KARACHI: Engro Corporation Ltd posted a consolidated income of Rs4.8 billion in the October-December quarter, down 29.4 per cent from a year ago, a stock filing showed on Thursday.

The company declared a final cash dividend of Re1 per share, bringing the total payout in the last calendar year to Rs25 per share.

According to Topline Securities, the company’s earnings, as well as payout declaration, were lower than the industry consensus.

The reason for a reduced bottom line was higher-than-expected “other operating expenses,” which jumped 89pc on an annual basis.

Last April, the company’s board approved $31.4m for conducting engineering, design and technical studies, including a front-end engineering design study in relation to a polypropylene project.

Among its subsidiaries, the profit of Engro Fertilisers Ltd went down 7pc year-on-year to Rs6.17bn in the same quarter owing to the absence of a one-time gain on the gas infrastructure development cess booked last year.

The company’s share price went down 3.74pc to Rs274.97 on the stock exchange.

Kohat Cement income rises

Kohat Cement Company Ltd told investors on Thursday its net income for the Q2FY22 clocked in at Rs1.58bn, up 64pc from a year ago.

The company displayed a jump of 38pc in its quarterly top line to Rs8.2bn, which was led by a 42pc surge in retention prices that offset the impact of a minor 3pc decline in the total off-take to 934,000 tonnes, said a note by Arif Habib Ltd.

The company didn’t declare a payout. However, it announced an investment in Ultra Kraft Ltd through a short-term running finance facility of Rs600m, which will enable its associated company to meet working capital requirements.

In addition, the cement company is investing in Ultra Kraft Ltd by way of a corporate guarantee to the National Bank of Pakistan (NBP) amounting up to Rs400m for seven years. In return, NBP will issue long-term financing to the associate company.

The company’s share price increased 0.29pc to Rs174.01 on the stock exchange.

Cherat Cement earnings surge

Net income of Cherat Cement Company Ltd for Q2FY22 remained Rs1.17bn, up 43.7pc on a year-on-year basis, a regulatory posting on the stock exchange showed on Thursday.

There was no announcement of any payout. Annual earnings were in line with the analysts’ expectations, according to AKD Securities.

The top line for the quarter under review stood at Rs7.6bn, up 20pc from a year ago, thanks to rising prices and growing despatches.

The company’s share price increased 0.18pc to Rs144.20 on the stock exchange.

Nestle profitability soars

Nestle Pakistan reported on Thursday a net profit of Rs12.7bn for 2021, up 43.7pc from 2020.

The company declared a final cash dividend of Rs90 per share, which is in addition to the Rs195 interim payout already paid during the year under review. It recorded an annual growth of 12.2pc in its sales, which amounted to Rs133.3bn in 2021.

Nestle Pakistan Ltd’s share lost 0.88pc value to close at Rs5,650 on Thursday.

Allied Bank profit shrinks

Allied Bank Ltd said on Thursday its earnings in 2021 amounted to Rs17.5bn, down 4.8pc from 2020. The result came in line with market expectations, according to AKD Securities.

The bank also announced a dividend of Rs2 per share, taking the cumulative payout for 2021 to Rs8 per share.

Its share price dropped 4.38pc to Rs85.99 on the exchange.

Soneri Bank earnings rise

Net profit of Soneri Bank Ltd for 2021 amounted to Rs2.85bn, up 18.9pc from the preceding 12-month period, a stock filing showed on Thursday.

Net interest income of the bank inched up 2.65pc to Rs10.93bn while non-interest income clocked in at Rs4.29bn, up 12.6pc from 2020.

The bank’s stock price increased 3.76pc to Rs10.48 on Thursday.

Published in Dawn, February 18th, 2022