KARACHI: Engro Corporation Limited (ENGRO) has announced 35 percent surge in profit after tax to Rs12.71 billion for calendar year 2018 as compared with Rs9.41 billion in the preceding year.
According to financial results submitted to Pakistan Stock Exchange (PSX) on Wednesday the profit before tax of the company registered 33 percent increase to Rs36.42 billion as compared with Rs27.42 billion.
While consolidated earnings for 4QCY18 arrived at Rs2.8 billion, up by 11 percent YoY and down by 28 percent QoQ.
Along with the result, the company announced final cash dividend of Rs2.00/share and 10 percent bonus shares, taking cumulative CY18 cash dividend to PKR 21.00/share (CY17: PKR 21.00/share).
Analysts at Arif Habib Limited said that on the fertilizer business front, EFERT posted a solid 56 percent YoY growth in PAT, to PKR 17,414 million during CY18 amid 25 percent YoY higher urea prices along with 11 percent and 20 percent YoY growth in urea and DAP offtake, respectively.
Engro Foods Limited (EFOODS) posted a PAT of Rs64 million in CY18, depicting a down turn of 83 percent YoY on account of shrinking market share and lower volumes in dairy segment amid increased competition.
Engro Polymer & Chemicals Limited (EPCL) profitability clocked-in at Rs4,930 million, significantly up by 2.4x YoY, given 8 percent YoY higher PVC production and 14 percent YoY Pak Rupee depreciation during CY18.
The company booked a one-off gain of PKR 7.39/share in standalone accounts which, we view, is from the sale of Elengy Terminal Pakistan Limited (ETPL) (24 percent of paid-up capital) to Vopak LNG Holding Limited.