August 19, 2020 (MLN): Engro Corporation has reported 36% YoY growth in its net profits for six months ended on June 30th, 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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