KARACHI: Engro Polymer & Chemicals Limited (EPCL) posted a consolidated net profit of Rs846 million in the quarter ended March 31, up 4,600% from just Rs18 million in the same period of the previous year, according to a company notice sent to the Pakistan Stock Exchange (PSX).
Earnings per share (EPS) increased to Rs1.27 compared to an EPS of just Rs0.03 in the same period of the previous year.
The KSE 100-Index closed at 46,874, down 250 points or 0.53% on Tuesday. Engro Polymer’s share price closed at Rs25.11, down 1% from Rs25.36. EPCL is the only fully integrated Chlor-Vinyl chemical complex in Pakistan.
It is a subsidiary of Engro Corporation, involved in the manufacturing, marketing and distribution of quality Chlor-Vinyl allied products and PVC under brand name ‘SABZ’.
The company’s history dates back to 1994 when it was established as a joint venture with two Japanese companies. Later, perturbed with low margins, it decided to change the business model by producing PVC raw material in Pakistan and made an investment of $350 million.
After passing through three tough years, the company finally reported a net profit of Rs50 million in 2012, followed by earnings of Rs717 million in 2013.
The management had hoped that 2014 would also be a better year, but the company posted a loss of Rs1 billion and Rs649 million in 2014 and 2015, respectively.
Published in The Express Tribune, April 19th, 2017.
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