Engro defies profit slump, announces massive 400% cash dividend for Q1
By MG News | April 20, 2023 at 10:56 AM GMT+05:00
April 20, 2023 (MLN): Engro Corporation Limited (ENGRO), one of Pakistan’s largest conglomerates with the company’s business portfolio in four verticals, which include food & Agri, petrochemicals, energy & infrastructure, and connectivity has announced a significant interim cash dividend for the first quarter ended on March 31, 2023, at the rate of Rs40 per share i.e., 400% despite the 41% reduction in net profits.
The financial statement sent to PSX on Thursday revealed that the profitability of the company dropped to Rs8.8 billion [EPS: Rs8.18] in 1QCY23 compared to Rs14.89bn [EPS: Rs13.84] in the same period last year.
The top line of the company saw a minimal increase of 10.19% YoY to Rs97.33bn compared to Rs88.33bn in 1QCY22 while the cost of sales surged proportionately higher by 17.43% YoY which dented the gross margin of the company to 26.26% in 1QCY23 from 30.81% in 1QCY22.
As per the company’s financial statement, higher other operating expenses went down by 25% YoY while the other losses have surged by twofold to Rs633mn which kept Engro’s profitability in check.
On the back of the higher interest rate, the finance cost of the company has jumped by more than 2x YoY to Rs11.1bn compared to Rs5.12bn in 1QCY22.
During the review period, the company paid Rs4.82bn in terms of taxation, down by 18.33% YoY compared to Rs5.9bn in the same period last year.
|
Consolidated Financial Results for the quarter ended March 31, 2023 (Rupees '000') |
|||
|---|---|---|---|
|
|
Mar-23 |
Mar-22 |
% Change |
|
Net Revenue |
97,332,430 |
88,333,240 |
10.19% |
|
Cost of revenue |
(71,769,506) |
(61,115,604) |
17.43% |
|
Gross Profit |
25,562,924 |
27,217,636 |
-6.08% |
|
Distribution and selling expenses |
(2,087,042) |
(1,888,654) |
10.50% |
|
Administrative expenses |
(3,060,610) |
(1,670,585) |
83.21% |
|
Other income |
6,855,586 |
3,986,005 |
71.99% |
|
Other losses |
(632,957) |
(311,706) |
103.06% |
|
Other operating expenses |
(1,787,654) |
(2,388,034) |
-25.14% |
|
Operating profit |
24,850,247 |
24,944,662 |
-0.38% |
|
Finance cost |
(11,104,824) |
(5,127,664) |
116.57% |
|
Share of loss / income from joint venture |
(123,810) |
988,329 |
-112.53% |
|
Profit before taxation |
13,621,613 |
20,805,327 |
-34.53% |
|
Taxation |
(4,824,841) |
(5,907,862) |
-18.33% |
|
Profit from continuing operations |
8,796,772 |
14,897,465 |
-40.95% |
|
Profit/(loss) from discontinued operations (attributable to owners of the holding company) |
- |
238 |
-100.00% |
|
Profit for the year |
8,796,772 |
14,897,703 |
-40.95% |
|
Earnings/ (loss) per share - basic and diluted (Rupees) |
8.18 |
13.84 |
-40.90% |
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