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Engro Corp: Strong sales push profitability up by 22.5%

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October 24, 2019 (MLN): Engro Corporation Limited on Thursday announced a 22.5% jump in its profit to Rs 21.8 billion for the nine months ended September 30th 2019, mainly driven by strong sales and increase in other income.

The Earning per share (EPS) of the company locked in at Rs 22.6 against Rs 17.2 in the same period last year.  

ENGRO’s topline earnings grew by 30%YoY to Rs 149 billion against Rs 114 .6 billion, while its other income surged by 60% from Rs 6.4 billion to Rs 10 billion.

However, since Admin expenses jumped by 28.3%, other operating expenses hiked by around 82%, and finance cost mounted by 156.6%, the positive contribution made by increased revenues boosted the company’s profitability. In addition, ENGRO also observed Rs 1.16 billion income from joint ventures and associate firms which further improved the company’s net profits.

Alongside financial results, the Board of Directors of the company in their meeting announced an interim cash dividend for the quarter ended September 30th 2019 at Rs 8 per share i.e. 80%. This is in addition to an interim dividend paid at Rs 15 per share i.e. 150%.

                                   

Financial Results for the Nine Months Ended September 30th 2019 ('000 Rupees)

 

Sep-19

Sep-18

% Change

Net revenue

 149,400,575

 114,643,755

30.32%

Cost of revenue

 (104,911,349)

 (79,886,615)

31.33%

Gross Profit

 44,489,226

 34,757,140

28.00%

Selling and distribution expenses

 (5,009,066)

 (5,064,516)

-1.09%

Administrative expenses

 (4,511,971)

 (4,032,221)

11.90%

Other income

 10,304,335

 6,427,608

60.31%

Other operating expenses

 (3,690,976)

 (2,024,975)

82.27%

Finance cost

 (9,361,659)

 (3,647,871)

156.63%

Share of income from joint ventures & associates

 1,162,624

 (196,372)

 

Profit before taxation

 33,382,513

 26,218,793

27.32%

Taxation

 (11,495,650)

 (8,365,511)

37.42%

Profit after taxation

 21,886,863

 17,853,282

22.59%

 

 

 (Restated)

 

Earnings per share – basic and diluted (Rupees)

                               22.61

                               17.27

30.92%

 

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Posted on: 2019-10-24T14:24:00+05:00

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