Engro Fertilizers records a Rs5.74bn increase in profits

Engro Fertilizers’ increased profit 906% to Rs5.74 billion in the first quarter of the current year 2021 with the increase fertilizer demand and prices.

The company made a profit of Rs570.76 million in the same quarter last year, according to a notice sent to the Pakistan Stock Exchange (PSX) on Monday.

As a result, the company’s earnings per share in the January-March 2021 quarter were Rs4.3, compared to Rs0.43 in the same quarter the previous year.

Along with the announcement of the results, the company declared an interim cash dividend of Rs4 per share. The company’s net sales increased by 172.8 percent from Rs10.8 billion in January-March 2020 to Rs29.4 billion in January-March 2021.

Further, despite the huge increase in urea offtake, gross margins in 1QCY21 were 39.25 percent, up from 33.68 percent in 1QCY20.