Engro Fertilizers’ reports massive increase of 256pc in profit

0
352

Karachi: In a notification sent to the bourse, Engro Fertilizers announced its earnings for the quarter ended April-June.

Engro Fertilizers which is a subsidiary of Engro Corporation, announced a whopping increase of 256pc in its net profits which reached 2.48b for the quarter ended June 30th, 2017 in comparison to Rs696m in same period last year (SPLY).

Sales went by up by 66pc year on year (YoY), 71pc increase this quarter from SPLY. This increase was attributed to an increase in Urea sales of 127pc YoY and 104pc this quarter from SPLY which reached 550,000 tons.

Operating profits also spiked up by 143pc to reach Rs3.2b as a decrease in percentage of sales in selling, distribution and administration expenses was recorded at 12pc in comparison to 11pc in SPLY.

Engro Fertlizer reported an increase in earnings per share of Rs1.85 in April-June 2017 from Rs0.52 in SPLY.

In the first 6 months of 2017, the company recorded a revenue growth of 23pc YoY notwithstanding the a 55pc rise in urea off-take to 819,000 tons because of lower prices of the commodity.

Gross profits were recorded at Rs8.8b, rising YoY by 32pc which was attributed to higher gross margins which reached 32pc in comparison to 30pc of SPLY.

The company’s shares were trading at Rs60.02 at close of trading on the stock exchange, rising by 3.4pc from previous day.