In its Board of Directors meeting held on August 3rd 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% |
22481
