Pakistan Agriculture News

Engro Fertilisers’ profit rises 5% to Rs4b

KARACHI: Engro Fertilisers’ profit increased to Rs4 billion in the quarter ended March 31, 2019, which was 5% higher than Rs3.8 billion in the same period of previous year.

During the Jan-Mar 2019 quarter, it reported EPS of Rs3 against Rs2.91 in the same quarter of 2018.

The fertiliser manufacturer reported sales of Rs24 billion in the Jan-Mar 2019 quarter, which was 33% higher than Rs18 billion in the corresponding period of last year, according to a notice sent to PSX.

Cost of sales touched Rs16 billion against Rs10.9 billion last year. Finance cost of the company also rose from Rs5 million last year to Rs8 million in the quarter under review.

Meanwhile, Engro Fertilisers stated on February 27, 2019, it received an unsolicited non-binding offer from Engro Corporation for the acquisition of 100% issued and paid-up share capital of Engro Eximp FZE, a wholly owned subsidiary of the company.