Engro Fertilizers announces 112 percent growth in quarterly profit

KARACHI: Engro Fertilizers Limited has recorded massive growth of around 112 percent for the quarter ended September 30, 2020 owing to increase in sales and lower payment of taxes.

In its financial results submitted to Pakistan Stock Exchange (PSX) on Wednesday, the company announced profit after tax of Rs7.03 billion for the quarter ended September 30, 2020 as compared with Rs3.32 billion in the same quarter of the last year.

The sales of the company registered 38 percent growth to Rs37.43 billion for the quarter under review as compared with Rs27.1 billion in the same quarter of the last year.

The payment of tax by the company was Rs169.36 million for the quarter ended September 30, 2020 as compared with the tax payment of Rs2.65 billion in the same quarter of the last year.

The gross profit of the company was at Rs10.84 billion for the quarter under review as compared with Rs8.84 billion in the same quarter last year.

Administrative expenses of the company increased to Rs514.67 million for the quarter ended September 30, 2020 as compared with Rs296.36 million in the corresponding quarter of the last year.

The company announced earnings per share of Rs5.27 for the quarter under review as compared with EPS of Rs2.49 in the same quarter of the last year.

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