Engro Corp’s Profits Decline by Massive 42% in First Half of 2022

Engro Corporation posted a profit of Rs. 16.8 billion in 1H 2022, which is 42 percent lower than 1H 2021. The company’s net profit for the half year was Rs. 29.1 billion, down from Rs. 46.4 billion a year earlier.

Engro Corporation’s PAT attributable to the shareholders is Rs. 7.4 billion, translating into an EPS of PKR 12.87 per share (1H 2021: PKR 29.60 per share). The imposition of super tax on current and prior year earnings weighed on the conglomerate’s consolidated profitability.

Engro Corporation’s standalone revenue increased from Rs. 8.6 billion in 1H 2021 to Rs. 16.6bn in 1H 2022, exhibiting a substantial growth of 92 percent. Higher revenue was primarily due to higher dividends received from Engro Polymer & Chemicals and Engro Fertilizers.

Engro Corporation announced an interim cash dividend of PKR 11 per share for the year ended 30 June 2015. This is in addition to the PKR 12 per share dividend that has already been announced during the year, bringing the cumulative payout to PKR 23 per share.