Changed • Dec 02
Price target increased by 8.7% to PK₨582 Up from PK₨535, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of PK₨580. Stock is up 72% over the past year. The company is forecast to post earnings per share of PK₨58.33 for next year compared to PK₨59.29 last year. Price Target Changed • Nov 27
Price target increased by 9.9% to PK₨558 Up from PK₨508, the current price target is an average from 7 analysts. New target price is 5.9% below last closing price of PK₨593. Stock is up 82% over the past year. The company is forecast to post earnings per share of PK₨58.33 for next year compared to PK₨59.29 last year. Price Target Changed • Nov 19
Price target increased by 11% to PK₨535 Up from PK₨482, the current price target is an average from 7 analysts. New target price is 5.6% below last closing price of PK₨567. Stock is up 91% over the past year. The company is forecast to post earnings per share of PK₨58.12 for next year compared to PK₨59.29 last year. Reported Earnings • Oct 28
Third quarter 2025 earnings released: EPS: PK₨17.24 (vs PK₨17.51 in 3Q 2024) Third quarter 2025 results: EPS: PK₨17.24. Revenue: PK₨140.2b (up 143% from 3Q 2024). Net income: PK₨24.5b (up 10% from 3Q 2024). Profit margin: 18% (down from 39% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.9% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Chemicals industry in Asia. Upcoming Dividend • Oct 27
Upcoming dividend of PK₨9.50 per share Eligible shareholders must have bought the stock before 03 November 2025. Payment date: 26 November 2025. Payout ratio is a comfortable 70% but the company is paying out more than the cash it is generating. Trailing yield: 8.0%. Within top quartile of Pakistani dividend payers (7.4%). In line with average of industry peers (7.3%). Reported Earnings • Jul 31
Second quarter 2025 earnings released: EPS: PK₨14.28 (vs PK₨19.33 in 2Q 2024) Second quarter 2025 results: EPS: PK₨14.28 (down from PK₨19.33 in 2Q 2024). Revenue: PK₨106.6b (up 65% from 2Q 2024). Net income: PK₨19.7b (down 20% from 2Q 2024). Profit margin: 19% (down from 38% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 2 years compared to a 11% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 64% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 31
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 18% Last year net profit margin: 28% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (46% accrual ratio). Minor Risks Dividend is not well covered by cash flows (180% cash payout ratio). Profit margins are more than 30% lower than last year (18% net profit margin). Price Target Changed • Jul 24
Price target increased by 8.0% to PK₨482 Up from PK₨446, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of PK₨463. Stock is up 178% over the past year. The company is forecast to post earnings per share of PK₨53.56 for next year compared to PK₨59.29 last year. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨470, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 18x in the Chemicals industry in Asia. Total returns to shareholders of 558% over the past three years. New Risk • May 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 3.1% per year for the foreseeable future. High level of non-cash earnings (40% accrual ratio). Minor Risk Dividend is not well covered by cash flows (107% cash payout ratio). New Risk • May 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. High level of non-cash earnings (40% accrual ratio). Minor Risk Dividend is not well covered by cash flows (107% cash payout ratio). Declared Dividend • Apr 30
Dividend increased to PK₨7.00 Dividend of PK₨7.00 is 27% higher than last year. Ex-date: 8th May 2025 Payment date: 2nd June 2025 Dividend yield will be 11%, which is lower than the industry average of 12%. Sustainability & Growth Dividend is covered by both earnings (62% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 21% over the next 3 years. However, it would need to fall by 32% to increase the payout ratio to a potentially unsustainable range. Duyuru • Mar 26
Fauji Fertilizer Company Limited Announces Change in Chief Internal Auditor Fauji Fertilizer Company Limited has announced a change in its executive leadership with the departure of its Chief Internal Auditor, Mr. Usman Ghani, effective March 24, 2025. The company has appointed Mr. Wasim Ejaz as the new Chief Internal Auditor, according to a notification released on March 25, 2025. Duyuru • Mar 25
Fauji Fertilizer Company Limited Announces Company Secretary Changes Fauji Fertilizer Company Limited (FFC) has announced a change in its corporate structure, appointing Brig Khurram Shahzada (Retd) as the new Company Secretary, effective March 24, 2025. The appointment follows the departure of Brig Zulfiqar Ali Haider (Retd) from the position. The company has requested that the TRE Certificate Holders of the Exchange be informed of this change. Fauji Fertilizer Company Limited operates within the designated market category of the Pakistan Stock Exchange (PSX). According to information available from the Pakistan Stock Exchange (PSX), the change in the company secretary is part of the routine corporate governance updates at FFC. The company remains a key player in the fertilizer industry, contributing significantly to the agricultural sector. Upcoming Dividend • Mar 13
Upcoming dividend of PK₨21.00 per share Eligible shareholders must have bought the stock before 20 March 2025. Payment date: 18 April 2025. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 9.3%. Lower than top quartile of Pakistani dividend payers (9.5%). Higher than average of industry peers (8.1%). Declared Dividend • Jan 31
Dividend of PK₨21.00 announced Shareholders will receive a dividend of PK₨21.00. Ex-date: 20th March 2025 Payment date: 18th April 2025 Dividend yield will be 9.3%, which is lower than the industry average of 12%. Duyuru • Jan 31
Fauji Fertilizer Company Limited, Annual General Meeting, Mar 25, 2025 Fauji Fertilizer Company Limited, Annual General Meeting, Mar 25, 2025. Duyuru • Jan 01
Fauji Fertilizer Company Limited (KASE:FFC) completed the acquisition of the remaining 50.12% stake in Fauji Fertilizer Bin Qasim Limited (KASE:FFBL) from Fauji Foundation and others. Fauji Fertilizer Company Limited (KASE:FFC) agreed in-principle to acquire remaining 50.12% stake in Fauji Fertilizer Bin Qasim Limited (KASE:FFBL) from Fauji Foundation and others on July 19, 2024. Fauji Fertilizer Company Limited (KASE:FFC) agreed to acquire remaining 50.12% stake in Fauji Fertilizer Bin Qasim Limited (KASE:FFBL) from Fauji Foundation and others for PKR 26 billion on September 20, 2024. Fauji Fertilizer Company Limited will issue and allot approximately 150.87 million ordinary shares to Fauji Fertilizer Bin Qasim Limited shareholders, based on a swap ratio of 1 Fauji Fertilizer Company Limited share for every 4.29 Fauji Fertilizer Bin Qasim Limited shares.
Upon completion, Fauji Fertilizer Company Limited will own 100% stake in Fauji Fertilizer Bin Qasim Limited. Additionally, in a separate notice to the PSX, Fauji Foods Limited (FFL) said that it would become a subsidiary of Fauji Fertilizer Company Limited after its parent company Fauji Fertilizer Bin Qasim Limited merged with and into Fauji Fertilizer Company Limited.
The approval of the merger is contingent upon securing necessary shareholder, creditor, and regulatory clearances, along with the finalization of legal formalities and the sanction of the scheme by the Lahore High Court, Rawalpindi Bench. The Board of Directors of Fauji Fertilizer Bin Qasim Limited (FFBL), at their meeting held on September 20, 2024, approved the merger of Fauji Fertilizer Bin Qasim with and into Fauji Fertilizer Company Limited.
Fauji Fertilizer Company Limited (KASE:FFC) completed the acquisition of the remaining 50.12% stake in Fauji Fertilizer Bin Qasim Limited (KASE:FFBL) from Fauji Foundation and others on December 31, 2024. The Fauji Fertilizer Company Limited (FFC) has completed the issuance of 150,870,449 ordinary shares to eligible shareholders of Fauji Fertilizer Bin Qasim Limited (FFBL) under the Scheme of Arrangement sanctioned by the Lahore High Court, Rawalpindi Bench. FFBL delisting effective from December 31, 2024, after fulfillment of all necessary requirements for the merger. The Lahore High Court’s Rawalpindi Bench approved the merger of FFBL with and into FFCL on December 5, 2024. The merger was approved under a Scheme of Arrangement dated September 26, 2024. The judgment, issued on December 4, 2024, allowed FFCL to proceed with the amalgamation, including ancillary matters related to the merger. The merger, approved by the court, aimed to consolidate operations and streamline the corporate structure of the fertilizer companies. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to PK₨399, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Chemicals industry in Pakistan. Total returns to shareholders of 500% over the past three years. Buy Or Sell Opportunity • Nov 21
Now 28% overvalued after recent price rise Over the last 90 days, the stock has risen 80% to PK₨326. The fair value is estimated to be PK₨254, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 18%. Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: PK₨17.51 (vs PK₨11.92 in 3Q 2023) Third quarter 2024 results: EPS: PK₨17.51 (up from PK₨11.92 in 3Q 2023). Revenue: PK₨57.7b (up 11% from 3Q 2023). Net income: PK₨22.3b (up 47% from 3Q 2023). Profit margin: 39% (up from 29% in 3Q 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Chemicals industry in Pakistan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to PK₨284, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Chemicals industry in Pakistan. Total returns to shareholders of 326% over the past three years. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to PK₨211, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 5x in the Chemicals industry in Pakistan. Total returns to shareholders of 209% over the past three years. New Risk • Sep 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 9.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 9.3% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Price Target Changed • Aug 17
Price target increased by 9.7% to PK₨170 Up from PK₨155, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of PK₨170. Stock is up 77% over the past year. The company is forecast to post earnings per share of PK₨36.40 for next year compared to PK₨36.56 last year. Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: PK₨19.33 (vs PK₨9.48 in 2Q 2023) Second quarter 2024 results: EPS: PK₨19.33 (up from PK₨9.48 in 2Q 2023). Revenue: PK₨64.5b (up 51% from 2Q 2023). Net income: PK₨24.6b (up 104% from 2Q 2023). Profit margin: 38% (up from 28% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Chemicals industry in Pakistan. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 5.3% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Duyuru • Jul 24
Fauji Fertilizer Company Limited to Report First Half, 2024 Results on Jul 30, 2024 Fauji Fertilizer Company Limited announced that they will report first half, 2024 results on Jul 30, 2024 Buy Or Sell Opportunity • Jun 13
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to PK₨145. The fair value is estimated to be PK₨119, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 10.0%. Reported Earnings • May 01
First quarter 2024 earnings released: EPS: PK₨9.96 (vs PK₨6.55 in 1Q 2023) First quarter 2024 results: EPS: PK₨9.96 (up from PK₨6.55 in 1Q 2023). Revenue: PK₨62.3b (up 57% from 1Q 2023). Net income: PK₨12.6b (up 52% from 1Q 2023). Profit margin: 20% (in line with 1Q 2023). Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has increased by 10% per year and the company’s share price has also increased by 10% per year. Declared Dividend • May 01
First quarter dividend increased to PK₨5.50 Dividend of PK₨5.50 is 29% higher than last year. Ex-date: 9th May 2024 Payment date: 31st May 2024 Dividend yield will be 11%, which is lower than the industry average of 12%. Sustainability & Growth Dividend is well covered by both earnings (42% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 26% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Apr 27
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 28% to PK₨147. The fair value is estimated to be PK₨119, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 9.1%. Revenue is forecast to grow by 11% in a year. Earnings are forecast to decline by 18% in the next year. Upcoming Dividend • Mar 14
Upcoming dividend of PK₨4.10 per share Eligible shareholders must have bought the stock before 21 March 2024. Payment date: 22 April 2024. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 13%. Within top quartile of Pakistani dividend payers (13%). Higher than average of industry peers (11%). Duyuru • Feb 02
Fauji Fertilizer Company Limited Announces Directorate Changes Fauji Fertilizer Company Limited (FFC) has officially announced the appointment of Lt Gen Waheed Arshad (Retd) as a Director of the company, effective from February 01, 2024. This strategic appointment comes as Maj Gen Zafar Ul Haq (Retd) steps down from his role within the board. The transition marks a significant change in the company's leadership, with Lt Gen Waheed Arshad bringing a wealth of experience and insight to FFC's operations. The company has communicated this key appointment to the Trading Right Entitlement (TRE) Certificate Holders of the Pakistan Stock Exchange, ensuring transparency and compliance with market regulations. This appointment is expected to provide fresh perspectives and strategic guidance to Fauji Fertilizer Company Limited as it continues to navigate the complexities of the fertilizer industry and seeks to enhance its market position and operational efficiency. New Risk • Jan 31
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 7.7% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Declared Dividend • Jan 28
Third quarter dividend of PK₨4.10 announced Shareholders will receive a dividend of PK₨4.10. Ex-date: 21st March 2024 Payment date: 22nd April 2024 Dividend yield will be 13%, which is higher than the industry average of 12%. Sustainability & Growth Dividend is well covered by both earnings (42% earnings payout ratio) and cash flows (33% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 6.4% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Nov 28
Price target increased by 8.6% to PK₨140 Up from PK₨129, the current price target is an average from 5 analysts. New target price is 26% above last closing price of PK₨112. Stock is up 7.7% over the past year. The company posted earnings per share of PK₨26.52 last year. Duyuru • Nov 02
Fauji Fertilizer Company Announces Board Changes with New Director Appointments, Effective from October 26, 2023 Fauji Fertilizer Company Limited has made notable changes to its board of directors. Mr. Qamar Haris Manzoor has been officially appointed as a Director of FFC, effective October 26, 2023. He replaces Maj Gen Naseer Ali Khan (Retd) in this capacity. Furthermore, in a parallel move, Maj Gen Zafar ul Haq (Retd) has been named a Director of the company, also effective from October 26, 2023. He steps into the role previously held by Maj Gen Ahmad Mahmood Hayat (Retd). Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: PK₨11.92 (vs PK₨7.68 in 3Q 2022) Third quarter 2023 results: EPS: PK₨11.92 (up from PK₨7.68 in 3Q 2022). Revenue: PK₨52.2b (up 70% from 3Q 2022). Net income: PK₨15.2b (up 55% from 3Q 2022). Profit margin: 29% (down from 32% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Duyuru • Sep 14
Fauji Fertilizer Company Limited Announces Executive Changes Fauji Fertilizer Company Limited (FFC) has officially appointed Mr. Asad Rehman Gilani as a Director, effective from September 12, 2023. Mr. Gilani will assume this role in place of Mr. Momin Agha, marking a significant addition to the leadership team at FFC. New Risk • Jun 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 24% Last year net profit margin: 35% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 2.4% per year for the foreseeable future. High level of non-cash earnings (35% accrual ratio). Minor Risks Dividend is not well covered by cash flows (374% cash payout ratio). Profit margins are more than 30% lower than last year (24% net profit margin). Duyuru • May 06
Fauji Fertilizer Company Limited Announces Board Changes Fauji Fertilizer Company Limited announced the appointment of Mr. Momin Agha as a new director, effective from May 3, 2023. He will be replacing Mr. Iftikhar Ali Sahoo, who has resigned from his position. Mr. Agha has extensive experience in the business and finance sectors, having worked for several reputable companies in Pakistan and abroad. He has also served as a member of various industry associations andcommittees. Upcoming Dividend • May 02
Upcoming dividend of PK₨4.26 per share at 12% yield Eligible shareholders must have bought the stock before 08 May 2023. Payment date: 31 May 2023. Payout ratio is a comfortable 46% but the company is paying out more than the cash it is generating. Trailing yield: 12%. Lower than top quartile of Pakistani dividend payers (13%). Lower than average of industry peers (14%). Upcoming Dividend • Mar 15
Upcoming dividend of PK₨3.15 per share at 12% yield Eligible shareholders must have bought the stock before 22 March 2023. Payment date: 18 April 2023. Payout ratio is a comfortable 46% but the company is paying out more than the cash it is generating. Trailing yield: 12%. Lower than top quartile of Pakistani dividend payers (13%). Lower than average of industry peers (13%). Reported Earnings • Mar 07
Full year 2022 earnings released: EPS: PK₨26.52 (vs PK₨31.34 in FY 2021) Full year 2022 results: EPS: PK₨26.52 (down from PK₨31.34 in FY 2021). Revenue: PK₨125.7b (up 9.9% from FY 2021). Net income: PK₨33.7b (down 15% from FY 2021). Profit margin: 27% (down from 35% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Duyuru • Sep 05
Fauji Fertilizer Company Limited Announces Board Changes Fauji Fertilizer Company Limited announced that Mr. Iftikhar Ali Sahoo has been appointed as Director of the company with effect from September 01, 2022 in place of Syed Safar Ali Shah. Reported Earnings • Aug 24
Second quarter 2022 earnings released: EPS: PK₨5.14 (vs PK₨4.37 in 2Q 2021) Second quarter 2022 results: EPS: PK₨5.14 (up from PK₨4.37 in 2Q 2021). Revenue: PK₨33.5b (up 40% from 2Q 2021). Net income: PK₨6.53b (up 18% from 2Q 2021). Profit margin: 20% (down from 23% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Duyuru • Jul 03
Fauji Fertilizer Company Limited Appoints Chief Financial Officer Changes Fauji Fertilizer Company Limited informed Pakistan Stock Exchange that the Board of Directors of the company have approved the appointment of Syed Atif Ali as Chief Financial Officer of the company in place of Mr. Mohammad Munir Malik with effect from July 01, 2022. Upcoming Dividend • May 03
Upcoming dividend of PK₨3.70 per share Eligible shareholders must have bought the stock before 10 May 2022. Payment date: 02 June 2022. Payout ratio is a comfortable 52% and the cash payout ratio is 86%. Trailing yield: 12%. Within top quartile of Pakistani dividend payers (10%). In line with average of industry peers (11%). Upcoming Dividend • Mar 10
Upcoming dividend of PK₨4.65 per share Eligible shareholders must have bought the stock before 17 March 2022. Payment date: 15 April 2022. Payout ratio is a comfortable 52% and the cash payout ratio is 86%. Trailing yield: 14%. Within top quartile of Pakistani dividend payers (11%). Higher than average of industry peers (12%). Reported Earnings • Mar 04
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: PK₨28.06 (up from PK₨23.39 in FY 2020). Revenue: PK₨114.3b (up 11% from FY 2020). Net income: PK₨35.7b (up 20% from FY 2020). Profit margin: 31% (up from 29% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 9.6%. Earnings per share (EPS) also surpassed analyst estimates by 23%. Over the next year, revenue is forecast to grow 4.5%, compared to a 2.5% growth forecast for the industry in Pakistan. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jan 13
Now 20% undervalued Over the last 90 days, the stock is up 3.7%. The fair value is estimated to be PK₨130, however is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 31% per annum over the last 3 years. Upcoming Dividend • Oct 30
Upcoming dividend of PK₨3.75 per share Eligible shareholders must have bought the stock before 05 November 2021. Payment date: 30 November 2021. Trailing yield: 11%. Within top quartile of Pakistani dividend payers (10%). In line with average of industry peers (11%). Reported Earnings • Oct 28
Third quarter 2021 earnings released: EPS PK₨13.10 (vs PK₨6.48 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: PK₨31.2b (up 19% from 3Q 2020). Net income: PK₨16.7b (up 102% from 3Q 2020). Profit margin: 53% (up from 32% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 13
Upcoming dividend of PK₨2.60 per share Eligible shareholders must have bought the stock before 20 September 2021. Payment date: 13 October 2021. Trailing yield: 11%. Within top quartile of Pakistani dividend payers (9.3%). In line with average of industry peers (10%). Executive Departure • Jun 11
Non-Executive Director Saeed Nawaz has left the company On the 7th of June, Saeed Nawaz's tenure as Non-Executive Director ended after less than a year in the role. We don't have any record of a personal shareholding under Saeed's name. A total of 8 executives have left over the last 12 months. The current median tenure of the management team is 3.42 years. Upcoming Dividend • Jun 03
Upcoming dividend of PK₨3.50 per share Eligible shareholders must have bought the stock before 10 June 2021. Payment date: 05 July 2021. Trailing yield: 10%. Within top quartile of Pakistani dividend payers (8.6%). Higher than average of industry peers (8.4%). Reported Earnings • Apr 29
First quarter 2021 earnings released: EPS PK₨4.72 (vs PK₨3.37 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: PK₨22.5b (up 5.2% from 1Q 2020). Net income: PK₨6.01b (up 40% from 1Q 2020). Profit margin: 27% (up from 20% in 1Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Executive Departure • Apr 01
Non-Executive Director has left the company On the 26th of March, Riaz Ahmed's tenure as Non-Executive Director ended after less than a year in the role. We don't have any record of a personal shareholding under Riaz's name. A total of 9 executives have left over the last 12 months. Reported Earnings • Mar 01
Full year 2020 earnings released: EPS PK₨23.39 (vs PK₨13.63 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: PK₨102.7b (down 6.4% from FY 2019). Net income: PK₨29.8b (up 72% from FY 2019). Profit margin: 29% (up from 16% in FY 2019). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jan 29
Full year 2020 earnings released: EPS PK₨23.38 (vs PK₨13.63 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: PK₨102.7b (down 6.4% from FY 2019). Net income: PK₨29.8b (up 72% from FY 2019). Profit margin: 29% (up from 16% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Jan 29
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 100%. Earnings per share (EPS) exceeded analyst estimates by 68%. Over the next year, revenue is expected to shrink by 2.6% compared to a 1.8% growth forecast for the Chemicals industry in Pakistan. Is New 90 Day High Low • Jan 27
New 90-day high: PK₨114 The company is up 8.0% from its price of PK₨106 on 29 October 2020. The Pakistani market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Chemicals industry, which is up 5.0% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: PK₨110 The company is up 5.0% from its price of PK₨105 on 06 October 2020. The Pakistani market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 7.0% over the same period. Duyuru • Nov 26
Fauji Fertilizer Company Limited Appoints Syed Bakhtiyar Kazmi as Director Fauji Fertilizer Company Limited informed Pakistan Stock Exchange that Syed Bakhtiyar Kazmi has been appointed as Director of the Company with effect from November 18, 2020 in place of Mr. Imran Moid. Duyuru • Nov 13
Fauji Fertilizer Company Limited Announces Board Changes Fauji Fertilizer Company Limited informed that Imran Moid, has ceased to be the Director of the Company with effect from November 11, 2020. Is New 90 Day High Low • Nov 13
New 90-day low: PK₨104 The company is down 3.0% from its price of PK₨107 on 13 August 2020. The Pakistani market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 1.0% over the same period. Analyst Estimate Surprise Post Earnings • Oct 30
Third-quarter earnings released: Revenue beats expectations Third-quarter revenue exceeded analyst estimates by 7.1% at PK₨26.2b. Revenue is expected to shrink by 6.0% over the next year, compared to a 5.2% decline forecast for the Chemicals industry in Pakistan. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of PK₨22.1b, up 13% from the prior year. Total revenue was PK₨106.1b over the last 12 months, down 5.5% from the prior year. Reported Earnings • Oct 11
First half earnings released Over the last 12 months the company has reported total profits of PK₨18.5b, down 9.5% from the prior year. Total revenue was PK₨107.8b over the last 12 months, down 4.5% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 11
Second-quarter earnings released: Revenue beats expectations Second-quarter revenue exceeded analyst estimates by 27% at PK₨25.2b. Revenue is expected to shrink by 7.8% over the next year, compared to a 4.2% decline forecast for the Chemicals industry in Pakistan. Is New 90 Day High Low • Oct 05
New 90-day low: PK₨106 The company is down 4.0% from its price of PK₨111 on 07 July 2020. The Pakistani market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 3.0% over the same period. 
