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                                  August 27, 2018

                                  Engro Corporation’s profit posts 26% growth

                                  Engro Corporation’s profit posts 26% growth

                                  Engro Corporation (PSX: ENGRO) posted a consolidated profit-after-tax of Rs 16,290 million compared to Rs 12,912 million (excluding one-off capital gain on Engro Foods disposal) for financial year 2017.
                                  The underlying businesses performed strongly in 2017.Overall, profit was lower due to divestments during 2016 against which capital gain was booked in the same year, said a statement issued here Saturday.
                                  Engro Corporation concluded the year 2017 with a revenue of Rs 128,593 million compared to Rs 113,421 million in 2016 depicting an increase of 14% (excluding Engro Foods’ turnover of the previous year) with major contribution from fertilizers and petrochemicals businesses.
                                  Despite partial divestment of fertilizers and foods businesses during 2016 and adverse taxation impacts arising from Super Tax and tax on inter-corporate dividends, the earnings per share from continuing operations clocked at Rs 17.96 compared to Rs 16.69 for 2016. On a standalone basis, earnings per share were PKR 21.76 with total dividends of PKR 21 per share for the year 2017, depicting a dividend payout of 96.5%. Engro Fertilizers’ profits grew over 20% during last year mainly due to an increase in the demand for urea in the domestic market and exports amounting to 1,739 KT and 223 KT respectively.
                                  These profits were further leveraged by the regularization of gas prices for Plant 1 post allocation. The business continued to operate both its plants due to uninterrupted gas supply. Polymer business profitability tripled as compared to last year. Since the business had diversified its supplier base, it was able to procure ethylene from the international market and continue to run smooth plant operations. Reliable plant operations along with efficiency ratios supported the bottom line and shareholder value.—APP

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