Engro Fertilisers’ profit surges 24% to Rs4.8b

Engro Fertilisers’ profit jumped 23.8% to Rs4.8 billion in the quarter ended June 30, 2021 on the back of a surge in other income and dip in finance cost.

According to a notice sent by the company to the Pakistan Stock Exchange on Thursday, the fertiliser manufacturer had reported a profit of Rs3.9 billion for the same quarter of last year.

Accordingly, the earnings per share (EPS) of the firm rose from Rs2.91 during April-June 2020 to Rs3.6 in the quarter under review.

Alongside the result, the company announced a cash dividend of Rs4 per share.

Net sales of the enterprise amounted to Rs25.9 billion in the April-June 2021 quarter, which was 13.35% lower than the Rs29.9 billion recorded in the corresponding period of previous year.

“Net sales during the quarter declined amid reduction in urea and di-ammonium phosphate (DAP) offtake by 22% and 48% respectively on a year-on-year basis,” said Arif Habib Limited analyst Iqbal Jawaid.