FFC Dividend History: Every Payout and How Announcements Work
Fauji Fertilizer Company (FFC) paid a cash dividend in every year from 2014 to 2025, usually four times a year: three interims with its quarterly results and a final with its annual results. For 2025 it paid Rs 37.00 per share, or 370% of the Rs 10 face value, and the three interims declared for 2026 so far add up to Rs 41.50. This guide sets out the FFC dividend history from the company's own filings, explains how to read an announcement, and shows what pays for the dividend.
Key takeaways
- FFC's cash dividend per share fell from Rs 13.65 in 2014 to Rs 7.00 in 2017, then rose to Rs 37.00 in 2025, according to its annual reports. The 2026 interims declared to date are Rs 8.50, Rs 14.50 and Rs 18.50.
- A dividend quoted as a percentage on the Pakistan Stock Exchange (PSX) is the rupee amount divided by the Rs 10 face value: Rs 18.50 per share is announced as 185%. It is not a yield.
- Fauji Fertilizer Bin Qasim (FFBL) merged into FFC with effect from 1 July 2024, not 2025. FFC issued 150.87 million new shares, which is why it restates its 2024 dividend as Rs 34.86 even though a pre-merger share received Rs 36.50.
- FFC paid out 71.58% of its 2025 earnings per share (EPS) of Rs 51.69, and between 66% and 96% of EPS in every year from 2014 to 2025.
- In 2025 the dividends FFC paid (Rs 70.3 billion) were almost twice its operating cash flow (Rs 37.0 billion). Dividends from its own investments, new long-term loans and existing cash made up the difference.
What FFC does and how it makes money
FFC makes and sells nitrogen and phosphate fertilizers under the Sona brand. Its parent is Fauji Foundation, which held 43.70% of the shares on 31 December 2025. FFC's prilled urea comes from plants at Goth Machhi (Sadiqabad) and Mirpur Mathelo (Ghotki). Its Port Qasim site in Karachi, which came with the FFBL merger, makes granular urea and di-ammonium phosphate (DAP), a phosphate fertilizer.
The company reports a single business segment, fertilizer. Turnover in 2025 was Rs 432.4 billion, on urea sales of 2,886 thousand tonnes and DAP sales of 834 thousand tonnes. In the first nine months of 2026, FFC put its own share of Pakistan's urea market at 49% and of DAP at 68%.
A second source of profit matters a great deal for the dividend: income from investments. FFC owns stakes in Askari Bank, Fauji Cement, Thar Energy, Pak Maroc Phosphore in Morocco and Agritech, and controls Fauji Foods, wind-power companies and FFBL Power Company. In 2025, "other income" was Rs 39.8 billion, made up of Rs 17.4 billion of investment income and Rs 22.4 billion of dividends from subsidiaries and associates. Across the whole group, 2025 turnover was Rs 483.8 billion: Rs 432.4 billion from fertilizer, Rs 36.6 billion from food and Rs 13.9 billion from power.
How to read an FFC dividend announcement
FFC announces each dividend in a "Financial Results" letter to the PSX on the day its board approves the quarterly or annual accounts. The letter gives the amount in two ways. On 28 October 2026, for example, the board declared an interim cash dividend of "Rs. 18.5 per share i.e. 185%" for the quarter ended 30 September 2026, in addition to Rs 23.00 (230%) already paid that year.
The percentage is always of the face value, also called par value, which is Rs 10 for FFC. So 185% of Rs 10 is Rs 18.50. Because FFC trades far above Rs 10, the percentage says nothing about the return on the price you pay. For that you need the dividend yield, explained in our guide to dividend yield.
The letter also sets the dates that decide who gets paid:
- Record date: shareholders on the register at the close of business on this date are entitled. For the 28 October 2026 interim it was 8 November 2026.
- Book closure: the days on which FFC's share registrar records no transfers, here 9 to 11 November 2026.
- Payment: FFC's stated policy is to pay interim dividends within ten working days from the start of book closure, and final dividends within ten working days of approval at the annual general meeting (AGM).
Because trades take time to settle, a buyer must purchase before the stock goes ex-dividend to be on the register by the record date. The PSX quote page shows an "XD" tag next to a stock that is trading ex-dividend. Our explainer on ex-dividend and record dates covers the mechanics.
Worked example: the latest dividend on 1,000 shares
Tax is withheld before payment. FFC's notice of its 48th AGM, issued in February 2026, set withholding at 15% for shareholders on the Federal Board of Revenue's active taxpayers list and 30% for those who are not. For 1,000 shares on the register on 8 November 2026:
- Gross dividend: 1,000 x Rs 18.50 = Rs 18,500.
- On the active taxpayers list: Rs 2,775 withheld, Rs 15,725 credited.
- Not on the list: Rs 5,550 withheld, Rs 12,950 credited.
Under section 242 of the Companies Act 2017, listed companies pay cash dividends only by electronic transfer to the shareholder's designated bank account (IBAN). A missing IBAN or national identity card (CNIC) copy can lead a company to withhold the payment until the details are supplied.
FFC dividend history by year
The table below shows the total cash dividend for each financial year, which for FFC runs from January to December. It counts the interims declared during the year plus the final declared the following January, which is how FFC itself reports it. EPS is on FFC's separate, or unconsolidated, accounts, the profit from which it pays dividends.
| Year | Dividend per share (Rs) | % of Rs 10 face value | EPS (Rs) | Payout ratio |
|---|---|---|---|---|
| 2014 | 13.65 | 136.5% | 14.28 | 95.57% |
| 2015 | 11.86 | 118.6% | 13.18 | 90.00% |
| 2016 | 7.90 | 79% | 9.26 | 85.31% |
| 2017 | 7.00 | 70% | 8.42 | 83.14% |
| 2018 | 8.85 | 88.5% | 11.35 | 77.98% |
| 2019 | 10.80 | 108% | 13.45 | 80.30% |
| 2020 | 11.20 | 112% | 16.36 | 68.44% |
| 2021 | 14.50 | 145% | 17.21 | 84.25% |
| 2022 | 12.13 | 121.3% | 15.76 | 76.97% |
| 2023 | 15.49 | 154.9% | 23.32 | 66.41% |
| 2024 | 34.86 (36.50 per pre-merger share) | 348.6% (365%) | 45.49 | 76.63% |
| 2025 | 37.00 | 370% | 51.69 | 71.58% |
| 2026 to date | 41.50 (three interims) | 415% | 44.59 (nine months) | n/a |
The record has three phases. From 2014 to 2017 the dividend fell by almost half as EPS dropped from Rs 14.28 to Rs 8.42. From 2018 to 2023 it recovered gradually, with a dip in 2022 when EPS fell 8%. Then 2024 and 2025 brought a step change as the merger with FFBL and higher investment income lifted EPS from Rs 23.32 in 2023 to Rs 51.69 in 2025.
Every FFC dividend since 2019, quarter by quarter
FFC normally pays a first interim with its March-quarter results, a second with the June half-year, a third with the September quarter and a final with its annual results. The amounts vary from quarter to quarter, so one payment is a weak guide to the next.
| Year | 1st interim (Q1) | 2nd interim (Q2) | 3rd interim (Q3) | Final | Total |
|---|---|---|---|---|---|
| 2019 | Rs 2.50 (25%) | Rs 2.85 (28.5%) | Rs 2.20 (22%) | Rs 3.25 (32.5%) | Rs 10.80 |
| 2020 | Rs 2.50 (25%) | Rs 2.75 (27.5%) | Rs 2.55 (25.5%) | Rs 3.40 (34%) | Rs 11.20 |
| 2021 | Rs 3.50 (35%) | Rs 2.60 (26%) | Rs 3.75 (37.5%) | Rs 4.65 (46.5%) | Rs 14.50 |
| 2022 | Rs 3.70 (37%) | Rs 2.10 (21%) | Rs 3.18 (31.8%) | Rs 3.15 (31.5%) | Rs 12.13 |
| 2023 | Rs 4.26 (42.6%) | Rs 3.15 (31.5%) | Rs 3.98 (39.8%) | Rs 4.10 (41%) | Rs 15.49 |
| 2024 | Rs 5.50 (55%) | Rs 10.00 (100%) | None | Rs 21.00 (210%) | Rs 36.50 |
| 2025 | Rs 7.00 (70%) | Rs 12.00 (120%) | Rs 9.50 (95%) | Rs 8.50 (85%) | Rs 37.00 |
| 2026 | Rs 8.50 (85%) | Rs 14.50 (145%) | Rs 18.50 (185%) | Not yet declared | Rs 41.50 so far |
Two entries stand out. There was no third interim for 2024, the quarter in which the merger was being approved, and the final for that year, Rs 21.00, is the largest single FFC dividend in this record. In 2026 each interim has been larger than the one before.
Why 2024 shows two different totals
The boards of FFC and FFBL approved a scheme of amalgamation on 20 September 2024, shareholders of both companies voted for it on 4 November 2024, and the Lahore High Court (Rawalpindi Bench) sanctioned it on 18 November 2024. The merger took effect from 1 July 2024. FFC issued one new share for every 4.29 FFBL shares held by outside shareholders, 150.87 million shares in all, taking its share count to 1,423.1 million.
The 2024 interims of Rs 5.50 and Rs 10.00 were paid on the pre-merger count of about 1,272 million shares. Restated over the enlarged share count they equal Rs 13.86, which FFC adds to the Rs 21.00 final to report Rs 34.86. Someone who held an FFC share throughout 2024 actually received Rs 36.50 on it. A further 15.9 million shares were issued to Fauji Foundation in January 2026 to buy out the rest of FFBL Power Company, bringing the total to 1,439.0 million.
The results behind the dividend
| Year | Turnover (Rs bn) | Profit after tax (Rs bn) | EPS (Rs) | Gross margin |
|---|---|---|---|---|
| 2021 | 108.7 | 21.9 | 17.21 | 35.78% |
| 2022 | 109.4 | 20.0 | 15.76 | 36.62% |
| 2023 | 159.5 | 29.7 | 23.32 | 40.29% |
| 2024 | 373.5 | 64.7 | 45.49 | 34.05% |
| 2025 | 432.4 | 73.6 | 51.69 | 30.21% |
Turnover rose 134% in 2024 because FFBL's Port Qasim plants were included from July, and another 16% in 2025 with a full year of them. Profit grew more slowly than sales in 2025 (up 14%) because gross margin narrowed to 30.21%. FFC attributes that to higher imported material costs and to not passing inflation on to farmers.
| Quarter | Turnover (Rs bn) | Profit after tax (Rs bn) | EPS (Rs) |
|---|---|---|---|
| Q3 2025 | 127.3 | 19.2 | 13.48 |
| Q4 2025 | 149.7 | 15.9 | 11.19 |
| Q1 2026 | 95.3 | 17.5 | 12.14 |
| Q2 2026 | 104.3 | 24.4 | 16.94 |
| Q3 2026 | 127.7 | 22.3 | 15.51 |
For the nine months to 30 September 2026, turnover rose 16% to Rs 327.3 billion on higher urea sales, and profit rose to Rs 64.2 billion, or EPS of Rs 44.59 against Rs 40.50 a year earlier. Investment income of Rs 37.5 billion contributed heavily. On a consolidated basis, which includes subsidiaries and associates, profit after tax was Rs 71 billion, up 13%.
Payout ratio and dividend policy
The payout ratio is the share of earnings paid out as dividends; our dividend payout ratio guide explains how to judge it. FFC's ratio has stayed high: 71.58% in 2025 and 76.63% in 2024, and never below 66% in the twelve years shown above.
The dividend policy in FFC's annual report sets no target ratio. It says its dividends are governed by the Companies Act 2017 and the Securities and Exchange Commission of Pakistan's Companies (Distribution of Dividend) Regulations 2017, and that the policy aims to reward shareholders while keeping enough funds for growth.
The three interims declared for 2026, Rs 41.50, already equal 93% of nine-month EPS of Rs 44.59. For comparison, the three 2025 interims (Rs 28.50) were about 70% of nine-month EPS of Rs 40.50. Whether a final dividend is paid for 2026, and its size, is for the board to decide when it approves the full-year accounts.
What pays for the dividend: cash and debt in plain words
Profit and cash are not the same thing. In 2025, FFC's operating cash flow was Rs 37.0 billion after Rs 49.9 billion of income tax, while it paid Rs 70.3 billion in dividends: the final for 2024 plus three interims for 2025. The rest came from Rs 22.4 billion of dividends received from its own investments, Rs 30.0 billion of new long-term loans and a Rs 12.6 billion fall in cash and short-term investments. Capital spending took Rs 23.6 billion.
FFC still holds a large liquid buffer. At 30 September 2026 its cash and cash equivalents, which by its definition include short-term liquid investments net of short-term borrowings, were Rs 151.5 billion. Long-term borrowings had risen to Rs 84.1 billion from Rs 61.3 billion at the end of 2025, and stock in trade to Rs 87.8 billion from Rs 38.2 billion, which the company linked to higher phosphoric acid and DAP inventory. In the same nine months FFC invested Rs 31.2 billion in PIA Equity Limited, an associated company, as part of joining the consortium that won the privatization of Pakistan International Airlines. Equity stood at Rs 154.6 billion.
When FFC announces dividends
FFC's board meets on a regular calendar, and each dividend is announced with the results:
| Dividend | Declared | Books closed | Paid |
|---|---|---|---|
| Final 2024 (Rs 21.00) | 29 Jan 2025 | 23 to 25 Mar 2025 | 4 Apr 2025 |
| 1st interim 2025 (Rs 7.00) | 28 Apr 2025 | 11 to 13 May 2025 | 16 May 2025 |
| 2nd interim 2025 (Rs 12.00) | 29 Jul 2025 | 11 to 13 Aug 2025 | 19 Aug 2025 |
| 3rd interim 2025 (Rs 9.50) | 23 Oct 2025 | 5 to 7 Nov 2025 | 13 Nov 2025 |
| Final 2025 (Rs 8.50) | 29 Jan 2026 | 9 to 16 Mar 2026 | After AGM of 16 Mar 2026 |
| 2nd interim 2026 (Rs 14.50) | 29 Jul 2026 | 11 to 13 Aug 2026 | Within policy window |
| 3rd interim 2026 (Rs 18.50) | 28 Oct 2026 | 9 to 11 Nov 2026 | Within policy window |
The first interim for 2026, Rs 8.50, was declared with the March-quarter results. The pattern is late January for the final, then late April, late July and late October for the interims. FFC's 2025 annual report lists the last week of January 2027 as the tentative date for the full-year 2026 results, which is when any final dividend for 2026 would be announced. As of 14 November 2026 the company had not given an exact date. It usually confirms the board meeting in a PSX notice about a week before, as it did on 21 October 2026 for the 28 October meeting.
How StocksXray scores FFC
FFC closed at Rs 569.12 on 13 November 2026, with a 52-week range of Rs 470.06 to Rs 685.00. The live price and history are on the FFC stock page and the interactive FFC chart.
On that date our Market X-Ray scored FFC 75 out of 100, ranking it 34th of 568 PSX stocks with high confidence. For Pakistan the X-Ray is price-based: it compares how the stock has traded, not how healthy the business is. The five parts scored trend 70, momentum 69, stability 77, liquidity 95 and income 65. How the X-Ray Score works explains each part, and the FFC research report shows the numbers behind them.
The stock page also shows a rough fair-value estimate built from PSX income-statement data only. On 14 November 2026 it was Rs 620.46, the average of three models ranging from Rs 608.64 to Rs 630.75, labelled "Fair" with high model uncertainty. It is a model estimate, not a price target.
Turning the history into a yield
A yield divides a year of dividends by the share price. The four FFC dividends with record dates in the 12 months to 13 November 2026 were Rs 8.50, Rs 8.50, Rs 14.50 and Rs 18.50, a total of Rs 50.00. Against the Rs 569.12 close, that is a trailing yield of 8.8%. Using the 2025 full-year total of Rs 37.00 instead gives 6.5%. The answer depends on which 12 months you count, and neither figure tells you what the next year will bring. Overseas readers can turn rupee amounts into dollars with our USD to PKR converter, and the KSE-100 index page and Pakistan economy page put FFC in its market context.
Risks FFC itself lists
FFC's 2025 annual report names these as key risks to its business:
- Gas supply and price. Depleting domestic gas reserves, possible gas price revisions and gas pressure are a direct threat to output and cost, since gas is the main feedstock for urea.
- Government intervention. FFC lists the risk of being unable to pass on costs or levies, and of inconsistent policies affecting the fertilizer industry.
- Global fertilizer and raw material prices. Swings in world prices affect the local market and FFC's DAP margins, which depend on imported phosphoric acid. Its November 2026 briefing put phosphoric acid prices about 35% higher in 2026.
- Exchange rates. A weaker rupee raises the cost of imported raw materials and equipment.
- Plant reliability and safety. Ageing plants and the risk of major accidents can cut production and affect workers and nearby communities.
Common mistakes when reading FFC dividend data
- Treating the percentage as a yield. 185% is of the Rs 10 face value, not of a share price above Rs 500.
- Mixing pre- and post-merger figures for 2024. Rs 36.50 and Rs 34.86 describe the same payments on different share counts.
- Adding by payment date. The final for 2025 was paid in March 2026; it belongs to 2025.
- Forgetting withholding tax. The amount credited is 15% or 30% lower than the gross figure.
- Using the latest dividend to estimate the next. FFC's quarterly amounts have moved in both directions, for example from Rs 3.70 to Rs 2.10 between the first and second interims of 2022.
Frequently asked questions
What is FFC's dividend history? FFC has paid a cash dividend every year from 2014 to 2025. Its yearly total fell from Rs 13.65 per share in 2014 to Rs 7.00 in 2017, recovered to Rs 15.49 by 2023, and reached Rs 34.86 in 2024 (Rs 36.50 per pre-merger share) and Rs 37.00 in 2025. For 2026 it has declared three interims totalling Rs 41.50 as of 14 November 2026.
How much dividend did FFC pay for 2025? FFC's total dividend for 2025 was Rs 37.00 per share, or 370% of the Rs 10 face value. It was made up of interims of Rs 7.00, Rs 12.00 and Rs 9.50 and a final of Rs 8.50, declared on 29 January 2026. That was 71.58% of 2025 EPS of Rs 51.69.
What is the latest FFC dividend announcement? On 28 October 2026 FFC's board declared an interim cash dividend of Rs 18.50 per share (185%) for the quarter ended 30 September 2026. Shareholders on the register on 8 November 2026 were entitled, and the share transfer books were closed from 9 to 11 November 2026. It brought the 2026 interims to Rs 41.50 per share.
When does FFC announce its dividends? FFC declares dividends at the board meetings that approve its results, normally in the last week of January, April, July and October. Its 2025 annual report gives the last week of January 2027 as the tentative date for full-year 2026 results. The exact date is confirmed in a PSX notice shortly before each meeting.
How is the FFC dividend percentage calculated? The percentage is the dividend in rupees divided by the Rs 10 face value of one share. A Rs 18.50 dividend is therefore 185%, and Rs 8.50 is 85%. It is not the dividend yield, which compares the dividend with the market price.
Did FFC merge with Fauji Fertilizer Bin Qasim? Yes. Under a scheme sanctioned by the Lahore High Court in November 2024, FFBL merged into FFC with effect from 1 July 2024 and was dissolved. FFC issued 150.87 million shares to FFBL's other shareholders, one FFC share for every 4.29 FFBL shares.
How much tax is deducted from FFC dividends? According to FFC's notice of its 48th AGM, issued in February 2026, tax is withheld at 15% for shareholders on the active taxpayers list and 30% for those not on it. A valid exemption certificate lodged with the share registrar before book closure can remove the deduction. Rates are set by the Income Tax Ordinance and can change.
Sources and data notes
- FFC Annual Integrated Report 2025, six-year analysis, statement of changes in equity, dividend distribution policy and financial calendar: https://financials.psx.com.pk/lib/DownloadPDF.php?id=270829
- FFC Annual Report 2019 (six-year ratios, 2014 to 2019): https://financials.psx.com.pk/lib/DownloadPDF.php?id=143130
- FFC Annual Report 2021 (2020 and 2021 dividends): https://financials.psx.com.pk/lib/DownloadPDF.php?id=183145
- FFC financial results notices to PSX, 29 July 2026 and 28 October 2026: https://dps.psx.com.pk/download/document/280460.pdf and https://dps.psx.com.pk/download/document/287242.pdf
- FFC corporate briefing, 4 November 2026: https://dps.psx.com.pk/download/document/288589.pdf
- FFC notice of 48th AGM (February 2026): https://dps.psx.com.pk/download/document/270689.pdf
- FFC half-year report to 30 June 2025 (merger note): https://dps.psx.com.pk/download/document/258110.pdf
- PSX company page for FFC: https://dps.psx.com.pk/company/FFC
- Per-share figures are on FFC's separate (unconsolidated) accounts unless stated. Prices and X-Ray scores are dated and will change; this article does not cover dividends declared after 14 November 2026.
Educational information, not financial advice.
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Educational only, not financial advice. Examples use illustrative numbers.