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Engro Fertilizers’ profits soar by 59% in 1Q2024

Engro Fertilizers’ profits soar by 59% in 1Q2024
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April 18, 2024 (MLN): Engro Fertilizers Limited’s (PSX: EFERT) profits surged 59.4% YoY in the first quarter of 2024, with after-tax profits worth Rs8.8 billion [EPS: Rs6.59] compared to a profit of Rs5.52bn [EPS: Rs4.13] in the same period last year (SPLY).

Along with the results, the company announced an interim cash dividend of Rs8 per share for the period ended March 31, 2024.

Going by the unconsolidated results, the company’s top line increased by 61.4% YoY to Rs53.8bn as compared to Rs33.33bn in SPLY.

The cost of sales also rose by 43.8% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 112.3% YoY to Rs18.23bn in 3QFY24.

The gross margins improved to 33.88% as compared to 25.77% in SPLY.

During the period under review, other income decreased by 46.3% YoY to stand at Rs1.7bn in 3QFY24 as compared to Rs3.17bn in SPLY.

On the expense side, the company observed a rise in administrative Expenses by 99.7% YoY and other expenses by 80.0% YoY to clock in at Rs1.1bn and Rs1.06bn respectively during the review period.

The company’s finance cost contracted by 65.4% YoY and stood at Rs158.37m as compared to Rs457.04m in SPLY.

On the tax front, the company paid a significant larger tax worth Rs5.01bn against the Rs1.74bn paid in the corresponding period of last year, depicting a rise of 2.88x YoY.

Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in ‘000)
Mar 24 Mar 23 % Change
Sales 53,804,388 33,327,407 61.44%
Cost of sales (35,575,627) (24,740,405) 43.80%
Gross Profit 18,228,761 8,587,002 112.28%
Administrative Expenses (1,104,261) (553,009) 99.68%
Selling And Distribution Expenses (3,851,113) (2,260,752) 70.35%
Share Of Profit / (Loss) 57,783
Other Income 1,701,428 3,166,846 -46.27%
Other Operating Expenses (1,064,110) (591,112) 80.02%
Finance Cost (158,367) (457,039) -65.35%
Profit before taxation 13,810,121 7,258,979 90.25%
Taxation (5,010,660) (1,738,720) 188.18%
Net profit for the period 8,799,461 5,520,259 -59.40%
Basic earnings/ (loss) per share 6.59 4.13

Amount in thousand except for EPS

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Posted on: 2024-04-18T15:44:35+05:00