Fauji Fertilizer Company Limited (FFC) has announced its financial results for the year ended December 31, 2023 in its Board of Directors meeting held on January 26, 2024. The year 2023 faced high inflation and interest rates while the Pak Rupee also continued its downward trajectory against US dollar, resulting in higher operating and financing costs of the Company. The retrospective increase in Super Tax levy led to higher effective tax rate of 45% compared to 40% last year, further pressurizing Company profitability. Gas prices for the fertilizer sector were also increased significantly by 75%, however, the Company only passed on a partial impact in urea price during 2023, to offer urea at most economical rates to the farmers. Urea selling prices exhibited significant variations within the fertilizer industry, with FFC offering urea at lower selling prices by around Rs 200-500 per bag during most part of the year. Sona urea prices towards the close of 2023 stood at around Rs 3,400 per bag in contrast to international prices hovering around Rs 6,200 per bag.