KARACHI: Engro Corporation will see the departure of its president and chief executive officer Muhammad Aliuddin Ansari after he announced stepping down from his position with effect from May 11, 2015, according to a statement issued on Tuesday.
Ansari took over the helm in 2012 as president of Engro Corp. and chairman of all subsidiaries at a time when the company was facing an imminent loan default, low employee morale and high attrition along with severe performance issues across the company’s flagship businesses, added the statement. He assumed the responsibility after the departure of Asad Umar, who headed the corporation from January 2004 to April 2012. Umar had a lengthy 27-year career at Engro, one of the largest private sector conglomerates of the country.
During Ansari’s tenure, Engro gained on all fronts including the company’s balance sheet Revenues grew from Rs125 billion to a record Rs176 billion, up by 40%. During the time, share price rose 300% and the company declared record cash dividends of Rs3 billion in 2014.
His efforts also contributed to increasing the company’s market capitalisation from Rs47 billion in 2012 to Rs116 billion at the end of 2014.
However, the year 2014 was also a crucial one for Engro’s businesses. The fertiliser business posted the highest ever topline in its history – Rs61 billion – and declared a record-breaking profit of Rs8.2 billion.
As the president, Ansari provided leadership for a number of key strategic projects including construction of the world’s fastest LNG terminal – in a record time of 300 days – while delivering excellent progress on Thar coal mining and power projects.
In 2014, the company also commissioned its first international project in power space – an 84MW captive power plant for Nigeria’s largest oil refinery. Meanwhile, the food business too, reflected a strong turnaround demonstrating a 36% volumetric growth and becoming market leader in the ambient UHT category.
Under his management, the statement added, he spearheaded a series of transformational initiatives which have helped increase engagement levels to 62%; decreased attrition to acceptable levels and strengthened the talent pipeline.
The company will announce Ansari’s successor in the near future.