Engro Foods Half year profits jump up by 175%: Earnings Report

MG News | August 03, 2018 at 04:08 PM GMT+05:00

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In its Board of Directors meeting held on August 3^rd 2018, Engro Foods finalized its financial results for the half year ended June 30, 2018.

Compared to the half year ended June 2017, Engro Food’s net sales fell by 14.77%. Since cost of sales of the company fell by a greater margin of 17.93%, gross profit over the year improved by 0.31%.

The company’s other income more than doubled, increasing by about 106.4% over the year, leading to an operating profit growth of 23.73% over the year. However, due to an increase of 39.1% in its financing costs, the company’s profit before taxation grew by only 14.30%.

As a result of tax refunds to be received by the firm, profit after taxation for the period jumped up by 175.49%.

The company also declared earnings per share (EPS) of Rs 0.67 compared to Rs 0.24 during the half year ended June 2017, an increase of about 179.17%.

Profit and Loss Account for the Half Year Ended June 30th 2018 ('000 Rupees)
	Jun-18	Jun-17	% Change
Net Sales	15,346,020	18,004,707	-14.77%
Cost of Sales	(12,210,999)	(14,879,230)	-17.93%
Gross Profit	3,135,021	3,125,477	0.31%
Distribution and Marketing Expenses	(2,250,847)	(2,251,364)	-0.02%
Administrative Expenses	(419,531)	(407,751)	2.89%
Other Operating Expenses	(47,600)	(30,684)	55.13%
Other Income	304,682	147,618	106.40%
Operating Profit	721,725	583,296	23.73%
Finance Cost	(308,600)	(221,857)	39.10%
Profit before Taxation	413,125	361,439	14.30%
Taxation	98,171	(175,845)
Profit/ (loss) for the Period	511,296	185,594	175.49%
Earnings per Share - Basic and Diluted (Rs)	0.67	0.24	179.17%

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