Higher net sales uplift Engro Corp’s profit by 53.30%

MG News | October 19, 2018 at 05:04 PM GMT+05:00

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October 19, 2018 (MLN): Engro Corporation Limited has reported a sizeable growth of 53.30% in its overall profits for the nine month period ended on September 30^th 2018. The significant improvement in performance was due to extraordinary revenue earned from net sale.

Total profit for the period rose by Rs.6.2 billion over the period ended September 30, 2017, locking in at Rs.17.8 billion.

As per the company’s official report on financial earnings, the net sales made during these nine months up surged by 32.64%, when compared to net sales for the corresponding period of last year.

After the cost adjustments, the gross profits rose by Rs.11.5 billion or 48.07% and after rescinding the impact of all the increased expenses, led to a 32.16% rise in pre-tax profits.

The company’s basic and diluted earnings per share dived up by Rs.5.79 per share as it stands at Rs.18.99 per share.

In their Board of directors meeting held this morning, an interim cash dividend at Rs.7 per share (70%) was also recommended, in addition to an interim dividend of Rs.12 per share i.e. 120% that is already paid.

Profit and loss account for nine months ended September 30th 2018 ('000 Rupees)
	Sep-18	Sep-17	% Change
Net revenue	114,643,755	86,431,266	32.64%
Cost of revenue	-79,183,277	-62,483,033	26.73%
Gross profit	35,460,478	23,948,233	48.07%
Selling and distribution expenses	-5,618,405	-5,295,825	6.09%
Administrative expenses	-3,473,863	-2,644,726	31.35%
Other income	6,427,608	7,630,991	-15.77%
Other operating expenses	-2,732,782	-1,299,827	110.24%
Finance Cost	-3,647,871	-3,627,033	0.57%
Share of (loss) / income from joint venture & associates	-196,372	1,127,081	-117.42%
Profit before taxation	26,218,793	19,838,894	32.16%
Taxation	-8,365,511	-8,193,293	2.10%
Profit after taxation	17,853,282	11,645,601	53.30%
Earnings per share - basic and diluted	18.99	13.20	43.86%

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