August 20, 2019 (MLN): Engro Corporation Limited (ENGRO)’s half yearly profit increased by merely 3.9 as the company recorded the figure for period ended June 30, 2019, at Rs.11.5 billion while EPD logged in at Rs.11.93 per share.
As per the statement of financial results issued to the Pakistan Stock Exchange (PSX), ENGRO’s net revenue (Rs.85.9 billion) grew by 20% while the gross profit (Rs.24.9 billion) enhanced by 17%.
Moreover, the company’s non-core income (Rs.6.4 billion) rose by nearly 30% or Rs.1.4 billion while the share of income from joint ventures & associates leapt by another Rs.1.2 billion.
However, a sharp upsurge of 90% or Rs.2.2 billion in finance cost, along with higher expenses nearly nullified the positive impact of growing inflows.
In addition to this, ENGRO also announced an interim cash dividend at Rs.8 per share, i.e. 80% in addition to an interim dividend already paid at Rs.7 per share or 70%.
Consolidated Financial Results for the half year Ended June 30, 2019 ('000 Rupees) | |||
|---|---|---|---|
| Jun-19 | Jun-18 | % Change |
Net revenue | 85,989,116 | 71,733,077 | 19.87% |
Cost of revenue | (61,010,150) | (50,385,012) | 21.09% |
Gross Profit | 24,978,966 | 21,348,065 | 17.01% |
Selling and distribution expenses | (3,097,262) | (3,236,519) | -4.30% |
Administrative expenses | (2,403,469) | (1,780,847) | 34.96% |
Other income | 6,416,011 | 4,971,619 | 29.05% |
Other operating expenses | (2,742,870) | (2,110,442) | 29.97% |
Finance cost | (4,643,921) | (2,444,152) | 90.00% |
Share of income from joint ventures & associates | 690,187 | (501,605) |
|
Profit before taxation | 19,197,642 | 16,246,119 | 18.17% |
Taxation | (7,715,203) | (5,191,198) | 48.62% |
Profit after taxation | 11,482,439 | 11,054,921 | 3.87% |
|
| (Restated) |
|
Earnings per share – basic and diluted (Rupees) | 11.93 | 10.57 | 12.87% |
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