ISLAMABAD: Engro Corporation on Friday announced its year end results showcasing a strong performance overall in its businesses.
However, on a consolidated basis the stellar performance of fertilizer, the commencement of commercial activities at the LNG Terminal and the signing of major financial agreements for SECMC were kept in check by a challenging business environment in its rice and polymer businesses.
Overall, Engro Corporation had another great year running with record revenue of PKR 184,264 million vs. PKR 175,958 million in 2014 on a consolidated basis, achieving a 4.7% YoY top line growth. Despite the challenges posed in some of its key businesses, the Company posted a consolidated profit-after-tax (attributable to owners) of PKR 13,784 million as opposed to PKR 7,007 million during 2014. Profitability was driven by Engro Fertilizers which had another unprecedented year on the back of 2-plant operations owing to continued gas supply throughout the year.
Engro Corporation successfully restructured its fertilizer trading and rice businesses as EXIMP was acquired by Engro Fertilizers and Engro EXIMP Agri products was acquired by Engro Corporation. However, the profitability was partially offset by losses in rice business primarily due to non-cash impairment loss of PKR 3,384 million booked against Property, Plant & Equipment and Stores & Spares. Also, the Petrochemicals business, in line with the bearish global commodity prices, suffered losses due to declining Ethylene-PVC price delta. NNI