EFERT Review: A rather uninspiring performance

MG News | August 08, 2019 at 02:48 PM GMT+05:00

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August 8, 2019 (MLN): Engro Fertilizers Limited has announced its financial results for the half year ended June 30, 2019, wherein it has reported net earnings of Rs. 7.1 billion, exhibiting almost no change from the earnings reported in same period of last year.

The company’s earnings per share stood at Rs. 5.38 for the stated period. Moreover, it announced an interim cash dividend of Rs. 5 per share i.e. 50%.

The sales revenue reported positive growth of 23% on account of increase in Urea and DAP prices. However, the increase in policy rate pushed the finance costs up by 127%, causing the impact of increased sales to collapse.

The company’s overall performance did not meet the market expectations, in which most of the research houses expected the net profits to be above Rs. 7.4 billion at least.

Consolidated Financial Results for the Half Year ended June 30, 2019 (Rupees'000)
	Jun-19	Jun-18	% Change
Net sales	50,642,948	41,116,414	23.17%
Cost of sales	-34,527,984	-27,096,110	27.43%
Gross profit	16,114,964	14,020,304	14.94%
Selling and distribution expenses	-3,380,782	-3,272,515	3.31%
Administrative expenses	-590,983	-512,045	15.42%
Other income	2,438,382	1,654,086	47.42%
Other operating expenses	-986,740	-571,921	72.53%
Finance cost	-2,019,147	-886,141	127.86%
Profit before taxation	11,575,694	10,431,768	10.97%
Taxation	-4,391,519	-3,282,392	33.79%
Profit for the period	7,184,175	7,149,376	0.49%
Earnings per share - basic and diluted	5.38	5.35	0.56%

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