Engro Fertilizer's profits driven up by virtue of improved topline earnings

By MG News | October 18, 2018 at 01:26 PM GMT+05:00

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October 18, 2018 (MLN): Engro Fertilizers (EFERT) has reported a sizeable growth in its overall profits for the nine month period ended on September 30^th 2018. The remarkable improvement in EFERT’s performance came about as a result of extraordinary growth in topline earnings.

As per a formal report on the company’s financial earnings, the net sales made during these nine months up surged incredibly by 43%, when compared to net sales for the corresponding period of last year.

Sequentially after cost adjustments, the gross profits rose by Rs.9 million or 60% and after annulling the impact of all the increased expenses, led to a 62% rise in pre-tax profits.

Total profit for the period rose by Rs.5.3 million over the period ended September 30, 2017, locking in at Rs.12.2 million.

The company’s basic and diluted earnings per share hopped up by Rs.3.98 per share as it stands at Rs.9.17 per share.

In their Board of directors meeting held this morning, an interim cash dividend at Rs.4 per share (40%) was also recommended, in addition to an interim dividend of Rs.4 per share that is already paid.

Financial Results for the nine months ended September 30th 2018 (Rupees)
	Sep-18	Sep-17	% Change
Net Sales	69,215,104	48,473,114	42.79%
Cost of Sales	(45,319,338)	(33,540,093)	35.12%
Gross Profit	23,895,766	14,933,021	60.02%
Selling and Distribution Expenses	(5,245,967)	(4,900,979)	7.04%
Administrative Expenses	(812,240)	(749,731)	8.34%
Other Income	1,867,985	4,244,732	-55.99%
Other Operating Expenses	(1,025,180)	(869,864)	17.86%
Finance Cost	(1,419,875)	(2,003,274)	-29.12%
Profit before Taxation	17,260,489	10,653,905	62.01%
Taxation	(5,011,401)	(3,729,888)	34.36%
Profit for the period	12,249,088	6,924,017	76.91%
Earnings per share - basic and diluted	9.17	5.19	76.69%

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