Engro Polymer Posts Huge Profits in Latest Financial Results
4 weeks ago
Engro Polymer & Chemicals Limited (EPCL) posted a massive consolidated net profit of Rs. 900 million in the quarter that ended on September 30th 2017, up 7,692% from just Rs. 11.56 million in the same period last year, according to a company notice sent to the Pakistan Stock Exchange (PSX).
Engro Polymer & Chemicals Limited (EPCL) declared an interim cash dividend of Rs. 0.45 per share after a span of ten years.
EPCL’s revenue during the three-months of 2017 grew to Rs. 7.3 billion compared to Rs. 5.44 billion in the same period last year.
The company announced Earnings Per Share (EPS) of Rs. 1.36 in 3 months of 2017 compared to Rs. 0.01 per share in the corresponding period.
EPCL’s revenue during the nine-months of 2017 grew to Rs. 20 billion compared to Rs. 16 billion in the same period last year, attributed to higher PVC resin demand due to overall economic growth in the country. The company maintained its focus on operational excellence and achieved the highest ever PVC & VCM production for any quarter and for nine months.
The company announced Earning Per Share (EPS) of Rs. 2.93 in 9 months of 2017 compared to Rs. 0.05 per share in the corresponding period.
Engro Polymer’s script closed at Rs. 34.33 gaining Rs. 1.58 (+4.82%) with a turn over of 21.28 million shares traded at the bourse on Wednesday.
In Q3 of FY 2017 South East Asian average PVC prices were recorded at USD 907/ton as compared to USD 832/ton in SPLY, showing a growth of 9% YoY. The growth in PVC prices is attributable to closure of mercury based plants globally, due to environmental regulations.
Engro Polymer is a subsidiary of Engro Corporation, involved in the manufacturing, marketing and distribution of quality Chlor-Vinyl allied products and PVC under brand name ‘SABZ’.
The company’s history dates back to 1994 when it was established as a joint venture with two Japanese companies. Later, perturbed with low margins, it decided to change the business model by producing PVC raw material in Pakistan and made an investment of $350 million.