Thursday, May 30, 2024

Engro Corporation’s Profit Increase by 18% to Rs. 10.38 Billion in Just 3 Months

Engro Corporation Limited (ENGRO), a big company in Pakistan, made a profit of Rs10.38 billion after taxes in the quarter ending March 31, 2024. This is 18% more than the Rs8.8 billion they made in the same period last year.

This information was shared by the company’s financial results, which were posted at the Pakistan Stock Exchange (PSX) on Thursday. It means that for every share, the company made Rs10.66 in the first quarter of 2024, compared to Rs8.18 in the same period last year.

During a meeting of the company’s board on Thursday, April 25, they announced they would give an interim cash dividend of Rs11 per share to shareholders. Engro Corporation’s revenue also went up a lot, increasing by almost 49% to Rs104.3 billion in the first quarter of 2024 from Rs72.1 billion in the first quarter of 2023. Additionally, the company’s gross profit went up by over 53% to Rs27.59 billion, compared to Rs17.99 billion before.

Even though the money the company made from other sources went down by 10% compared to last year, to Rs3.48 billion in the first quarter of 2024 from Rs3.87 billion in the same period last year, Engro’s overall financials stayed strong. The company had to pay Rs4.04 billion in finance costs in the first quarter of 2024, but they also made Rs631.04 million during the same time.

This led to a profit before taxes of Rs19.33 billion in the first quarter of 2024, which is a big increase of nearly 76%. Engro Corporation paid Rs8.9 billion in taxes during this time, compared to Rs4.88 billion in the same period last year.

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