Pkrevenue.com

Tag: Engro Corp

  • Engro Corp declares increase in half year profit to Rs16.6 billion

    Engro Corp declares increase in half year profit to Rs16.6 billion

    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.

    READ MORE: Allied Bank’s tax payment grows 121% in 1HCY22

    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.

    READ MORE: MCB Bank registers 71% decline in profit for 2QCY22

    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.

    READ MORE: Attock Petroleum declares massive 277% growth in annual profit

    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.

    READ MORE: Meezan Bank posts 36% growth in half year profit

  • Engro, Excelerate Energy ink MoU to market RLNG in Pakistan

    Engro, Excelerate Energy ink MoU to market RLNG in Pakistan

    KARACHI: Engro Eximp FZE, a subsidiary of Engro Corporation, on Wednesday announced that it entered into a Memorandum of Understanding (MOU) with Excelerate Energy, Inc. (NYSE: EE) (Excelerate), a leading provider of flexible LNG infrastructure solutions around the world, related to the development of a private sector gas marketing business in Pakistan.

    Under this MOU, both partners will jointly evaluate the possibility of establishing a regasified LNG (RLNG) marketing business with maximum participation from the country’s private sector.

    READ MORE: Engro Polymer collaborates for industry-academia linkage program  

    This initiative has the potential to increase private company participation in Pakistan’s LNG sector and enhance Pakistan’s energy security by opening up new RLNG supply avenues for businesses and consumers. This endeavor comes at a point when the need for energy security has become a critical issue globally, and particularly for Pakistan, against the backdrop of current geopolitical dynamics.

    Ghias Khan, President and CEO – Engro Corporation stated, “I am delighted that Engro’s collaboration with Excelerate Energy has been strengthened through this agreement, which will help Pakistan meet its energy needs. As a pioneer in Pakistan’s LNG sector, we understand the importance of enhancing energy security; an imperative for Pakistan to ensure economic growth while providing consumers access to adequate, reliable, and affordable supplies of energy.”

    READ MORE: Engro, BOP make arrangements for agri financing

    “We value our collaboration with Engro and take great pride in having partnered with them to build Pakistan’s first LNG import terminal in 2015,” said Mr. Steven Kobos, President & Chief Executive Officer of Excelerate. “This agreement builds on the momentum we have established by extending our reach downstream of our existing terminal to key regasified LNG markets in Pakistan. We remain committed to meeting Pakistan’s growing energy security needs and look forward to expanding our collaboration with Engro in this pivotal market.”

    READ MORE: Engro Powergen approves revised IPPs-government MoU

    Since 2015, Engro and Excelerate together have played a key role in strengthening energy security of Pakistan through continuous operations of Pakistan’s first LNG import terminal which utilizes a floating storage and regasification unit provided under a long-term charter by Excelerate. The terminal currently fulfills as much as 15 percent of Pakistan’s natural gas requirements and is recognized as the most utilized FSRU worldwide.

    READ MORE: Engro Polymer plans to setup Circular Plastics Institute

  • FrieslandCampina Engro Pakistan posts 21% Q1 growth

    FrieslandCampina Engro Pakistan posts 21% Q1 growth

    KARACHI: FrieslandCampina Engro Pakistan Limited (FCEPL) has reported revenue of Rs14 billion in the first quarter ended March 31, 2022, posting an increase of 21 per cent.

    The company reported revenue of Rs14 billion in the first quarter, showcasing 21 per cent growth versus last year. The growth was led by improvement in the portfolio mix, coupled with an increase in volumes of both, the Dairy & Beverages and the Frozen Desserts segments.

    Riddled with sharp increases in commodity costs due to continued inflation and the devaluation of the Pakistani Rupee, the business environment remained fraught with challenges. Consequently, the Gross Margins declined by 140bps.

    READ MORE: Engro Corp declares over 19% growth in annual profit

    However, the Company continued to drive cost-efficiencies through multiple cost-saving initiatives, which resulted in FCEPL registering a post-tax profit of Rs664 million in Q1 vs Rs547 million in the same period last year – an improvement of 10bps.

    Committed to improving standards and nourishing Pakistan, FCEPL established the Pakistan-Netherlands Dairy Development Centre, in collaboration with the University of Veterinary and Animal Sciences (UVAS). By leveraging Netherland’s rich dairy expertise, the Centre aims to improve Pakistan’s dairy development capacity and quality by increasing production, improving food security, enhancing food-safety, and integrating sustainability in Pakistan’s dairy value chains and food landscape.

    READ MORE: Ghais Khan elected OICCI president

    Dairy and beverages

    The Dairy and Beverages segment reported a revenue of Rs12.8 billion, registering a 19.5 per cent growth year-over-year. The segment’s growth was led by Olper’s as it continued to strengthen its position as the market leader with ongoing brand and trade investments. The segment witnessed significant expansion in the retail footprint and E-Commerce channel during the quarter and will continue to explore new channels and route to markets to serve its customers effectively and efficiently.

    To simultaneously diversify and strengthen its portfolio, and solidify its association with mornings, the Company launched Olper’s Cheese, which offers the nutritional equivalent of one glass of Olper’s milk (200g) in every slice of Olper’s cheese (20g). Additional recent launches including Olper’s flavored milk, Olper’s full cream milk powder (FCMP), Olper’s pro-cal, Olper’s cream and Tarang Elaichi, continued to accumulate market share.

    READ MORE: Engro Corp declares 32% revenue growth

    Frozen desserts

    With revenue of Rs1.2 billion, the frozen desserts segment reported a growth of 34.1 per cent vs the same period last year. Offering a value-added product at an affordable price, the Company launched the O’more Double Choco Chips Cone in 2022 at a price point of Rs50, which was well-received in the market and is expected to grow.

    Future outlook

    The business environment remains fragile as rising inflation and currency devaluation continue to pressure profitability. However, several optimisation initiatives are being taken to improve efficiencies and manage inflation.

    At FCEPL, our purpose is to transform the health and well-being of Pakistanis, now and for generations to come. We will continue to partner with the Pakistan Dairy Association (PDA) and the Government on various initiatives to educate the consumers on the potential health hazards of loose milk consumption and reinforce the positive characteristics of safe packaged milk.

    Our business will continue to invest in our people, processes, and projects to deliver unparalleled value and superlative quality, driven by innovation and technology. This will strengthen our brand equity and enable us to be the preferred choice for consumers’ dairy needs and expand our profit accretive portfolio to leverage margins.

    The Company remains committed to the highest standards of hygiene, food safety and sustainability and providing safe, affordable, and nourishing dairy products to millions of Pakistanis, every day.

    The Company’s Annual General Meeting was held on April 20, 2022 at the Royal Rodale in Karachi. Shareholders and the Board of Directors discussed the Company’s performance in 2021 and the MD/CEO gave a short presentation on the Company’s performance.

  • Engro Corporation establishes subsidiary in UAE

    Engro Corporation establishes subsidiary in UAE

    KARACHI: Engro Corporation, Pakistan’s premier business conglomerate, has commenced office operations of its wholly owned subsidiary, Engro Eximp FZE, in the Jebel Ali Free Zone, Emirate of Dubai.

    Engro Eximp FZE will explore potential trading opportunities in the energy, fertilizers, petrochemicals and food & agriculture sectors.

    Ghias Khan, President & CEO of Engro Corporation said: “With a vision to expand the Group’s footprint outside Pakistan, we have opened our trading company in Dubai. Through its trading activities, Engro Eximp FZE will aim to create more export engines for sustainable economic growth.”

    He added that this business will help leverage the enormous supply potential of Pakistan to tap the rising GCC demand.

    The Group’s strategic partnerships and global alliances provide Engro Eximp FZE the foundation to grow and establish its brand internationally.

    READ MORE: Engro Polymer becomes affiliate member of WEF body

    Engro Polymer & Chemicals (EPCL) has become the first affiliate member from Pakistan to join the World Economic Forum’s (WEF) Global Plastic Action Partnership (GPAP), as part of its sustainability efforts to promote the circular economy and contribute to achieving zero plastics waste.

    READ MORE: Engro Fertilizers highlights food security at Dubai Expo

    Engro Fertilizers, Pakistan’s premier seed-to-harvest solutions provider, hosted an insightful dialogue at Expo 2020 Dubai to highlight the food security situation in the Gulf and the potential partnership opportunities with Pakistan to overcome the regional food security challenges. The panel comprised global agricultural and industry experts including Dr. Abdul Rashid (IFA Laureate), Charles Schneider (International Finance Corporation), Ayman Alwadhy (The Corporate Group, UAE), Wasim Halabi (Foodco National Foodstuff Co PJSC), Fredric Favre (MAS Seeds, France) and Khusrau Nadir Gilani (Engro Fertilizers).

    READ MORE: Engro Corp declares over 19% growth in annual profit

    Engro Corporation (PSX: ENGRO) on Thursday announced 19.27 per cent growth in profit after tax for the year 2021. According to financial results submitted to the Pakistan Stock Exchange (PSX), the company has declared profit after tax at Rs52.61 billion for the year 2021 as compared with Rs44.11 billion in the last year.

  • Engro Corp declares over 19% growth in annual profit

    Engro Corp declares over 19% growth in annual profit

    KARACHI: Engro Corporation (PSX: ENGRO) on Thursday announced 19.27 per cent growth in profit after tax for the year 2021.

    According to financial results submitted to the Pakistan Stock Exchange (PSX), the company has declared profit after tax at Rs52.61 billion for the year 2021 as compared with Rs44.11 billion in the last year.

    During 2021, Engro Corporation’s standalone revenue increased from Rs 15.00 billion in 2020 to Rs 20.68 billion in 2021, exhibiting a substantial growth of 38 per cent. Higher revenue was primarily due to higher dividends received from Engro Polymer & Chemicals Limited (EPCL) and Engro Fertilizers Limited (EFERT), which in turn were driven by strong underlying business performance. Resultantly, the company achieved a 14 per cent higher PAT of Rs 18.52 billion in 2021 against Rs 16.30 billion in 2020, translating into an EPS of Rs 32.14 per share (2020: Rs 28.29 per share).

    On a consolidated basis, Engro Corporation’s revenue grew by 25 per cent to Rs 311.59 billion in 2021 from Rs 248.82 billion in 2020. The Company posted a PAT of Rs 52.61 billion in 2021, which is 19 per cent higher than Rs 44.11 billion in 2020, translating to an EPS of Rs 48.50 per share (2020: Rs 43.57 per share).

    Engro Corporation announced a final cash dividend of Rs 1/- per share for the year. This is in addition to the Rs 24/- per share dividend that has already been announced during the financial year, bringing the cumulative payout to Rs 25/- per share.

    Portfolio Performance Review

    Fertilizers: Domestic market witnessed strong agricultural sector performance in 2021. Resultantly, EFERT achieved a historical milestone of highest ever urea sales of 2,295 KT in 2021 against 2,057 KT in 2020. Due to the turnaround of Base and Enven plant, urea production during the year reduced from 2,264 KT in 2020 to 2,105 KT in 2021.

    Phosphates sales stood at 366 KT whereby a steep rise in international prices dampened local demand. On an overall basis, EFERT achieved its highest ever PAT of Rs 21.09 billion in 2021, demonstrating a growth of 16 per cent from 18.13 billion in 2020.

    Petrochemicals: EPCL announced commercial operations of its new PVC plant and VCM debottlenecking during March and June 2021, respectively. PVC capacity increased by 100 KT to 295 KT per annum while VCM capacity increased by 50 KT to 245 KT per annum. These initiatives enabled EPCL to achieve record domestic PVC sales of 207 KT alongside highest ever PVC exports of 19 KT translating into an export value of USD 28 million. During the year, international PVC prices increased significantly due to supply disruptions, however, supplies to domestic PVC downstream market continued uninterrupted due to EPCL’s steady production.

    EPCL recorded sales of Rs 70.02 billion as compared to Rs 35.33 billion in 2020. PAT increased from Rs 5.73 billion in 2020 to Rs 15.06 billion in 2021 showing an increase of 163 per cent attributable to increased volumetric sales, efficient operations and higher international prices.

    Telecommunication Infrastructure: During the year, Engro Corporation formed a dedicated platform for connectivity and telecom infrastructure initiatives by the name of Engro Connect (Pvt.) Limited (EConnect). EConnect is a wholly owned subsidiary of Engro and now holds complete ownership of Engro Enfrashare (Pvt.) Limited (Enfrashare), which is Pakistan’s largest independent telecom tower company.

    Enfrashare continued to expand its national footprint and achieved a scale of 2,246 operational B2S towers with a 1.1x tenancy ratio while catering to all four Mobile Network Operators in Pakistan. Enfrashare built over 75 per cent of the total new B2S towers that were deployed in the country during the year 2021. This increase in the portfolio led to a growth of 3x in the revenue in comparison with last year. The business has secured orders to reach a scale of 3,300+ sites by the end of 2022.

    Foods & Rice: FrieslandCampina Engro Pakistan Limited (FCEPL) demonstrated a topline growth of 18 per cent, recording sales of Rs 52.09 billion as compared to Rs 44.16 billion in 2020. The gross margin increased to 16 per cent from 12 per cent last year, translating into an increase in PAT from Rs 0.18 billion in 2020 to Rs 1.80 billion in 2021.

    The business demonstrated an overall increase of 10x in the profitability driven by cost saving initiatives, leveraging e-commerce channels, improved reach / route to markets, increased marketing spend and market penetration to enhance brand equity.

    Engro Eximp Agriproducts (EEAP) surpassed industry growth of 16 per cent in the brown rice segment and recorded 21 per cent growth versus last year. As a key contributor to foreign reserves, the business continued its focus towards exports, generating a revenue of USD 18.8 million through international sale of 24 KT rice against 28 KT last year. Given the supply chain constraints in the international market, the business pivoted its supply to the local market and increased domestic sales by 39 per cent to 13 KT during 2021.

    Energy & Power: Sindh Engro Coal Mining Company (SECMC) supplied 3.8 million tons of coal to Engro Powergen Thar Limited (EPTL) during the year. EPTL achieved an availability of 83 per cent with a load factor of 80 per cent and dispatched 4,225 GwH to the national grid during the year.

    The Phase II expansion of SECMC’s mine to 7.6 million tons per annum is underway with 71 per cent of the overburden removed from the site. Phase III expansion of the mine to 12.2 million tons per annum has also been approved during the year.

    Engro Powergen Qadirpur Limited (EPQL) plant dispatched a Net Electrical Output of 851 GwH to the national grid with a load factor of 46 per cent compared to 30 per cent last year due to higher offtake from the Power Purchaser. EPQL’s revenue increased by 26 per cent due to higher dispatch and load factor which was offset by the absence of long-term debt servicing component. The business posted a PAT of Rs 1.59 billion for the current period as compared to Rs 2.08 billion for 2020.

    Terminals: Engro Elengy Terminal (Pvt.) Limited (EETL) successfully completed Pakistan’s first-ever Dry-Docking activity of FSRU Exquisite at Qatar dockyard with minimum outage during the switchover between the two FSRUs. During the Dry-Docking period, FSRU Sequoia enabled gas supply continuity ensuring national energy security.

    The LNG terminal handled 72 vessels during 2021, in line with last year, delivering 216.2 bcf re-gasified LNG into the SSGC network with an availability factor of 96.5 per cent. The terminal contributed 15 per cent towards Pakistan’s total gas supply during the year.

    The chemicals terminal throughput volumes normalized to 1,280 KT against 1,142 KT last year which was offset by lower LPG volumes. Overall, profitability of both the LNG and chemical storage terminals business remained stable during 2021.

  • IFC helps Engro in reducing plastic waste

    IFC helps Engro in reducing plastic waste

    KARACHI: International Finance Corporation, a member of World Bank Group, has signed an agreement to assist Engro Corporation in reducing plastic waste, promoting recycling, and boosting the company’s energy efficiency.

    The project is part of IFC’s Pakistan Resource Efficiency Program, which aims to improve efficiency, cost-competitiveness, reliability, and productivity in the manufacturing sector, particularly in energy-intensive industries.

    READ MORE: Engro Corp approves $31.4m for petrochemical project study

    IFC’s climate advisory project will help Engro Corporation assess the opportunities for moving toward a circular plastics economy as it develops a $1.8 billion petrochemical project to produce polypropylene.

    The circular system would see polypropylene products collected and reused or recycled and converted into viable products.

    IFC’s team will also assist Engro Corporation in driving sustainability by reducing its carbon and water footprints and adapting to climate-related risks through targeted interventions.

    READ MORE: Engro Corp posts 23% revenue growth in nine months

    Pakistan is the second-largest domestic market for plastics in South Asia after India and among the top 10 countries most impacted by climate change.

    The country produces about 30 million tons of solid waste annually, of which 9 percent is plastic waste. Its Indus river is a major carrier of plastic waste into oceans.

    Ghias Khan, President, and CEO of Engro Corporation, said: “At Engro, we believe that operating businesses sustainably at a globally competitive level need not be a zero-sum game. Therefore, we are actively partnering with global leaders such as IFC for a circular plastics economy, resource efficiency and carbon footprint reduction, to build a more sustainable future for our coming generations.”

    READ MORE: World Bank’s IFC signs financing agreement to build six power projects in Pakistan

    “Climate change is already impacting Pakistan and it’s crucial for companies to do everything they can to be efficient in their resource usage,” said Hela Cheikhrouhou, IFC’s regional Vice President for the Middle East, Central Asia, Turkey, Afghanistan, and Pakistan “Reusing plastics will not only cut greenhouse gas emissions and protect the environment but will help companies save money and become more competitive internationally.”

    Engro Corporation has been a strategic IFC client for nearly three decades. IFC has supported Engro’s growth from an ammonia-based fertilizer producer to a conglomerate with interests mainly in polyvinyl chloride production, dairy, power generation, liquefied petroleum gas storage and handling, liquefied natural gas regasification, telecom towers and logistics.

  • Engro Polymer becomes affiliate member of WEF body

    Engro Polymer becomes affiliate member of WEF body

    KARACHI: Engro Polymer & Chemicals (EPCL) has become the first affiliate member from Pakistan to join the World Economic Forum’s (WEF) Global Plastic Action Partnership (GPAP), as part of its sustainability efforts to promote the circular economy and contribute to achieving zero plastics waste.

    (more…)
  • Engro hosts dialogue on climate change at Dubai Expo

    Engro hosts dialogue on climate change at Dubai Expo

    KARACHI: Engro Polymer & Chemicals, a subsidiary of Pakistan’s premier conglomerate Engro Corporation, hosted an insightful dialogue on climate change, construction materials and technologies of the future, building inclusive communities, and circular economy, to celebrate the Rural & Urban Development week at Expo 2020 Dubai.

    Hussain Dawood, Chairman of Engro Corporation and Dawood Hercules Corporation, graced the event and fully appreciated Pakistan Pavilion in showcasing the incredible strength of the country. The thematic forum featured leading architects, developers, and construction sector specialists, including Shahid Abdulla (Principal & Founding Partner, Arshad Shahid Abdulla), Abid Bukhari (Country Manager, Irretec), Babar Siddiqui (CEO, Paragon Constructors), Ali Naqvi (Principal Architect, Ali Arshad Associates) and Ali Farooq (Director Sales & Marketing, Interwood).

    Held in partnership with the Pakistan Pavilion, the event focused on encouraging the private sector, governments and the civil society to share knowledge, collaborate and reimagine the future of cities, whilst being cognizant of the cultural context in Pakistan. The speakers highlighted that the global pandemic has accelerated a transition towards sustainability to create a lasting impact in communities. The panel recognized the need for sourcing alternative materials, becoming energy-efficient, harnessing knowledge from indigenous communities and combining them with new technologies to influence design, architecture, and construction, to pave the way for resilient smart cities of the future.

    According to Jahangir Piracha, CEO of Engro Polymer & Chemicals, “Engro’s emphasis on adopting a sustainability-centric and future-ready approach is reflected by this event that has brought together global experts and changemakers to deliberate on the future of construction in Pakistan. Our recent projects to make production processes more standardized, resource-efficient, and circular plastics initiatives reinforce our commitment to a sustainable end-to-end operation.”

    The event also marked the signing of a Memorandum of Understanding (MoU) between Engro Polymer & Chemicals and Karachi School of Business and Leadership (KSBL) to establish a Circular Plastics Institute in Pakistan.

    This first-of-its-kind academic collaboration will aim to develop an action-oriented and data-driven roadmap for a path towards a zero plastic waste future in Pakistan. KSBL is known to prepare future leaders of tomorrow by setting up practices for embracing innovation and bringing digital transformation to education by making sustainable choices for Pakistan.

    Food inflation not linked to urea prices
  • Food inflation not linked to urea prices

    Food inflation not linked to urea prices

    KARACHI: The fertilizer industry is playing a critical role in ensuring food security and managing food inflation in Pakistan through adequate and affordable supply of urea at one fifth the international prices. 

    In a media briefing on Wednesday, Imran Ahmed, CFO of Engro Fertilizers, highlighted that food inflation is one of the biggest challenges being confronted by the Government. However, food inflation is not unique to Pakistan as global food prices have jumped by 34 percent between July 2020 and June 2021, owing to a surge in oil prices, supply chain disruptions and unfavorable weather conditions. Reports suggest that globally the food prices have soared to its highest point in a decade and that has translated locally, where the prices have even been adversely impacted by rupee devaluation on top of global price increases.

    He stressed that urea prices do not have any impact on food inflation as only 2.6 per cent of farmers wallet is spent on urea. According to calculations, every Rs 50/bag increase in urea price has an impact of only 1 paisa on the price of a ‘roti’. The impact of a Rs 50/bag increase in urea price on other agri commodities like rice, sugar, maize, potato, tomato and banana is all within 10 paisas per KG.

    The local fertilizer industry has shielded farmers from a steep rise in international urea prices as domestically produced urea is currently priced at 2012 level. Urea is available in Pakistan at a significant discount of 81 percent, equivalent to Rs 7500/bag, compared to the international rates. As a result, farmers are getting an annualized benefit in excess of Rs 350 billion and the country is expected to save $3 billion in import substitution during 2021.

    He commended the PTI Government for its vision to transform the agriculture sector of Pakistan and supportive policies that enabled the fertilizer sector to reduce urea prices by Rs 400/bag last year. Imran declared that in the absence of a strong local fertilizer industry, Pakistan would have faced at best massive urea shortages like India where landed urea imports are costing as much as $1000 / ton, or even more dire an all-out food emergency as currently being experienced in Sri Lanka.

    Imran pointed out that the real issue being faced by the local farmers is the global hike in DAP prices by over 100 per cent that has reflected locally as well as majority of DAP demand is met through imports. To promote balanced mix of fertilizers for higher crop productivity, the Government must urgently provide the farmers relief by implementing the much-promised DAP subsidy. Currently, the subsidy on DAP is being extended only by the Government of Punjab. The Federal Government should convince and mobilize other provincial governments to immediately allocate funding for phosphatic fertilizer subsid for Rabi 2021-22.

    It has been widely recommended by the farming community that the Government should increase the subsidy amount to Rs 2,000/bag in view of the current prices of DAP. Further, the subsidy should not be restricted to number of bags, but instead be based on land holding and recommended dose for the farmers.

    For the now commenced Rabi season, the Government has very prudently agreed to proceed with disbursement of the subsidy through the usual method of stickers/vouchers. The Government is to be recognized for its adaptability realizing that given the longer than expected duration for the complete roll out of the Kissan Card system, the proven voucher process should be continued for providing timely relief to farmers. The multi-featured Kissan Card is expected to be fully implemented and scaled up by the next season.

    Engro Corp posts 23% revenue growth in nine months
  • Engro Fertilizers awarded for largest taxpayer

    Engro Fertilizers awarded for largest taxpayer

    Engro Fertilizers has been recognized as the largest tax paying company in the fertilizer sector. Engro Fertilizer is Pakistan’s premier seed-to-harvest solutions provider.

    Engro Fertilizers has been recognized as the largest tax paying company in a ceremony held at the Aiwan-e-Sadr.

    Nadir Qureshi, CEO of Engro Fertilizers, received the award from the Honorable President Dr. Arif Alvi, who was the chief guest on this occasion.

    According to Nadir Qureshi, “For over 50 years, Engro Fertilizers has remained committed to serving the farmers of Pakistan with world-class products and solutions. Our contributions to the community and the national exchequer are a testament to our philosophy of doing good while doing well. We fully support the Government’s vision of transforming the agricultural landscape and improving the well-being of the farmers of Pakistan.” 

    He added: “the fertilizer industry in Pakistan operates at the highest level of transparency, with all companies listed and contributing high tax revenues to the Government. Our sector is the only sector whose contributions in taxes to the national exchequer are almost entirely equal to the income provided to the shareholders of fertilizer companies. This makes the Government of Pakistan an equal partner in the earnings of the fertilizer sector.”

    Qureshi appreciated the Government for enabling the domestic fertilizer sector to provide adequate and affordable supply of urea to farmers in Pakistan, despite the steep rise in international prices. Continued support from the Government will ensure farmer well-being and even higher tax contributions from the fertilizer industry. He stated that the fertilizer industry of Pakistan is internationally competitive and can thrive in a fully deregulated environment, even without any gas subsidies.

    The local industry has always provided farmers in Pakistan with urea at prices below international and is currently delivering a discount of circa Rs 5000/bag compared to the global market.

    Through import substitution, the fertilizer sector will contribute more than $3 billion towards reducing the trade deficit in 2021. As a result of the significantly lower prices, the local fertilizer industry will save farmers from an additional burden of Rs 363 billion in 2021 as well.

    The ceremony was organized by the Rawalpindi Chamber of Commerce and Industry (RCCI) and Federal Board of Revenue (FBR) to appreciate the contribution of leading taxpayers and business institutions in the development of economy, while also highlighting the government’s efforts to facilitate the taxpayers.

    The event was also attended by the Federal Minister for Privatization Muhammad Mian Soomro, senior FBR and government officials, President RCCI Nadeem Rauf and other prominent business personalities.