Engro Polymer narrows loss in Q1 2025 to Rs825m

MG News | April 18, 2025 at 09:41 AM GMT+05:00

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April 18, 2025 (MLN): Engro Polymer and Chemicals Limited (PSX: EPCL) reported a loss after tax of Rs824.59 million [LPS: Rs0.91] for the quarter ended March 31, 2025, reflecting a narrower loss compared to Rs901.24m [LPS: Rs1.21] in the same period last year.

The company's revenue from contracts with customers rose 7.72% YoY to Rs17.86 billion, compared to Rs16.58bn in Q1 2024, supported by increased business activity.

However, the cost of sales also increased by 6.37% YoY to Rs16.45bn, which led to a 27.58% rise in gross profit, reaching Rs1.41bn. As a result, gross margins improved during the quarter.

Administrative expenses surged 14.06% YoY to Rs815.07m, while distribution and marketing expenses declined 10.26% YoY to Rs132.89m.

Other expenses rose significantly by 366.07% to Rs108.25m, partially offset by a slight decline in other income, which dropped 8.03% YoY to Rs161.2m.

The company’s operating profit jumped 81.25% to Rs717.87m, up from Rs396.06m in Q1 2024. Despite this, high finance costs of Rs1.50bn (down 10.87% YoY) continued to weigh heavily on the bottom line, resulting in a loss before tax of Rs843.29m.

The company also recorded a final tax charge of Rs57.47m and a nominal minimum tax differential, while recognizing an income tax credit of Rs18.7m for the quarter.

Overall, total comprehensive loss stood at Rs824.59m for Q1 2025, compared to Rs901.24m in the same quarter last year, showing a YoY improvement of 8.51%.

Consolidated Statement of Profit and Loss (Rupee '000)
Particulars	Mar-25	Mar-24	%Change
Revenue from contracts with customers - net	17,856,452	16,576,108	7.72%
Cost of sales	(16,454,573)	(15,469,428)	6.37%
Gross profit	1,411,879	1,106,680	27.58%
Distribution and marketing expenses	(132,887)	(148,078)	-10.26%
Administrative expenses	(615,069)	(714,598)	-13.93%
Other expenses	(108,249)	(23,226)	366.07%
Other income	161,195	175,277	-8.03%
Operating profit	717,869	396,059	81.25%
Finance costs	(1,502,760)	(1,686,092)	-10.87%
Loss before minimum tax differential, final tax and income tax	(785,891)	(1,272,033)	-38.22%
Minimum tax differential	(125)	—
Final tax	(57,471)	(15,665)	266.88%
Loss before income tax	(843,287)	(1,287,698)	-34.51%
Income tax	18,696	386,456	-95.16%
Loss for the period	(824,591)	(901,242)	-8.51%
Other comprehensive income for the period	—	—
Total comprehensive loss for the period	(824,591)	(901,242)	-8.51%
Loss per share - basic	(0.91)	(1.21)	-24.79%
Loss per share - diluted	(0.91)	(1.21)	-24.79%

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