Engro Holdings' profit jumps 17% to Rs43bn

MG News | March 03, 2025 at 11:19 AM GMT+05:00

0:00

March 03, 2025 (MLN): Engro Holdings Limited (PSX: ENGROH) unveiled its consolidated profit and loss statement for the period ended December 31, 2024, reporting a profit after tax of Rs43.24 billion, marking a 17.28% increase from Rs36.87bn in the corresponding period last year.

The profit after tax from continuing operations stood at Rs39.13bn, reflecting a 13.92% increase compared to Rs34.35bn in 2023.

The company’s revenue surged by 13.85% year-over-year (YoY) to Rs406.17bn, while the cost of revenue increased by 23.66% YoY, leading to a gross profit of Rs97.67bn, an 8.95% decline from the previous year.

Operating profit declined marginally by 3.86% YoY to Rs83.98bn, impacted by a sharp rise in finance costs, which soared 117.34% YoY to Rs20.31bn.

Other income dropped significantly by 62.44% to Rs21.63bn, while other operating expenses declined by 34.12%.

The company's taxation expenses decreased by 39% YoY, bringing the tax burden down to Rs22.54bn from Rs36.96bn in 2023.

Profit from discontinued operations also saw a sharp increase of 63.04% YoY, contributing Rs4.1bn to the bottom line.

The profit attributable to the owners of the holding company surged by a remarkable to Rs12.89bn, while the non-controlling interest portion declined YoY to Rs30.35bn.

Earnings per share (EPS) from continuing operations stood at Rs24.24, up 45.5% from Rs16.66 in the previous year, while EPS from discontinued operations fell by 36.66% to Rs2.54.

Consolidated Profit and Loss For The Period Ended December 31, 2024 (Rupees in '000)
Description	Dec-24	Dec-23	%Change
Revenue	406,167,085	356,741,543	13.85%
Cost of revenue	(308,491,858)	(249,468,730)	23.66%
Gross profit	97,675,227	107,272,813	-8.95%
Selling and distribution expenses	(15,921,884)	(11,501,553)	43.43%
Administrative expenses	(15,989,187)	(15,903,374)	0.54%
Other income	21,632,877	16,938,389	27.72%
Other operating expenses	(4,618,953)	(7,011,327)	-34.12%
Other losses - Loss allowance on subsidy receivable from GoP	1,203,088	(2,440,151)	-149.30%
Operating profit	83,981,168	87,354,877	-3.86%
Finance cost	(20,318,775)	(13,930,783)	46.14%
Share of income from joint venture and associates	2,209,884	2,046,428	7.94%
Profit before income tax, minimum tax, and final tax	65,872,277	75,470,542	-26.23%
Minimum tax and final tax	(4,189,320)	(4,119,489)	-3.01%
Profit before taxation	61,682,597	71,315,053	-13.51%
Taxation	(22,545,773)	(36,960,829)	-39.00%
Profit after taxation from continuing operations	39,137,184	34,354,224	13.92%
DISCONTINUED OPERATIONS
Profit after taxation from discontinued operations	4,107,711	2,519,516	63.04%
Profit after taxation	43,244,895	36,873,740	17.28%
Profit attributable to:
Owners of the Holding Company	12,890,479	8,607,159	276.65%
Non-controlling interest	30,354,416	28,266,581	-61.70%
Total Profit after Taxation	43,244,895	36,873,740	17.28%
Earnings per share - basic and diluted (Rupees)
Continuing operations	24.24	16.66	45.5%
Discontinued operations	2.54	4.01	36.66%
Earnings per share - basic and diluted	26.78	20.67	4.98%

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