AVN 61.87 No Change ▼ 0.00 (0%)
BOP 10.30 No Change ▼ 0.00 (0%)
CHCC 136.00 No Change ▼ 0.00 (0%)
DCL 9.85 No Change ▼ 0.00 (0%)
DGKC 108.61 No Change ▼ 0.00 (0%)
EFERT 67.99 No Change ▼ 0.00 (0%)
EPCL 32.35 No Change ▼ 0.00 (0%)
FCCL 21.56 No Change ▼ 0.00 (0%)
FFL 13.86 No Change ▼ 0.00 (0%)
HASCOL 13.91 No Change ▼ 0.00 (0%)
HBL 128.03 No Change ▼ 0.00 (0%)
HUBC 81.75 No Change ▼ 0.00 (0%)
HUMNL 9.35 No Change ▼ 0.00 (0%)
JSCL 17.46 No Change ▼ 0.00 (0%)
KAPCO 24.55 No Change ▼ 0.00 (0%)
KEL 3.84 No Change ▼ 0.00 (0%)
LOTCHEM 13.14 No Change ▼ 0.00 (0%)
MLCF 36.86 No Change ▼ 0.00 (0%)
OGDC 113.81 No Change ▼ 0.00 (0%)
PAEL 35.51 No Change ▼ 0.00 (0%)
PIBTL 11.82 No Change ▼ 0.00 (0%)
PIOC 91.55 No Change ▼ 0.00 (0%)
POWER 10.04 No Change ▼ 0.00 (0%)
PPL 100.21 No Change ▼ 0.00 (0%)
PSO 183.50 No Change ▼ 0.00 (0%)
SNGP 53.91 No Change ▼ 0.00 (0%)
STPL 11.86 No Change ▼ 0.00 (0%)
TRG 56.07 No Change ▼ 0.00 (0%)
UNITY 13.24 No Change ▼ 0.00 (0%)
WTL 1.58 No Change ▼ 0.00 (0%)
BR100 4,160 Decreased By ▼ -24 (-0.58%)
BR30 21,303 Decreased By ▼ -186 (-0.87%)
KSE100 40,030 Decreased By ▼ -136 (-0.34%)
KSE30 17,297 Decreased By ▼ -128 (-0.73%)
COVID-19 TOTAL DAILY
CASES 284,121 634
DEATHS 6,082 14
Sindh 123,546 Cases
Punjab 94,360 Cases
Balochistan 11,884 Cases
Islamabad 15,241 Cases
KP 34,635 Cases
Business

Engro Corporation announces 3Q results

KARACHI: Engro Corporation on Thursday announced its third quarter results showcasing a strong overall performance i

Updated 26 Oct 2017

KARACHI: Engro Corporation on Thursday announced its third quarter results showcasing a strong overall performance in its businesses.

"Profitability was augmented by the steady performances of terminal services and power, fertilizer, petrochemicals and the signing of major financial agreements for Sindh Engro Coal Mining Company (SECMC), said press release.

On a consolidated basis, Engro Corporation's revenue was Rs 86,431 million for the first three quarters of 2017, a 20 percent decrease from Rs 107,834 million for the comparative period last year.

The reduction was due to the fact that Engro Foods results were no longer consolidated in Engro Corporation results as a consequence of its partial divestment late in 2016.

Excluding Engro Foods turnover of the previous period, revenue grew by 18 percent. Improved market fundamentals throughout the period resulted in improved profitability in the fertilizer and petrochemicals businesses.

The profit-after-tax (PAT) from continuing operations (i.e. excluding Engro Foods) increased from Rs 8,727 million to Rs 11,646 million; up by 33 percent. Partial divestment of fertilizers and foods businesses during 2016 as well as adverse taxation changes introduced through Finance Act 2017 resulted in decrease in the profit attributable to shareholders from Rs 8,583 million in 9 months of 2016 to Rs 6,916 million in 9 months of 2017.

Engro Corporation's long-term rating was upgraded to AA while maintaining a short-term rating of A1+.

Copyright APP (Associated Press of Pakistan), 2017