Engro profits jump

February 22, 2020

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KARACHI: Engro Corporation Ltd posted profit after tax (consolidated) at Rs30.2 billion for 2019, jumping by 27.12 per cent over Rs23.6bn the previous year.

Profit attributed to owners stood at Rs16.5bn and earnings per share at Rs28.69, up 27pc, from PAT at Rs12.7bn and EPS Rs22.06.

The board announced final cash dividend at Re1 per share taking the cumulative payout for the year to Rs24.

Consolidated revenue grew by 32pc for the latest year mainly driven by energy projects in Thar that came online during July 2019 and augmented by higher turnover of fertiliser and petrochemical businesses.

The company said in a statement that the growth in profitability was after accounting for a provision of Rs1.22bn relating to impairment of investment in FrieslandCampina Engro under the requirements of International Accounting Standard 36.

On a standalone basis, Engro posted net income of Rs14.3bn in 2019, as against Rs12.7bn for the previous year. “This increase is primarily attributed to higher dividends from subsidiaries as well as higher interest income on investable reserves”, the company said.

Kapco earns Rs6.694bn

Kot Addu Power Company (Kacpo) reported second quarterly PAT at Rs6.694bn, higher by 87pc over Rs3.581bn in same period last year. This translated into EPS of Rs7.60 in 2QFY20, from Rs4.07.

Published in Dawn, February 22nd, 2020