Flash Note April 25, 2011

Fertilizer Sector: FFBL Results Update for 1QCY11…

Pakistan Research

FFBL has announced its 1QCY11 financial results today. The Company has posted
substantial rise of 93% YoY in its bottom lines as the company has recorded PAT of
PKR1.56bn translating into an EPS of PKR1.67 in 1QCY11 as against PAT of
PKR808m and EPS of PKR0.87 in the corresponding period of last year. The rise in
bottom line is attributed to 23% YoY rise in top line to PKR8.05bn in 1QCY11 and
147% YoY upsurge in the other income to PKR332m against PKR135m in last year.
Moreover, In line with our expectations, the company has also announced its first
interim cash divided of PKR1.25/ share (12.5%).

(PKR m) 1QCY10 1QCY11 % Chg

Sales 6,566 8,054 23%

Cost of Sales 4,756 5,307 12%
Gross Profit 1,810 2,748 52%
Operating Profit 1,296 2,268 75%
Other Operating Income 135 332 147%
Summit Capital (Pvt.) Ltd
Profit Before Tax 1,237 2,322 88% B-209, Park Towers, Clifton, Karachi
Profit After Tax 809 1,558 93% Equity Research: Equity Sales:
Tel: 92 (21) 5376125 Tel: 92 (21) 5368261-8
EPS (PKR) 0.87 1.67 Fax: 92 (21) 5376126 Fax: 92 (21) 5376122
Money Market: Corporate Finance:
Source: Company Financials, Summit Capital Research
. Tel: 92 (21) 5376128 Tel: 92 (21) 5824991
Fax: 92 (21) 5376129 Fax: 92 (21) 5376122
Financial Products Distribution:
Tel: 92 (21) 5376125
Muhammad Sarfraz Abbasi Fax: 92 (21) 5376126
sarfraz.abbasi@summitcapital.com.pk
PABX - 9221-111-226-100 (ext: 404)

Disclaimer: All information contained in this publication has been researched and compiled from sources believed to be accurate and reliable at the time of publishing. However, in view of the natural scope for human and/or
mechanical error, either at source or during production, Summit Capital (Pvt.) Limited accepts no liability whatsoever for any loss or damage resulting from errors, inaccuracies or omissions affecting any part of the publication. All
information is provided without warranty and Summit Capital (Pvt.) Limited makes no representation of warranty of any kind as to the accuracy or completeness of any information hereto contained.