EFERT accrues GIDC on all non-concessionary gas

By MG News | August 09, 2019 at 05:24 PM GMT+05:00

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August 9, 2019 (MLN): Engro Fertilizer Limited (EFERT PA) conducted its analyst briefing yesterday wherein it discussed and highlighted the key factors that contributed in the company’s flat financial performance for the half year ended June 30, 2019.

According to the briefing note by Insight Securities, the management informed that the limited growth in profitability was attributable to lower offtakes of Urea and higher effective tax rate on the back of deferred tax adjustment.

With regards to GIDC, management said company is accruing GIDC on all non-concessionary gas and payment of approximately Rs14.5bn is withheld due to court litigation, which is in line with the industry practice.

Management also highlighted that there are 50% probability of paying GIDC on concessionary gas under proposed GIDC resolution scheme.

Moreover, company continues to explore opportunities within the agriculture space to create value for the shareholders.

Company is in the initial learning phase of Seeds and Pesticides businesses and plans to further increase its footprints in the long-term.

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