Pakistan’s premier conglomerate, Engro Corporation announced its financial results for the year ended December 2018.
The company posted a profit of Rs. 23.63 billion, up 45.07% as compared to Rs. 16.28 billion in the same period last year.
Profit attributable to shareholders jumped to Rs. 12.7 billion, from Rs. 9.4 billion.
Engro posted a remarkable increase in sales during 2018 as it grew by 33.42% to Rs. 171 billion from Rs. 128 billion in the corresponding period last year.
The increase in profits was primarily driven by improved fertilizers and petrochemicals performance. Fertilizer business revenue was up by 42%. Petrochemical also witnessed a growth amidst the devaluation of Rupee against the US Dollar.
Administrative expenditure increased by 42% to Rs. 5.6 billion, due to ongoing special assignments, from Rs. 3.94 billion. Finance cost of the company increased to Rs. 5.45 billion from Rs. 5.13 billion in the same period last year due to higher increasing interest rates.
Earnings per share of the company were increased to Rs. 24.26 from Rs. 17.96.
The company declared a dividend of Rs. 2 per share which was in addition to Rs. 19 per share already paid. Bonus issue at 10% was also announced. The said bonus shares will not be eligible for the dividend declared for the year ended December 31, 2018.
ENGRO’s script at the bourse was closed at Rs. 332.74, up by Rs. 5.99 with a turnover of 863,700 shares on Wednesday.