KARACHI: Engro Corporation on Wednesday massive increase in profit to Rs16.6 billion for the half year ended June 30, 2022.
Pakistan’s premier conglomerate, Engro Corporation (PSX: ENGRO) announced its financial results for the first half of the year ending June 30, 2022.
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Engro Corporation’s standalone revenue increased from Rs8.6 billion in the first half year of 2021 to Rs16.6 billion in the first half of 2022, exhibiting a substantial growth of 92 per cent.
Higher revenue was primarily due to higher dividends received from Engro Polymer and Chemicals Limited (EPCL) and Engro Fertilizers Limited (EFERT) which, in turn, were driven by strong underlying business performance.
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Resultantly, the Company achieved a 29 per cent higher profit after tax of Rs12.5 billion in the first half of 2022 against Rs9.7 billion in the same half of 2021, translating into an Earnings per share (EPS) of Rs21.66 per share (2021: Rs16.81 per share).
On a consolidated basis, Engro Corporation’s revenue grew by 27 per cent to Rs177.5 billion in 1H 2022 from Rs139.3 billion in 1H 2021.
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The company posted a profit after tax of Rs16.8 billion in 1H 2022, which is 42 per cent lower than Rs29.1 billion in 1H 2021. The profit after tax attributable to the shareholders is Rs7.4 billion, translating into an EPS of PKR 12.87 per share (1H 2021: Rs29.60 per share). Despite organic revenue growth, imposition of super tax on current and prior year earnings weighed on the conglomerate’s consolidated profitability.
Engro Corporation announced an interim cash dividend of Rs 11/- per share for the year. This is in addition to the Rs12/- per share dividend that has already been announced during the year, bringing the cumulative payout to Rs23/- per share.
