Engro Corp’s net profits jump by 36% YoY

MG News | August 19, 2020 at 04:59 PM GMT+05:00

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August 19, 2020 (MLN): Engro Corporation has reported 36% YoY growth in its net profits for six months ended on June 30^th, 2020 to Rs 15.52 billion from Rs 11.36 period earned in the corresponding period last year.

The earnings per share of the company grew by 33% YoY from Rs 11.82 per share to Rs 15.73 per share, mainly due to incremental earnings from Thar operations, a report by Ismail Iqbal Securities stated.

Alongside financial results, the company announced Interim Cash Dividend for the quarter ended June 30, 2020 at Rs 8 per share i.e. 80%. This was in addition to the interim dividend already paid at Rs 6 per share i.e. 60%.

During the period, company’s admin expenses jumped by 41% YoY, selling and distribution expenses rose by slightly by 2.5% YoY while its other costs grew by 21.9% YoY.

The company also enjoyed a tax reduction of 43% YoY which helped in boosting company's profitability.

The company also posted a 100% YoY increase in profits for the quarter ended on June 2020 to Rs 9.58 billion.

Consolidated Financial Results for the Half Year Ended June 30th, 2020 ('000 Rupees)
	Jun-20	Jun-19	% Change
Revenue	107,172,054	84,778,062	26.41%
Cost of Sales	(74,283,553)	(59,947,834)	23.91%
Gross Profit	32,888,501	24,830,228	32.45%
Selling and distribution expenses	(3,175,544)	(3,097,262)	2.53%
Administrative expenses	(2,902,462)	(2,051,278)	41.50%
Other income	7,019,345	6,416,011	9.40%
Other operating expenses	(3,798,130)	(3,114,088)	21.97%
Finance cost	(11,265,029)	(4,643,921)	142.58%
Share of income from joint ventures & associates	1,143,096	690,187	65.62%
Profit before taxation	19,909,777	19,029,877	4.62%
Taxation	(4,380,976)	(7,666,551)	-42.86%
Profit after taxation	15,528,801	11,363,326	36.66%
Earnings per share - basic and diluted (Rupees)	15.73	11.82	33.08%

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