Engro Fertilizers Limited (EFERT) has posted a consolidated profit after tax of Rs. 5.511 billion for the quarter that ended on March 31, calendar year (CY) 2022.
According to the company’s financial results, profit after tax saw a decrease of 4 percent year-over-year (YoY), as compared to Rs. 5.741 billion in the same period last year. Along with the result, EFERT announced an interim cash dividend of Rs. 5.50 per share for the quarter, higher than the industry expectations.
Net sales of the company increased by 25 percent YoY to Rs. 36.813 billion during 1QCY22 from Rs. 29.44 billion in the same period last year on account of higher urea and DAP prices.
Gross margins of the company went down by 9.75 percent YoY to 29.5 percent during the period in review. The decline was witnessed as the company accrued industrial feed gas rate at the EnVen plant since the concessionary gas period ended on 30th June 2021.
Gross profits decreased by 6 percent to Rs. 10.86 billion from Rs. 11.55 billion in the same period last year. Conversely, the other income of the company went up by 7 percent to Rs. 511 million as compared to Rs. 479 million due to higher income from cash and cash balances.
During the quarter, the company’s financing cost increased by 76 percent YoY to Rs. 475 million due to higher interest rates.
The earnings per share of the company were reported at Rs. 4.13 during the quarter, as compared to Rs. 4.30 in the same period last year.
EFERT’s scrip at the bourse was closed at Rs. 96.26, up by Rs. 2.30 or 2.45 percent, with a turnover of 7.99 million shares on Tuesday.
