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Engro Corp’s profit soars 122pc

Engro Corp’s profit soars 122pc

KARACHI: Engro Corporation’s after-tax profit grew 121.79 per cent to Rs17.3 billion (earnings per share Rs26.32) for the year ended Dec 31, 2015 from Rs7.8bn (eps Rs13.59) earned last year.

The board on Thursday also announced a final cash dividend of Rs7 per share, taking cumulative 2015 dividend at Rs18 per share.

Engro’s fertiliser business continued to be the chief contributor towards the profitability, recording net earnings of Rs15bn (eps Rs11.28), due to availability of concessionary gas and inclusion of DAP sales.

The food business posted earnings of Rs3.2bn (eps Rs4.13) as compared to Rs0.8bn (eps Rs1.16) last year. This growth was on account of volumetric expansion leading to a higher market share in the dairy segment coupled with margin accretion.

The chemical business, however, managed to keep its losses in-check by posting consolidated loss-after-tax at Rs0.6bn (loss per share Rs0.98), down 45.45pc year-on-year. Effective taxation booked during the year clocked-in at 33pc (29pc in CY14).

In a stock filing, Engro observed that it had appointed advisers for the potential sale of up to 24pc holding in Engro Fertiliser Ltd (EFERT) by way of private offering to local and international investors.

Additionally, the approval of the same would be sought from shareholders in upcoming annual general meeting of the company.

Courtesy : Dawn News



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