ENGRO: Bottom line shrinks by 12.26% YoY in CY22
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MG News | February 16, 2023 at 01:39 PM GMT+05:00
February 16, 2023 (MLN): Engro Corporation Limited (ENGRO), one of Pakistan’s largest conglomerates with the company’s business portfolio in four verticals, which include food & agri, petrochemicals, energy & infrastructure, and connectivity has reported a 12.26% YoY decrease in its net profits to Rs46.11 billion (EPS: Rs42.23) for the calendar year 2022.
In CY21, the company earned Rs52.61bn with EPS of Rs48.45.
Despite the drop in net profit, the company announced a final cash dividend for the year ended December 31, 2022, at Rs1 per share i.e., 10%. This is in addition to the interim cash dividends already paid at Rs33 per share i.e. 330%.
ENGRO recorded revenue growth of 14.39% YoY to Rs356.42bn in CY22. However, the cost of revenue surged by 18.86% YoY which dented the gross margin in CY22 to 29% from 32% in CY21.
The bottom line was also hit by the surging finance cost that reached Rs28.74bn, up by 66.4% YoY in CY22.
Among other line items, other income jumped by 79% YoY to Rs21.87bn while the loss allowance on subsidy receivable from govt edges lower by 6.23% YoY to Rs522mn.
The tax expenses increased by 18.4% YoY to Rs22bn in CY22, compared to Rs18.65bn in CY21.
|
Consolidated Financial Results for the year ended December 31, 2022 (Rupees '000') |
Dec-22 |
Dec-21 |
% Change |
|---|---|---|---|
|
Net Revenue |
356,427,526 |
311,587,401 |
14.39% |
|
Cost of revenue |
(251,808,480) |
(211,854,704) |
18.86% |
|
Gross Profit |
104,619,046 |
99,732,697 |
4.90% |
|
Distribution and selling expenses |
(9,325,850) |
(7,819,291) |
19.27% |
|
Administrative expenses |
(11,776,647) |
(7,658,843) |
53.77% |
|
Other income |
21,873,860 |
12,227,387 |
78.89% |
|
Other operating expenses |
(10,034,948) |
(9,235,681) |
8.65% |
|
Operating profit |
95,355,461 |
87,246,269 |
9.29% |
|
Finance cost |
(28,744,239) |
(17,274,058) |
66.40% |
|
Remeasurement loss on provision for GIDC |
(1,102,678) |
(1,401,519) |
-21.32% |
|
Loss allowance on subsidy receivable from GoP |
(522,936) |
(557,700) |
-6.23% |
|
Share of income from joint venture and associates |
3,215,276 |
3,226,697 |
-0.35 |
|
Profit before taxation |
68,200,884 |
71,239,689 |
-4.27% |
|
Taxation |
(22,089,678) |
(18,657,213) |
18.40% |
|
Profit from continuing operations |
46,111,206 |
52,582,476 |
-12.31% |
|
Profit/(loss) from discontinued operations (attributable to owners of the holding company) |
71 |
29,283 |
-99.7 |
|
Profit for the year |
46,111,277 |
52,611,759 |
-12.36% |
|
Earnings/(loss) per share - basic and diluted (Rupees) |
42.23 |
48.45 |
-12.84% |
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