The management of Engro Corporation Limited (PSX: ENGRO) today disclosed the financial result for 1HCY23, posting a consolidated profit after Tax (PAT) of Rs. 21.47 billion against Rs. 16.81 billion in 1HCY22, showing an uptick of 27.7 percent year-on-year (YoY).

According to the Company’s financial result, consolidated earnings in 2QCY23 clocked in at Rs. 12.67 billion, a staggering 562 percent YoY growth from just Rs. 1.9 billion in the same period last year.

Along with the result, the company announced an interim cash dividend for Q2 of Rs. 2.00 per share, which is in addition to the interim cash dividend already paid at Rs. 40 per share (400 percent).

Net sales in 1HCY23 clocked in at Rs. 202 billion, up by 14 percent YoY. The topline during 2QCY23 improved to Rs. 105 billion from Rs. 89 billion in SPLY. Gross margins in 1HCY23 settled at 30 percent while in Q2, margins arrived at 34 percent.

Other income depicted an increase of 43 percent YoY settling at Rs. 13.7 billion in 1HCY23, however, in 2QCY23, the other income came in at Rs. 6.8 billion, showcasing a 22 percent YoY growth owing to higher income from cash and cash balances, according to Arif Habib Limited.

Finance cost ascended by 87 percent YoY to Rs. 22.5 billion during 1HCY23. In 2QCY23, the same metric swelled by 66 percent YoY, reaching Rs. 11.4 billion on account of a hike in interest rates. The company paid Rs. 18.2 billion in taxes during H1.

ENGRO posted earnings per share (EPS) of Rs. 11.03 for 2QCY23 while an EPS of Rs. 19.12 for the half year.

At the time of filing, the company’s scrip at the bourse was Rs. 257.5, down by 4.3 percent or Rs. 11.57 with a turnover of 2,518,158 shares on Thursday.

Source: Pro Pakistani