Engro Foods Ltd. profits fall 84.11% to Rs. 379.297 thousand

MG News | February 12, 2018 at 11:26 AM GMT+05:00

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Engro Foods today announced financial results for the year ending December 31^st, 2017. Engro Foods has been struggling on the financial fronts after Engro Corp sold the company to Friesland. The company has struggled to post positive performance ever since the senior management changed at the company.

Company during the last year saw a 21% decline in the Net Sales, culminating into Gross Profit of Rs. 5.636 million against 2016’s GP of Rs. 10.015 million . Company’s operating profit also declined by more than 71% to 1.084 million, with help from 141% rise in other income.

Despite a 98.37% decline in Taxation, Engro Foods managed to post profits worth Rs. 379 thousand falling by more than 88% from last year’s tally of Rs. 2.386 million.

The company reported an EPS of Rs. 0.49 vs. an EPS of Rs. 3.11 during the year ending December, 2016.

Comparison of Key Financials
Unconsolidated Profit and Loss Account - For the Half Year Ended, December 31^st 2017
Key Financials	2017	2016	% Change
	Amounts in PKR
Net Sales	34,653,486	43,878,347	-21.02%
Cost of Sales	29,017,336	33,863,131	-14.31%
Gross Profit	5,636,150	10,015,216	-43.72%
Distribution and Marketing Expenses	3,933,248	5,044,659	-22.03%
Administrative Expenses	852,099	920,998	-7.48%
Other Operating Expenses	121,870	332,244	-63.32%
Other Income	358,541	148,509	141.43%
Operating Profit	1,087,474	3,865,824	-71.87%
Finance Cost	524,497	348,038	50.70%
Profit before Taxation	562,977	3,517,786	-84.00%
Taxation	18,380	1,131,074	-98.37%
Profit for the period	379,297	2,386,712	-84.11%
Profit available for appropriation	972,516	8,259,180	-88.23%
EPS - Basic and diluted	0.49	3.11	-84.24%

Company release on Earnings Report can be accessed here.

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