KARACHI: Engro Ferti­lisers Ltd announced on Monday its consolidated net profit for January-March was Rs4.4 billion, down 29 per cent from a year ago.

Its quarterly earnings dropped 31pc from the preceding three-month period. The company also announ­ced an interim cash dividend of Rs3.50 a share.

According to Arif Habib Ltd, a surge in urea and DAP prices by 45pc and 10pc, respectively, led to a revenue growth of 19pc to Rs43.9bn on an annual basis.

Meanwhile, Engro Poly­mer and Chemicals Ltd also reported earnings of Rs1.18bn in the first quarter of 2023, down 75pc from a year ago.

On a quarterly basis, earnings dropped 50pc. “The decline in earnings is due to lower international PVC margins, higher fin­ance cost and gas prices,” said the brokerage house.

Along with the result, the company also anno­unced a cash dividend of Re1 per share.

Published in Dawn, April 18th, 2023