Pakistan’s conglomerate Engro Corporation Limited (ENGRO) posted a consolidated profit-after-tax (PAT) of Rs5.07 billion for the three months that ended June 30, 2024, a massive decline of over 61% as compared to Rs13.03 billion recorded in the same period of the previous year, showed the company’s financial results posted at the Pakistan Stock Exchange (PSX) on Thursday.
The profit translates into Earnings Per Share (EPS) of Rs4.18 in 2QCY24, compared to an EPS of Rs11.40 recorded in the same period last year.
The Engro board, in its meeting on Wednesday, August 21, also announced an interim cash dividend Rs8 per share i.e. 80% for the six months ending June 30, 2024. This is in addition to the interim cash dividend already paid at Rs11 per share i.e. 110%.
Engro Corp’s profit up 18%, clocks in at Rs10.4bn in 1QCY24
On a consolidated basis, Engro Corporation’s revenue decreased by over 1% to Rs74.59 billion in 2QCY24 from Rs75.09 billion in 2QCY23.
On the other hand, the cost of revenue rose to Rs61.58 billion in 2QCY24, an increase of 14% as compared to Rs53.9 billion last year.
Consequently, Engro’s gross profit declined by nearly 39% to Rs13 billion compared to Rs21.2 billion.
Meanwhile, the company’s other income increased to Rs3.72 billion during 2QCY24 as compared to Rs2.26 billion recorded in the same period last year.
The company’s incurred a finance cost of Rs5.48 billion in 2QCY24, an increase of 46% on a yearly basis.
This translated into a profit before tax (PBT) of Rs4.49 billion in 2QCY24, a decrease of over 64% compared to Rs12.56 billion.
During the period, the company paid taxes to the tune of Rs2.27 billion in 2QCY24, in comparison to Rs11.07 billion paid in the same period last year.
The company also informed that the financial results of thermal energy assets i.e. EPQL, EPTL and SECMC have been reported as discontinued operations given that these companies meet the classification criteria of International Financial Reporting Standard 5 – “Non Current Assets Held for Sale and Discontinued Operations”.
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