October 12, 2023 (MLN): Engro Fertilizers Limited (PSX: EFERT) experienced a significant rise of 56.80% YoY in its profitability, clocking in its profit after tax at Rs15.04 billion [EPS: 11.27], compared to a profit of Rs9.59bn [EPS: 7.19] reported in the Same Period Last Year (SPLY), company's filing on PSX revealed today.
Along with the 9MCY23 results, the Board of Directors (BoD) of EFERT has announced an interim cash dividend at Rs6 per share i.e. 60%.
This is in addition to the interim cash dividend already paid at Rs6.50 per share i.e. 65%.
Going by the results, the company's top line surged by 33.96% YoY to Rs148.53bn as compared to Rs110.88bn in SPLY.
The cost of sales also rose by 34.07% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 33.69% YoY to Rs43.19bn in 9MCY23.
On the expense side, the company observed a rise in Selling and distribution expenses by 35.84% YoY and other expenses by 22.48% YoY to clock in at Rs8.2bn and Rs2.45bn respectively during the review period.
Similarly, EFERT's administrative expenses registered an increase of 9.72% to Rs2.05bn in 9MCY23, compared to Rs1.87bn reported in 9MCY22.
During the review period, other income increased by 45.77% YoY to stand at Rs1.9bn in 9MCY23 as compared to Rs1.3bn in SPLY.
EFERT also reported an increase in other losses as they stood at Rs1.04bn in the review period, up by 2.5% YoY.
The company’s finance costs inched down by 0.17% YoY and stood at Rs1.64bn as compared to Rs1.64bn in 9MFY22.
On the tax front, the company paid a higher tax worth Rs14.66bn against the Rs11.45bn paid in the corresponding period of last year, depicting an increase of 28.07% YoY.
| Consolidated Condensed interim P&L statement (Unaudited) for Nine months ended September 2023 (Rupees in '000) | |||
|---|---|---|---|
| Sep 23 | Sep 22 | % Change | |
| Sales | 148,530,719 | 110,875,573 | 33.96% |
| Cost of sales | (105,342,765) | (78,571,864) | 34.07% |
| Gross Profit | 43,187,954 | 32,303,709 | 33.69% |
| Selling and distribution expenses | (8,198,160) | (6,035,251) | 35.84% |
| Administrative expenses | (2,054,753) | (1,872,690) | 9.72% |
| Other losses/gains | (1,041,013) | (1,015,671) | 2.50% |
| Other Income | 1,900,741 | 1,303,969 | 45.77% |
| Other operating expenses | (2,454,070) | (2,003,661) | 22.48% |
| Finance cost | (1,636,915) | (1,639,738) | -0.17% |
| Profit before tax | 29,703,784 | 21,040,667 | 41.17% |
| Taxation | (14,659,254) | (11,445,970) | 28.07% |
| Net profit for the period | 15,044,530 | 9,594,697 | 56.80% |
| Basic and diluted earnings/ (loss) per share | 11.27 | 7.19 | – |
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Posted on: 2023-10-12T15:10:35+05:00
