Engro Polymer & Chemical witnesses doubled profits by virtue of increased non-core income

MG News | October 12, 2018 at 03:39 PM GMT+05:00

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October 12, 2018 (MLN): Engro Polymer and Chemical Limited (EPCL)’s nine month consolidated profits for the period ended September 30^th 2018 have witnessed an exceptional improvement of Rs.1.9 billion as the profits doubled over the corresponding period of previous year.

According to the PSX announcement on the company’s financial earnings, EPCL’s top-line earnings increased by a quarter on a year-on-year basis, while gross profits increased by 37%.

Although EPCL witnessed significant rise in overall expenses, its non-core income hiked by solid margin (Rs.559.7 million) while finance cost registered a drop of 23%. Therefore, Rs.171.7 million increment in tax provisions did not harm the overall profit growth much as it came up from around Rs.2 billion to Rs.3.9 billion, YoY.

EPCL’s basic and diluted earnings per share have also taken a leap of 86% as they came up from Rs.2.7 per share to Rs.5.03 per share.

Consolidated Profit and Loss Account for the nine months ended September 30th 2018 ('000 Rupees)
	Sep-18	Sep-17	% Change
Net revenue	25,523,707	20,389,788	25.18%
Cost of sales	(18,723,724)	(15,429,700)	21.35%
Gross profit	6,799,983	4,960,088	37.09%
Distribution and marketing expenses	(995,422)	(899,534)	10.66%
Administrative expenses	(535,516)	(385,865)	38.78%
Other operating expenses	(470,237)	(269,466)	74.51%
Other income	620,266	60,530	924.72%
Operating profit	5,419,074	3,465,753	56.36%
Finance cost	(451,501)	(588,285)	-23.25%
Profit before taxation	4,967,573	2,877,468	72.64%
Taxation	(1,102,137)	(930,448)	18.45%
Profit for the period	3,865,436	1,947,020	98.53%
Earnings per share - basic and diluted(Rupees)	5.03	2.70	86.30%

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