Engro Powergen reports annual gains of Rs. 2.6 billion for FY18

MG News | February 01, 2019 at 04:59 PM GMT+05:00

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February 1, 2019 (MLN): Engro Powergen Qadirpur Limited has reported annual profits of Rs. 2.6 billion for the year ended December 31, 2018, exhibiting an increase of 9.9% as compared to the same period last year.

The growth in bottom-line earnings was mainly driven by slight improvement in the sales revenue, combined with mere decline in the company’s cost of sales. This combo was strong enough to control the escalating operating and tax expenses.

Decline in the Finance cost by 27% also provided some relief to the company’s financial position.

The company stated its Earning per share at Rs 8.11 for the period ended December 31, 2018.

It was noted that although the Company's profitability remained robust, the liquidity position was challenging given the confluence of various factors and therefore it did not pay out further dividends for the said period.

It is anticipated that liquidity will ease in the near term after which the making of interim dividend payments will be considered.

Profit and loss account for the year ended December 31 2018 (Rupees'000)
	Dec-18	Dec-17	% Change
Sales	11,874,365	11,589,512	2.46%
Cost of sales	-8,864,263	-8,877,874	-0.15%
Gross profit	3,010,102	2,711,638	11.01%
Administrative expenses	-182,350	-158,674	14.92%
Other expenses	-4,856	-2,825	71.89%
Other income	1,785	110,224	-98.38%
Profit from operations	2,824,681	2,660,363	6.18%
Finance cost	-196,005	-269,221	-27.20%
Profit before taxation	2,628,676	2,391,142	9.93%
Taxation	-1,063	-497	113.88%
Profit for the year	2,627,613	2,390,645	9.91%
Earnings per share - basic and diluted	8.11	7.38	9.89%

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