ENGRO enjoys a 28% increase in yearly profits
MG News | February 21, 2020 at 01:30 PM GMT+05:00
February 21, 2020 (MLN): Engro Corporation Limited (ENGRO) has declared net profits of Rs. 30.2 billion (EPS: Rs. 28.69) for the year ended December 31, 2019, which is nearly 28.17% lower than the figures reported last year.
The company also announced a Final Cash Dividend for the year at Rs. 1 per share i.e. 10%. This is in addition to Interim Dividends already paid at Rs. 23 per share i.e. 230%.
The topline earnings of the company saw a growth of 31.6% owing to the benefits emanating from the Thar energy projects.
Furthermore, a rise in the profitability of Engro Fertilizers and Engro Powergen, combined with a reduction in the losses of FrieslandCampine Engro Pakistan, provided further impetus to the company’s net earnings.
| Financial Results for the Year Ended December 31, 2019 ('000 Rupees) | |||
|---|---|---|---|
| Dec-19 | Dec-18 | % Change | |
| Revenue | 225,919,576 | 171,568,238 | 31.68% |
| Cost of Sales | (157,233,488) | (120,459,766) | 30.53% |
| Gross Profit | 68,686,088 | 51,108,472 | 34.39% |
| Selling and distribution expenses | (8,103,286) | (8,488,256) | -4.54% |
| Administrative expenses | (6,156,325) | (4,497,302) | 36.89% |
| Other income | 13,663,434 | 9,147,368 | 49.37% |
| Other operating expenses | (8,477,620) | (5,518,656) | 53.62% |
| Operating profit | 59,612,291 | 41,751,626 | 42.78% |
| Finance cost | (14,750,272) | (5,453,221) | 170.49% |
| Share of income from joint ventures & associates | 1,147,999 | 128,647 | 792.36% |
| Profit before taxation | 46,010,018 | 36,427,052 | 26.31% |
| Taxation | (15,721,927) | (12,795,319) | 22.87% |
| Profit after taxation | 30,288,091 | 23,631,733 | 28.17% |
| Earnings per share - basic and diluted (Rupees) | 28.69 | 22.06 | 30.05% |
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