Engro Polymer posts Rs4.69 billion profits during 4QCY21

Engro Polymer posts Rs4.69 billion profits during 4QCY21

Engro Polymer posts Rs4.69 billion profits during 4QCY21

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KARACHI: The profit after tax of Engro Polymer & Chemicals Limited (EPCL) witnessed an increase of 29 per cent to Rs4.689 billion, translating into the earnings per share of Rs5.16 during the fourth quarter of 2021.

The company recorded a profit of Rs3.627 billion, translating into the earning per share (EPS) of Rs3.99 during the same period last year.

On a quarterly basis, the earnings increased 51 per cent, while the company also announced a cash dividend of Rs5.50/share, taking CY21 payout to Rs16.30/share.

During 2021, the bottom-line of the company increased 163 per cent on a year-on-year basis to Rs15.061 billion translating into the EPS of Rs16.57.

During the fourth quarter of 2021, the net sales witnessed an increase of 67 per cent on a year-on-year basis to settle at Rs20.699 billion, mainly attributable to higher volumetric sales along with higher PVC prices which were up 46 per cent year-on-year, while in 2021 the revenue went up 98 per cent in on a year-on-year basis.

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The gross margins of the company went down 12pps on a year-on-year basis to 35.5 per cent during the fourth quarter of 2021. The decline in gross margins was witnessed due to lower price premium. However, PVC margins had undergone an increase of 58 per cent on a year-on-year basis.

The company’s other expenses went up 654 per cent on a year-on-year basis to Rs882 million during the fourth quarter of 2021, attributable to exchange losses and higher Workers Welfare Fund (WWF) and Workers’ Profit Participation Fund (WPPF) due to higher profitability.

Other income also increased 82 per cent on a year-on-year basis to Rs356 million led by higher levels of investments.

The finance costs increased 35 per cent on a year-on-year basis to Rs502 million due to augmented borrowings along with higher interest rates.

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