Karachi, December 6, 2024 – Engro Corp has announced a significant step toward enhancing its telecommunications portfolio by entering into an amalgamation agreement with Pakistan Mobile Communication Limited (PMCL). This scheme of arrangement, subject to the sanction of the High Court, marks a major milestone in Engro’s strategic initiatives.
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Engro Corporation Reports 48% Drop in 9MCY24 Profit
Engro Corporation Limited (ENGRO) announced a significant decline in its financial performance for the nine months ending September 2024 (9MCY24), reporting a consolidated profit after tax of PKR 11,983 million, or PKR 22.33 per share. This reflects a steep 48% drop year-on-year, as challenging market dynamics, higher costs, and reduced demand affected its key business sectors.
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Engro and DH Corp Boards Greenlight Major Restructuring Plan
In a significant move on May 3, 2024, the boards of Engro Corporation Limited (Engro Corp) and DH Corporation Limited (DH Corp) approved a restructuring plan involving, aiming to optimize capital allocation and enhance shareholder returns.
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Engro Strikes Deal for Sale of Thermal Energy Assets
April 04, 2024, Karachi: Engro Energy Limited, a subsidiary of Engro Corporation Limited, has recently inked a significant Share Purchase Agreement (SPA) with Liberty Power Holding (Pvt.) Limited and a consortium, marking the sale of its thermal energy assets portfolio.
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Engro Corp Reports Impressive 35% Revenue Growth in 2023
Karachi, February 26 – Engro Corp, a leading Pakistani conglomerate, has announced a robust 35% growth in revenues, reaching PKR 482 billion in 2023.
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Engro Names Ahsan Zafar Syed as President & CEO Designate
Karachi, January 31, 2024 – Engro Corporation, a prominent business conglomerate in Pakistan, has made a significant leadership announcement with the appointment of Ahsan Zafar Syed as President & CEO Designate.
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Engro Corp reports 41% profit decline in 1Q 2023, misses expectations
Engro Corporation (ENGRO) Thursday reported a 41% decline in profits for the first quarter of 2023, falling short of industry expectations.
According to analysts at Topline Securities, the company recorded earnings of Rs8.8 billion (Earning per share: Rs8.07), which is a decrease of 41% YoY and 43% QoQ. Despite the disappointing financial results, the company announced a bumper dividend of Rs40/share for 1Q2023, exceeding industry expectations of Rs10/share.
ENGRO’s subsidiaries, Engro Fertilizers Limited (EFERT) and Engro Polymer (EPCL), also saw declines in earnings. EFERT’s earnings were down 29% YoY to Rs4.4 billion due to the revision of gas prices based on fertilizer policy, higher PP12-based pricing, and higher transportation prices. Meanwhile, EPCL’s earnings were down 75% YoY to Rs1.2 billion due to lower PVC volumes, lower PVC Core Delta, and higher exchange losses.
On a standalone basis, ENGRO’s other operating expenses decreased by 82% YoY to Rs153 million in 1Q2023 mainly due to the absence of business development expenditure. Despite having Cash and Short Term Investments of Rs47.7 billion as of December 31, 2022, around Rs11.5 billion has been utilized for buyback, and around Rs21 billion will be used for dividend payouts, according to estimates.
While the company’s earnings report is below expectations, it is important to note that ENGRO’s financial performance is subject to many factors, including market volatility and economic conditions. The company’s upcoming initiatives and strategies could still yield positive results, and investors are advised to exercise caution and stay updated on ENGRO’s financial reports in the coming months.
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Engro Foundation recognizes IATC awards 2022
Engro Foundation, the social investment arm of Engro Corporation, has announced National Disability and Development Forum (NDF) and ConnectHear as the two recipients of I Am The Change (IATC) Impact Awards 2022.
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Engro LNG terminal helps Pakistan to save over $3 billion through import substitution
KARACHI: Engro LNG Terminal has helped Pakistan to save around $3 billion through import substitution of furnace oil, according to a statement issued Thursday.
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PVC market growing with wide array of downstream applications
KARACHI: With growing consumer awareness about new construction materials and sustainability, the PVC downstream market in Pakistan is expected to witness an upward trend in the coming years.
A recent report by PACRA expects the local construction industry to record growth of 6 percent this year. Over the next seven years, the sector is expected to grow by a whopping 92 percent as Pakistan enters the rehabilitation phase in the aftermath of catastrophic floods and CPEC-related activities revive as well.
As a result, the demand for PVC applications and other construction materials is also likely to gain traction.
According to Muhammad Idrees, Chief Commercial Officer of Engro Polymer and Chemicals Limited (EPCL), “The PVC market in Pakistan has undergone a phase of growth and diversification in the last few years. To meet the market requirements, we have continued to scale our operations and completed Plant expansion to 295,000 tons annually.
“Last year, we contributed USD 165 million in import substitution through local PVC & VCM production and generated USD 28 million in foreign exchange through exports.”
He further mentioned that due to Pakistan’s inherit advantages and claose proximity to growing regional markets, there is huge export potential for PVC downstream products, which should be capitalized by local manufacturers.
He added that to promote the use of high-quality PVC downstream products, especially in the construction sector of Pakistan, EPCL is undertaking various market development initiatives and has made significant investment with its partners to launch a branded outlet called thinkPVC.
Elaborating on the concept of thinkPVC outlet, he said that EPCL wants to engage the construction industry and other associated stakeholders to highlight innovative construction materials, with a focus on sustainable materials such as PVC. Currently, around 55 percent market share of PVC application in Pakistan is held by pipes and fittings.
The goal is to create wider awareness that PVC resin applications include the manufacturing of doors, windows, flooring, roofing, outdoor furniture, vanities, and other products.
Idrees shared that with increasing population, there is a dire need to adopt modern and innovative construction materials for sustainable living. Compared to other materials, PVC is waterproof, termite and damage resistant, fire retardant, and a light-weight material, which offers high durability and requires minimal maintenance.
PVC is more sustainable as it has 50 percent lower carbon footprint as compared to aluminum, a competing product. It also has a much longer life span and is recyclable. Consumers can save up to 28 percent in heating and cooling costs when using a double-glazed PVC window.
He believes that the future of PVC downstream market in Pakistan remains promising as climate change tops the government agenda and more sustainable practices will be adopted by the construction industry.
“All sectors in Pakistan are expected to adopt greener solutions in line with the government policy of preserving natural resources and forests. PVC is a viable alternative to wood products, and we expect to see greater market penetration of PVC downstream products as the construction sector embraces a Go Green approach”, Idrees stated.