KARACHI: Engro Fertilisers Ltd announced on Monday its consolidated net profit for January-March was Rs4.4 billion, down 29 per cent from a year ago.
Its quarterly earnings dropped 31pc from the preceding three-month period. The company also announced an interim cash dividend of Rs3.50 a share.
According to Arif Habib Ltd, a surge in urea and DAP prices by 45pc and 10pc, respectively, led to a revenue growth of 19pc to Rs43.9bn on an annual basis.
Meanwhile, Engro Polymer and Chemicals Ltd also reported earnings of Rs1.18bn in the first quarter of 2023, down 75pc from a year ago.
On a quarterly basis, earnings dropped 50pc. “The decline in earnings is due to lower international PVC margins, higher finance cost and gas prices,” said the brokerage house.
Along with the result, the company also announced a cash dividend of Re1 per share.
Published in Dawn, April 18th, 2023
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