Engro Corp: Strong sales push profitability up by 22.5%

MG News | October 24, 2019 at 02:24 PM GMT+05:00

0:00

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 30^th 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 30^th 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%

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	136,379.97 273.10M	0.32% 440.10
ALLSHR	84,648.35 701.94M	0.06% 47.97
KSE30	41,546.23 70.12M	0.42% 172.55
KMI30	191,719.76 71.30M	0.34% 649.79
KMIALLSHR	55,827.74 371.98M	0.16% 89.67
BKTi	37,827.61 18.93M	-1.72% -662.14
OGTi	27,670.67 7.41M	-0.42% -117.47

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	118,150.00	119,915.00 118,035.00	-1480.00 -1.24%
BRENT CRUDE	68.94	69.01 68.74	0.42 0.61%
RICHARDS BAY COAL MONTHLY	96.50	0.00 0.00	1.80 1.90%
ROTTERDAM COAL MONTHLY	104.50	0.00 0.00	-1.05 -0.99%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	66.90	66.99 66.58	0.52 0.78%
SUGAR #11 WORLD	16.55	16.67 16.40	-0.01 -0.06%