The Board of Directors of Engro Foods Limited has announced a profit after tax of Rs 891 million for the year ended December 31, 2011 as compared to Rs 176 million in 2010. According to a press release issued here on Tuesday, Engro Foods' revenue for 2011 recorded an increase of 43 percent and stood at Rs 30 billion as compared to Rs 21 billion in the 2010.
The company's earning per share (basic and diluted) increased to Rs 1.22 for the year 2011 as compared to Re 0.31 in the year 2010. Engro Foods continued to consolidate its growth through the year and during the first half of the year, in May 2011, the foods business raised Rs 1.2 billion by issuing 48 million shares to the institutional investors - mainly the US and UK mutual funds - at a share price of Rs 25 per share. The company's vision to enhance its footprint and pursue a focused growth strategy led to the first-ever public offering of 27 million shares of the business to the general public at a price of Rs 25 per share - inclusive of a premium of Rs 15 per share.
Dairy: The company continued its aggressive business strategy of growth and diversification and achieved volume growth of 22 percent in 2011. Building on its promise of elevating consumer delight, the business diversified into popularly priced, high quality product category with the launch of Dairy Omung - a nutritious and affordable dairy product for lower income consumers. "Innovation remained at the core of the business's product expansion strategies this year and we also introduced Olper's variants of Badam Zafran and Rose flavours which were well received by the market", the company said.
Juices and Nectars: The year 2011 also marked the re-launch of the refreshing Olfrute brand, which continues to reflect strong consistent growth in its volume base. With six invigorating flavours Olfrute registered a volume growth of 236 percent in 2011.
Ice cream and Frozen Desserts Segment: Omore's volume increased by 43 percent in 2011 and the company continued to investment in its brands, product development and diversification and cold chain infrastructure.
Dairy Farm Segment: The company's Nara Dairy Farm continued to remain a rich and nutritious source of raw material for its dairy segment. The Nara Farm produced over 5.8 million liters of milk in 2011 with a total herd size of over 3,000 animals. Engro Foods Canada: Mirroring its success in the local market, Engro Corp - the parent company - made its foray within the international arena with acquisition of Al-Safa - a leading Halal meat brand in North America - at a total cost of $6.3 million in April 2011.-PR
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