Engro Polymer reports Rs160.58mn loss in Dec 2024
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MG News | February 11, 2025 at 10:03 AM GMT+05:00
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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