IGI Securities Limited - Flash Note.

Karachi -- April 24, 2019 (PPI-OT)

Fertilizer - Fatima Fertilizer Company Limited - Earnings increased by +26%YoY to PKR 3.64bn (1.73/share) for 1QCY19

Fatima Fertilizer Company Limited (FATIMA) announced its financial results for 1QCY19 with unconsolidated earnings clocking at PKR 3.64bn (EPS: PKR 1.73) as compared to PKR 2.89 (EPS: PKR 1.37) in the same period last year.

Net sales for the quarter increased by +17%YoY to PKR 13.35bn, led by increase in prices despite decrease in total fertilizer sales during the quarter.

Gross margins on sequential basis improved by +100bpsQoQ to 59% (likely owing to better sales mix) while remained flat on yearly basis.

Finance cost increased by +74%YoY to PKR...

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