Engro Fertilizers ends the quarter on sluggish note as earnings change by a trivial margin
MG News | April 19, 2019 at 04:01 PM GMT+05:00
April 19, 2019 (MLN): Engro Fertilizers Limited has ended the quarter on a rather sluggish note, as its Profits after Tax for the quarter ended March 31, 2019, have been recorded at Rs. 4 billion, which is merely 3% higher than the figures of same period last year.
This insignificant change in net earnings was a result of increase in both sales revenue and cost of sales by relatively same amount, which led to change in gross profit margins by only 3.6%.
Moreover, decline in urea offtake along with lower DAP realized margins amid PKR depreciation during the period also played a major role in keeping the profits at bay.
The other income of the company fell by 10.66%, as previously there was subsidy on fertilizer sales; which was removed in October.
On the other hand, the financial costs of the company surged by a noticeable margin, mainly due to the hike in interest rates.
However, the company performed better than market expectations, as most of the brokerage houses were expecting a significant decline in net earnings.
| Profit and loss account for the quarter ended March 31 2019 (Rupees'000) | |||
|---|---|---|---|
| Mar-19 | Mar-18 | % Change | |
| Net sales | 23,652,452 | 18,218,879 | 29.82% |
| Cost of sales | -16,053,421 | -10,888,006 | 47.44% |
| Gross profit | 7,599,031 | 7,330,873 | 3.66% |
| Selling and distribution expenses | -1,635,779 | -1,664,724 | -1.74% |
| Administrative expenses | -281,612 | -252,200 | 11.66% |
| Other income | 1,011,629 | 1,132,381 | -10.66% |
| Other operating expenses | -406,017 | -447,910 | -9.35% |
| Finance cost | -798,966 | -511,730 | 56.13% |
| Profit before taxation | 5,488,286 | 5,586,690 | -1.76% |
| Taxation | -1,481,471 | -1,697,095 | -12.71% |
| Profit for the period | 4,006,815 | 3,889,595 | 3.01% |
| Earnings per share - basic and diluted | 3.00 | 2.91 | 3.09% |
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