Engro Corp declares substantial rise in annual gains

By MG News | February 20, 2019 at 09:46 AM GMT+05:00

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February 20, 2019 (MLN): Engro Corporation has declared annual net gains worth Rs.23.6 billion for the year ended December 2018, marking a rise of 45% over last year (Rs.16.3 billion), with its EPS at Rs.24.26.

Going by the financial statement issued by the company to the Pakistan Stock Exchange (PSX), the credit for this remarkable improvement goes to higher sales this year (Rs.171.6 billion) which increased by 33.4%, while cost of sales (Rs.120.5 billion) expanded by a smaller margin of Rs.28.4%.

As a result, the gross profits saw an upsurge of 46.8% over the year. While expenses otherwise elevated during the period, the sales growth was enough to cover for the negative impact brought along.

ENGRO has also announced a Final Cash Dividend at Rs.2 per share, that is, 20% in addition to Interim Dividend already pair at Rs.19 per share (90%).

The Board of Directors have also recommended to issue Bonus Share in the proportion of 10 share for every 100 shares held, that is 10%. The said Bonus Shares shall not be eligible for the dividend declared for the aforesaid period.

Consolidated Financial Results for the Year Ended Dec 31st 2018 ('000 Rupees)
	Dec-18	Dec-17	% Change
Revenue	171,568,238	128,592,511	33.42%
Cost of Sales	(120,459,766)	(93,786,270)	28.44%
Gross Profit	51,108,472	34,806,241	46.84%
Selling and distribution expenses	(8,488,256)	(7,850,236)	8.13%
Administrative expenses	(5,594,326)	(3,954,380)	41.47%
Other income	9,147,368	10,488,895	-12.79%
Other operating expenses	(4,421,632)	(2,401,254)	84.14%
Operating profit	41,751,626	31,089,266	34.30%
Finance cost	(5,453,221)	(5,130,635)	6.29%
Share of income from joint ventures & associates	128,647	1,463,095	-91.21%
Profit before taxation	36,427,052	27,421,726	32.84%
Taxation	(12,795,319)	(11,131,979)	14.94%
Profit after taxation	23,631,733	16,289,747	45.07%
Earnings per share - basic and diluted (Rupees)	24.26	17.96	35.08%

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