Engro Polymer reports Rs160.58mn loss in Dec 2024

MG News | February 11, 2025 at 10:03 AM GMT+05:00

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February 11, 2025 (MLN): Engro Polymer and Chemicals Limited (PSX: EPCL) incurred a loss after tax of Rs160.58 million [LPS: Rs0.40] for the year ended December 31, 2024, as gross margins saw a sharp decline.

This compares to a profit of Rs8.93 billion [EPS: Rs9.12] earned in the previous year (2023).

During the year, the Company plant underwent maintenance activity on certain units from August 28 to September 30, to optimize operational efficiency and production levels in the prevalent business environment.

As a result, the Company’s PVC production decreased by 8% to 212 KT as compared to 230 KT in 2023.

As per the financial results, the company’s revenue fell 7.35% to Rs75.71bn, compared to Rs81.27bn in 2023.

Meanwhile, the cost of sales rose 12.15% year-over-year (YoY), negatively impacting gross profit, which plummeted 211.83% YoY to Rs6.59bn in 2024. Consequently, gross margins declined significantly.

During the period under review, other income fell 95.02% to Rs795.04mn from Rs1.55bn in 2023.

On the expense side, administrative expenses increased by 22.29% YoY to Rs2.08bn, while distribution and marketing expenses rose 7.26% YoY to Rs701.39mn. However, other operating expenses dropped 764.31% YoY to Rs215.57mn.

The company’s finance costs surged 44.04% to Rs7.53bn, compared to Rs4.21bn in 2023, primarily due to rising interest rates.

On the tax front, the company recorded an income tax credit of Rs2.95bn, compared to a tax expense of Rs4.60bn in 2023.

CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED DECEMBER 31, 2024
	Dec-24	Dec-23	% Change
Revenue from contracts with customers - net	75,707,941	81,269,534	-7.35%
Cost of sales	(69,117,230)	(60,717,562)	12.15%
Gross profit	6,590,711	20,551,972	-211.83%
Distribution and marketing expenses	(701,386)	(650,479)	7.26%
Administrative expenses	(2,082,398)	(1,618,143)	22.29%
Other expenses	(215,569)	(1,863,187)	-764.31%
Other income	795,042	1,550,517	-95.02%
Operating profit	4,386,400	17,970,680	-309.69%
Finance costs	(7,531,973)	(4,214,708)	44.04%
(Loss) / profit before minimum tax differential, final tax and income tax	(3,145,573)	13,755,972	537.31%
Minimum tax differential	(38,248)	(1,019)	97.34%
Final tax	77,965	(224,066)	387.39%
(Loss) / profit before income tax	(3,105,856)	13,530,887	535.66%
Income tax	2,945,273	-4,598,593	256.13%
(Loss) / profit for the year	(160,583)	8,932,294
Other comprehensive income for the year	-	-
Total comprehensive (loss) / income for the year	(160,583)	8,932,294
(Loss) / Earnings per share - basic	(0.4)	9.12
(Loss) / Earnings per share - diluted	(0.4)	7.39

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