Engro Polymer enjoys doubled profits on the back of improved non-core income
MG News | January 31, 2019 at 02:19 PM GMT+05:00
January 31, 2019 (MLN): Engro Polymer and Chemicals Limited has announced annual profits of Rs. 4.9 billion for the year ended December 31, 2018. The company enjoyed 140% increase in bottom-line gains on the back of improved core and non-core income.
The company’s non-core income jacked up by Rs. 1.1 billion, immediately causing the operating profit to shoot up by 79%.
The Company stated its Earning per share at Rs. 6.22 for the aforementioned period.
Moreover, the Board announced a final cash dividend at Rs. 0.3 per share i.e. 3%. This is in addition to interim cash dividend already paid at Rs. 0.8 per share i.e. 8%.
| Profit and loss account for the year ended December 31 2018 (Rupees'000) | |||
|---|---|---|---|
|
| Dec-18 | Dec-17 | % Change |
| Net revenue | 35,271,635 | 27,730,736 | 27.19% |
| Cost of sales | -26,535,620 | -21,665,326 | 22.48% |
| Gross profit | 8,736,015 | 6,065,410 | 44.03% |
| Distribution and marketing expenses | -1,374,967 | -1,328,024 | 3.53% |
| Administrative expenses | -668,900 | -584,163 | 14.51% |
| Other operating expenses | -872,090 | -355,985 | 144.98% |
| Other income | 1,249,393 | 137,338 | 809.72% |
| Operating profit | 7,069,451 | 3,934,576 | 79.68% |
| Finance costs | -606,148 | -819,775 | -26.06% |
| Profit before taxation | 6,463,303 | 3,114,801 | 107.50% |
| Taxation | -1,533,132 | -1,061,785 | 44.39% |
| Profit for the year | 4,930,171 | 2,053,016 | 140.14% |
| Earnings per share - basic and diluted | 6.22 | 2.93 | 112.29% |
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