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2008 (Rs '000') |
2007 (Rs '000') |
| Sales-net |
2,004,831 |
3,034,054 |
| Cost of sales |
(1,402,213) |
(2,113,831) |
| Gross Profit / (loss) |
602,618 |
920,223 |
| Administrative Expenses |
(50,368) |
(34,418) |
| Other Income |
157,606 |
186,115 |
| Taxation |
(62,293) |
(198,467) |
| Profit after Tax |
162,090 |
374,348 |
| Earnings per Share (Rs.) |
0.17 |
0.40 |
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The Company achieved ever highest daily Ammonia production of 1,575 MT i.e. 124% on September 16, 2007. However, ammonia production at 362 KT, was 19% below the production of year 2006 and 8% below the target.
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Granular Urea production at 488 KT was 19% lower than last year and 12% below the target, whereas DAP production at 357 KT was 21% lower than the last year, achieving 9% over the target. Urea inventory stood at 22 KT, which was 12% lower as compared to 25 KT inventory of year 2006. Similarly, DAP inventory at 9 KT was 125% higher as compared to 4 KT closing inventory of December 2006. |
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Ammonia BMR project was implemented in two phases, Phase-I was executed in year 2006 and Phase-II during March - May 2007 Turnaround, involving 62 foreign vendor service men (VSM) from different countries at a cost of 48.5 million Euros. Desired objectives were achieved, wherein ammonia production capacity has increased to 123%. DAP Plant revamp has been undertaken to utilize additional Ammonia available, wherein DAP plant capacity would be enhanced to 150% of its designed capacity. |
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Feed gas subsidy as well as GOP compensation shall end in the year 2008. The effects of these events are being mitigated through the above mentioned capacity expansions. The increased capacities will also cater, to a certain extent, for the increased fertilizer requirement of the country. |
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Amendment to existing GSA was signed by SSGC and FFBL on December 15, 2007 after hectic efforts. As per revised agreement, required quantity of gas i.e. 85 MMSCFD has been secured up to year 2015, extendable for further 10 years. Additional allocation of gas will help meeting our post-BMR requirement on sustained basis.
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