Engro Fertilizers earns profit of Rs4.41 billion
KARACHI: Engro Fertilizers has announced a net profit of Rs4.41 billion, translating into the earnings per share (EPS) of Rs3.3 for the quarter ended September 30, 2021, which is 37.2 per cent lower than the profit of Rs7.03 billion (EPS: 5.27) in the corresponding period last year, a bourse filing said on Wednesday.
The company also announced a cash dividend of Rs3.5/share, which is in addition to the interim dividend of Rs8/share already paid to the shareholders.
During the period, urea production reduced 7.9 per cent, as the EnVen plant experienced a turnaround due to which sales marginally declined to Rs37.38 billion, compared with Rs37.4 billion in the same period last year.
The local urea price currently stands at Rs1,768/bag. The discount to the international urea price has widened to 75 per cent, as it has increased to $675/tonne. Urea industry has grown 9 per cent attributed to improved farm economics.
Phosphate fertiliser; however, saw a decline of 15 per cent because of record high DAP prices.
The international DAP prices have increased in a higher proportion, compared with the local prices. This presents a further possible hike in DAP prices, going forward. The current local DAP price has increased to Rs6,463/bag, as 60 per cent of the demand is met through imports.
As per the company management, elevated DAP prices would slow down the demand in the Rabi season. Therefore, an immediate and sustainable solution is required to alleviate the burden on the farmers.
Engro Fertilizers has supported the government’s drive to enhance tax base and; therefore, discontinued sales to unregistered dealers since April 2021.
Engro Fertilizers recognised as sector’s largest taxpayer
KARACHI: Engro Fertilizers, Pakistan’s premier seed-to-harvest solutions provider, has been recognised as...
Unisame seeks SBP permission for overseas merchanting business
KARACHI: The Union of Small and Medium Enterprises (Unisame) has urged the...
Sri Lanka bans contaminated Chinese fertiliser
COLOMBO: Sri Lanka has barred a Chinese ship carrying desperately needed organic fertiliser...
Rupee continues free-fall against dollar
KARACHI: The rupee continued to decline against the dollar on Monday, as...
Auto companies anticipate low earnings due to currency devaluation
KARACHI: The auto companies’ earnings growth is expected to remain slow on...