FFBL’s superb earnings adding more value

FFBL’s superb earnings adding more value


FFBL’s cumulative dividend of Rs4.75/ share will have an EPS impact of 2.40/ share in 1H11 earnings of FFC. Improved margins on DAP resulted in bumper earnings of FFBL, hence adding value to FFC’s bottom line. We expect other income to improve by (+79% YoY) to Rs2,730 mn in 1H11 as against Rs1,525 mn in 1H10. Company’s other charges and distribution expenses are likely to swell by +38% YoY and +15% YoY respectively.