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Friday, February 16, 2024

FFC becomes largest taxpayer in manufacturing sector

In 'First Taxpayer Recognition Awards,' Fauji Fertilizer Company (FFC) has been awarded as “Largest Tax Payer from Manufacturing Sector (Nationwide).” President of Pakistan Arif Alvi attended the ceremony to encourage the tax culture in Pakistan.

Fauji Fertilizer Company (FFC) Limited has been awarded as “Largest Tax Payer from Manufacturing Sector (Nationwide)” in “First Taxpayer Recognition Awards” organized by Rawalpindi Chamber of Commerce & Industry (RCCI) in collaboration with Federal Bureau of Revenue (FBR).

Representatives from the various multinationals and corporate blue chip companies participated in the event. Syed Imran Rizvi, Manager Corporate Affairs & Shares represented FFC and received the award.

The ceremony was held at The Presidency and President of Pakistan – Mr. Arif Alvi was the Chief Guest. President in his address emphasized on women empowerment and enhancement of disable quota in the industrial sector.

FFC posts quarterly profits for year 2021

Fauji Fertilizer Company Limited (FFC) has announced its financial results for the quarter ended March 31, 2021, with a net profit of Rs 5.82 billion translating into an Earning Per Share of Rs 4.57 which was 36% higher than the last year.

The company also declared a first interim dividend of Rs 3.50 per share for the quarter.

FFC attained urea production of 628 thousand tonnes, operating at combined efficiency of 123%, and registered aggregate sales revenue of Rs 21.59 billion which was  5% higher than the first quarter of last year. Other income of the Company also increased due to higher dividend distribution by an associated company.

Read more: General Tariq Khan – CEO FFC, talks Food Security in Pakistan

Fauji Fertilizer Company Limited was able to maintain uninterrupted business operations including continued supply chain, besides maintaining the highest standards of health and safety for the employees under the adverse conditions of Covid-19.

Read more: FFC achieves net profitability of Rs13.76bn

In last year’s annual financial report, the company announced its financial results for the year ended December 31, 2020, with a net profit of Rs 20.82 billion.

Last year’s increase in profitability is primarily attributable to a temporary gain on extinguishment and re-measurement of GIDC liability under the requirements of the International Financial Reporting Standards, which shall reverse in the next four years during the repayment term of GIDC liability as determined by the apex Court.