Engro Corp profits grow 92%

KARACHI: Pakistan’s premier conglomerate, Engro Corporation’s profitability exhibited a substantial growth of 92 per cent to reach Rs6.88 billion in the first quarter of 2022 against Rs3.59 billion in the same period of 2021, a statement said on Thursday.

The company’s dividend income grew 124 per cent during the period under review to reach Rs7.70 billion in comparison to Rs3.43 billion during the preceding period of 2021.

The increase in dividend income and standalone profitability is primarily attributable to receipt of higher dividends from the fertiliser and petrochemical businesses.

On a consolidated basis, the company’s revenue grew 25 per cent to Rs88.33 billion in the first quarter of 2022 from Rs70.87 billion in the corresponding period last year.

The company posted a profit-after-tax of Rs14.90 billion, while the profit-after-tax attributable to the shareholders stood at Rs7.97 billion, resulting in an earnings per share (EPS) of Rs13.84, compared with Rs14.47 in the same period of the last year.

Engro Corporation announced an interim cash dividend of Rs12/share for the first quarter.