Engro Fertilizers earnings top expectations
MG News | October 14, 2024 at 03:33 PM GMT+05:00
October 14, 2024 (MLN): Engro Fertilizers Limited (PSX: EFERT) beat market expectations in the third quarter of 2024 with a net profit of Rs8.55 billion. That translates to earnings per share of Rs6.41 against market forecasts of Rs4.99.
However, the payout fell short of expectations, with the company announcing an interim cash dividend of Rs2.5 per share i.e. 25% against an estimate of Rs4.9 per share.
Earnings were also lower than the same period last year, when the company recorded a profit after tax of Rs9.58bn [EPS: Rs7.17].
The company's shares sank 3.6% to Rs191.06.
The year-over-year decline in profit was largely led by a fall in revenue, which slumped to Rs58.64bn during the quarter from Rs66.16bn in SPLY.
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