Engro profit surges 45% to Rs23.6 billion

KARACHI: Engro Corporation posted profit of Rs23.6 billion for the year ended December 31, 2018, up 45.1%, compared with Rs16.3 billion for the same period last year.

The company reported earnings per share (EPS) of Rs24.26 in the year 2018 against Rs17.96 in 2017. Despite posting a relatively higher growth, the company’s profit fell significantly short of the industry’s expectations due to inflated operating expenditure, said Topline Securities analyst Shankar Talreja.

The company also announced a final cash dividend of Rs2 per share for the year, which is in addition to the interim dividend of Rs19 per share that it has already paid.

Engro paid bonus shares in proportion of 10 shares for every 100 shares. However, this bonus share will not be eligible for the dividend declared for the year.

Administrative expenditure increased to Rs5.6 million, due to some ongoing special assignments.

Published in The Express Tribune, February 21^st, 2019.

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