Engro Holdings (ENGROH) released its results for the fourth quarter of 2025 on Friday. The company reported a profit attributable to equity owners of Rs13.6 billion, which works out to earnings per share (EPS) of Rs11.31.

This is 17 per cent lower than the same period last year, but 111pc higher than the previous quarter. The results were better than expected due to lower than expected Effective Tax Rate (ETR), according to analysts at Topline Securities.

For the full year 2025, Engro’s profit after tax (PAT) for its owners reached Rs55.6bn, or EPS of Rs46.20, compared with Rs12.9bn, EPS of Rs26.78, in 2024.

According to Topline Securities, this includes a one-time gain from reversing previous accounting adjustments for the company’s thermal energy assets.

Excluding this one-time item, the yearly profit is Rs29bn, or EPS of Rs24.13. The reversal happened because Engro had planned to sell its thermal energy business, but the SPA was terminated, so they reversed these adjustments.

Performance of Subsidiaries

Engro Fertilizers Limited (EFERT) saw its earnings drop 19pc compared with last year, to Rs8.4bn in 4Q2025. This was mainly due to lower gross margins and adjustments for the super tax, according to Topline Securities.

Engro Polymer Company Limited (EPCL) reported a loss of Rs446 million in 4Q2025, or a loss per share (LPS) of Rs0.49. This compares with a profit of Rs2.1bn in the same period last year. The loss came because profit margins fell to 5.5pc, down from 14.1pc in 4Q2024 and 11.3pc in the previous quarter, according to Topline Securities.

Tax Rate Helped Earnings

Engro’s ETR for 4Q2025 was 18pc, down from 27pc in 4Q2024 and 4pc in 3Q2025. This was helped by a tax reversal in its tower business. For the full year 2025, the ETR was 23pc, compared with 40pc in 2024, which helped boost overall profits according to Topline Securities.

Dividend and Outlook

Engro did not declare a cash dividend this quarter, as it plans to use the funds for its tower business acquisition.