Engro Corp’s profit up 18%, clocks in at Rs10.4bn in 1QCY24

Pakistani conglomerate Engro Corporation Limited (ENGRO) posted a consolidated profit-after-tax (PAT) of Rs10.38 billion for the three months ended March 31, 2024, an increase of 18% as compared to Rs8.8 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 Rs10.66 in 1QCY24, compared to an EPS of Rs8.18 recorded in the same period last year.

The Engro board in its meeting on Thursday, April 25, also announced an interim cash dividend Rs11 per share.

On a consolidated basis, Engro Corporation’s revenue grew by nearly 49% to Rs104.3 billion in 1QCY24 from Rs72.1 billion in 1QCY23.

Engro Corporation’s half-year profit up 28%

Consequently, Engro’s gross profit rose over 53% to Rs27.59 billion compared to Rs17.99 billion.

Other income of Engro slipped lower by 10% YoY, clocking in at Rs3.48 billion during 1QCY24 as compared to Rs3.87 billion recorded in the same period last year.

The company’s incurred a finance cost of Rs4.04 billion in 1QCY24. The company also gained Rs631.04 million in the first three months of 2024.

This translated into a profit before tax (PBT) of Rs19.33 billion in 1QCY24, an increase of nearly 76%.

During the period, the company paid taxes to the tune of Rs8.9 billion in 1QCY24, in comparison to Rs4.88 billion paid in the same period last year.

Earlier this month, Engro Energy Limited, a wholly-owned subsidiary of the Holding Company, entered into definitive agreements with Liberty Power Holding (Pvt.) Limited and other parties acting in concert for the sale of its entire shareholding in EPQL, EPTL, and SECMC, subject to certain adjustments as agreed in the definitive agreements.