Engro Fertilizers reports Rs28.26bn profit for 2024, up 8% YoY

MG News | February 10, 2025 at 10:01 AM GMT+05:00

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February 10, 2025 (MLN): Engro Fertilizers Limited (PSX: EFERT) has reported a profit of Rs28.26 billion for the year ended December 31, 2024, marking an 8% increase from the previous year's Rs26.2bn.

The company declared a final cash dividend of Rs8 per share (80%) for the year ended, in addition to interim cash dividends already paid at Rs13.5 per share (135%).

The company's strong financial performance was driven by a significant rise in net sales, despite increased costs and expenses.

According to EFERT’s consolidated profit and loss statement, net sales surged by 14.74% to Rs256.67bn in 2024, compared to Rs223.7bn in 2023.

However, the cost of sales also rose sharply by 21.78%, reaching Rs184.39bn.

Despite this, the company maintained a steady gross profit of Rs72.28bn, nearly unchanged from the previous year.

Operating expenses saw a notable rise, with selling and distribution expenses increasing by 36.78% to Rs17.85bn, while administrative expenses climbed 3.98% to Rs4.76bn.

Other income declined by 21.24% to Rs2.92bn, and finance costs surged dramatically by 208.34% to Rs4.13bn, reflecting the impact of higher interest rates or increased borrowings.

Despite these challenges, the company benefited from other gains amounting to Rs1.2bn, reversing a loss of Rs2.98bn in 2023.

However, profit before taxation dropped by 9.13% to Rs45.16bn.

A significant reduction in taxation expenses, which declined by 28.11% to Rs16.89bn, contributed to the overall increase in net profit.

Earnings per share (EPS) for the year stood at Rs21.16, up from Rs19.61 in 2023, reflecting improved profitability for shareholders.

Consolidated statement for profit and loss for the year ended 31 December 2024 Rupees ('000)	2024	2023	%Change
Net sales	256,675,163	223,704,592	14.74%
Cost of sales	(184,390,517)	(151,407,364)	21.78%
Gross profit	72,284,646	72,297,228	-0.02%
Selling and distribution expenses	(17,854,636)	(13,053,158)	36.78%
Administrative expenses	(4,760,403)	(4,578,372)	3.98%
Other income	(2,925,210)	(3,714,027)	-21.24%
Other operating expenses	(4,513,406)	(4,369,431)	3.3%
Finance cost	(4,128,579)	(1,338,964)	208.34%
other gains / (losses)	1,203,088	(2,978,062)
Profit before taxation	45,155,920	49,693,268	-9.13%
Taxation	(16,895,682)	(23,502,166)	-28.11%
Profit for the year	28,260,238	26,191,102	7.9%
Earnings per share - basic and diluted	21.16	19.61

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