Engro Corporation’ profit contracts 4% to Rs6.88b

Engro Corporation (PSX: ENGRO), Pakistan's largest conglomerate, has released its financial results for the quarter ending March 31, 2022.

Engro Corporation's standalone profitability increased by 92 percent in the first quarter of 2022, from Rs. 3.59 billion in Q1 2021 to Rs. 6.88 billion in Q1 2022.

The Company's Dividend Income increased by 124 percent during the quarter, reaching Rs. 7.70 billion from Rs. 3.43 billion in Q1 2021. The receipt of increased dividends from the Fertilizer and Petrochemical sectors is principally responsible for the growth in dividend income and standalone profitability.

The company's sales increased by 24.70 percent to Rs. 88.33 billion on a standalone basis, compared to Rs. 70.86 billion in the same time previous year.

The Company's consolidated revenue increased by 25% to Rs. 88.33 billion in Q1 2022 from Rs. 70.87 billion the previous quarter. The company reported a profit after tax (PAT) of Rs. 14.90 billion, with Rs. 7.97 billion of PAT attributable to shareholders, resulting in an EPS of Rs. 13.84, compared to Rs. 14.47 in the same period the previous year. Engro Corporation announced an interim cash dividend of PKR 12/- per share for the first quarter.