July 31, 2003	Thursday	Jumadi-ul-Awwal 30, 1424

KARACHI, July 30: Engro Chemical Pakistan Limited — a fertilizer producing company — announced on Wednesday that it had made Rs534 million in net profit for the six months ended June 30. The board also declared interim cash dividend at Rs2.50 per share. For the same time last year, dividend had been paid at Rs2 per share with net profit earnings at Rs414 million.

In a statement issued on the occasion, the company said that the growth in profitability stemmed essentially from improved urea sales volume, record urea production, efficient plant operation and lower financing costs. The NPK and seed businesses lost Rs17 million and Rs11 million, respectively, compared to losses of Rs57 and Rs10 million, same time last year.

Sales of urea during first half was 355,000 tons, representing growth of eight per cent over the same period last year, which the company said, improved its market share from 17 to 20 per cent.

“However, the most significant accomplishment of the company was the attainment of 482,000 tons of urea production, which is an all-time record surpassing the previous best half-year production by over six per cent and representing capacity utilization at 113 per cent,” the company stated.