Engro earns Rs21.5bn profit in 1HCY23

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MG News | August 17, 2023 at 09:40 AM GMT+05:00

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August 17, 2023 (MLN): Engro Corporation Limited (PSX: ENGRO) experienced an increase of 27.73% YoY in its profitability, clocking in its profit after tax at Rs21.47 billion [EPS: Rs19.12] in 1HCY23 as compared to a profit of Rs16.81bn [EPS: Rs12.87] in the same period last year (SPLY).

Contrary to the street expectations of a Rs10-35 dividend, the company announced an interim cash dividend of Rs2 per share, i.e. 20%, for the second quarter ended June 30, 2023.

This is in addition to the interim cash dividend already paid at Rs40 per share i.e. 400%.

Going by the results, the company's top line grew by 14.10% YoY to Rs202.48bn as compared to Rs177.45bn in SPLY.

The cost of sales rose by 14.59% YoY but was lesser than proportionate to the sales increase, which improved the gross profit by 13.00% YoY to Rs61.22bn in 1HCY23.

Moreover, during the review period, other income went up by 42.89% YoY to stand at Rs13.75bn in 1HCY23 as compared to Rs9.62bn in SPLY.

On the expense side, the company observed a rise in distribution and selling expenses by 17.80% YoY to clock in at Rs5.93bn, while other expenses fell by 49.54% YoY to Rs3.24 bn during the review period.

The company’s finance costs surged by 87.44% YoY and stood at Rs22.5bn as compared to Rs12bn in 1HCY23, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs18.3bn against the Rs20.28bn paid in the corresponding period of last year, depicting a decline of 9.76% YoY.

Consolidated (un-audited) Financial Results for half-year ended 30 June, 2023
  June 23 June 22 % Change
Sales 202,481,972 177,454,754 14.10%
Cost of sales (141,265,444) (123,281,911) 14.59%
Gross Profit 61,216,528 54,172,843 13.00%
Distribution and selling expenses (4,035,191) (3,425,574) 17.80%
Administrative expenses (5,934,140) (4,729,283) 25.48%
Other losses (1,089,743) (1,390,693) -21.64%
Other Income 13,751,246 9,623,415 42.89%
Other expenses (3,244,902) (6,430,839) -49.54%
Finance cost (22,496,085) (12,001,936) 87.44%
Share of income from joint venture and associates 1,605,232 1,272,119 0.00%
Profit before taxation 39,772,945 37,090,052 7.23%
Taxation (18,298,594) (20,277,549) -9.76%
Profit from continuing operations 21,474,351 16,812,503 27.73%
Profit from discontinued operations - 71 -
Net profit for the period 21,474,351 16,812,574 27.73%
Basic and diluted earnings/ (loss) per share  19.12 12.87 -

Amount in thousand except for EPS

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