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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