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

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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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