EFERT earnings plummet by 24.13% YoY in CY22

MG News | February 09, 2023 at 03:15 PM GMT+05:00

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February 09, 2023 (MLN): Engro Fertilizers Limited (EFERT) on Thursday declared its financial results for the calendar year 2022, as per which, the company has posted its consolidated profit after tax (PAT) of Rs16 billion [EPS: Rs11.98], showing a decline of 24.13% YoY, compared to 21.09bn in 2021 [EPS: Rs15.8].

Alongside results, the company announced the final cash dividend of Rs5 per share which is 50%.

The net sales of the company increased by 18.63% YoY to Rs157bn. On the contrary, the gross margin went down by 6.01% YoY to 27.29% YoY in CY22, driven by the increase in the cost of sales by 29.31% YoY.

On the expense side, the selling and distribution expenses, and administrative expenses soared by 15.90% YoY, and 17.66% YoY to Rs9.88bn and Rs2.22bn, respectively.

Other income of the company recorded a positive change of 29.88% YoY stood at Rs2.32bn against Rs1.79bn in SPLY.

The company paid Rs10.56bn in terms of tax in Cy22, up by 20% YoY compared to CY21.

Consolidated Financial Results for the year ended December 31, 2022 (Rupees'000)
	CY22	CY21	% Change
Net sales	157,016,930	132,363,138	18.63%
Cost of sales	-114,169,791	-88,288,978	29.31%
Gross profit	42,847,139	44,074,160	-2.78%
Selling and distribution expenses	-9,885,983	-8,529,610	15.90%
Administrative expenses	-2,216,597	-1,883,822	17.66%
	30,744,559	33,660,728	-8.66%
Other income	2,325,361	1,790,398	29.88%
Other operating expenses	-2,523,538	-2,658,002	-5.06%
Finance cost	-2,621,808	-1,602,197	63.64%
Re-measurement loss in GIDC & Loss allowance on subsidy receivable from GoP	-1,362,871	-1,300,682	4.78%
Profit before taxation	26,561,703	29,890,245	-11.14%
Taxation	-10,558,414	-8,797,588	20.01%
Profit for the period	16,003,289	21,092,657	-24.13%
Earnings per share – basic and diluted	11.98	15.8	-24.18%

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