Engro Foods today announced financial results for the year ending December 31st, 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 31st 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.
