KARACHI: Engro Polymer and Chemicals Limited’s (EPCL) consolidated profit increased three-fold to Rs2.05 billion in the year ended on December 31, 2017 mainly due to increased sales, according to a notice sent to the Pakistan Stock Exchange (PSX) on Wednesday.
The firm, which remains the industry leader with 73% market share in Pakistan, booked a profit of Rs659.93 million in the preceding year.
Earnings per share surged to Rs3.09 in the year under review from Rs0.99 in the previous year.
EPCL’s share price increased 1.82%, or Rs0.48, to close at Rs26.88. It emerged as the second-most traded share on Wednesday with 26.3 million changing hands.
Firm’s revenue increased 21% to Rs27.73 billion in the year, compared with Rs22.85 billion last year.
Cost of sales rose 14.5% to Rs21.66 billion from Rs18.91 billion. Finance cost lowered to Rs820 million from Rs920 million.
On the other hand, other income enhanced to Rs137 million in the year under review from Rs21 million in the previous year.
Board of directors recommended a final cash dividend of Rs0.80 per share. This is in addition to the interim cash dividend already paid at Rs0.45 per share. The new entitlement will be paid to shareholders whose name will appear in the register of members on March 22, 2018.
The company mainly produces PVC chemical, which is used to make numerous plastic products, including credit cards, toys and construction material like water and sewerage pipes. Besides, it produces VCM (raw material for PVC) and caustic soda.
Published in The Express Tribune, February 1st, 2018.
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