Engro earns Rs21.5bn profit in 1HCY23

News Image

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

0:00

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

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%

Chart of the Day


Latest News
July 17, 2025 at 09:10 AM GMT+05:00

Pakistan, El Salvador partner on bitcoin, digital asset


July 17, 2025 at 06:31 AM GMT+05:00

MG Morning Breeze: Updates to Skim before Market


July 16, 2025 at 11:00 PM GMT+05:00

SBP raises Rs342bn in PIB Auction


July 16, 2025 at 10:17 PM GMT+05:00

TRG case files stolen en route to Islamabad


July 16, 2025 at 05:45 PM GMT+05:00

PM pushes for digital, International-Standard education



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg