Engro Fertilizers Posts Rs. 17.9 Billion Profit for 9 Months of 2024

Engro Fertilizers Limited (EFERT) today unveiled its financial result for 9MCY24 posting a consolidated profit after Tax (PAT) of Rs. 17.98 billion against Rs. 15.045 billion in the same period last year, up 20 percent YoY.

Consolidated earnings in 3QCY24 clocked in at Rs. 8.554 billion, down 11 percent YoY. Alongside the result, the company announced a cash dividend of Rs. 2.50/share (Rs. 13.50/share in 9MCY24).

Net sales in 9MCY24 clocked in at Rs. 171.845 billion, up 16 percent YoY. According to Arif Habib Limited (AHL), this is on account of a 51 percent and 15 percent YoY hike in urea and DAP price tagged with a 20 percent YoY jump in DAP offtake.

Meanwhile, urea sales declined by 23 percent YoY on the back of 58 days of closure of the EnVen plant for maintenance. On a quarterly basis, the topline during 3QCY24 declined by 11 percent YoY, settling at Rs. 58.64 billion, which is due to 33 percent and 14 percent YoY fall in urea and DAP offtake, respectively.

Gross margins in 9MCY24 arrived at 24.81 percent vis-à-vis 29.08 percent in 9MCY23. Whereas, gross margins in 3QCY24 during the quarter remained stable at 31.22 percent amid higher urea prices. Other income climbed up by 27 percent YoY settling at Rs. 2.41 billion in 9MCY24 given the jump in income from cash and cash balances. Meanwhile, in 3QCY24, the other income came out to be Rs. 383 billion, down 48 percent YoY owing to lower interest income.

Finance cost climbed up by 63 percent YoY, clocking in at Rs. 2.66 billion during 9MCY24 owed to higher interest rates. Whereas, the finance cost in 3QCY24 swelled up by 155 percent YoY, reaching Rs. 1.276 billion due to a surge in short-term borrowings.

The company booked effective taxation remained unchanged at 39 percent in 3QCY24.

EFERT posted earnings per share (EPS) of Rs. 13.47 for 9MCY24 and and EPS of Rs. 6.41 for Q3 2024.

The company’s scrip at the bourse closed at Rs. 191.06, down 3.58 percent or Rs. 7.1 with 1.948 million shares on Monday.

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