Engro Posts Rs 69.107 Bn Net Profit

KARACHI, (UrduPoint / Pakistan Point News - 17th Feb, 2017 ) : Engro Corporation posted consolidated profit-after-tax (attributable to owners) amounting to Rs 69.107 billion in 2016 as compared to Rs 13.784 billion during 2015.

The company reported the year-end results on Friday. Engro Corporation finished 2016 with revenue of Rs 157,208 million and in 2015, it was Rs 181,652 million showing a decline of 13 percent mainly on account of intense competition in the dairy sector coupled with lower urea off-take at subsidized prices due to poor agronomics.

The company also announced a final cash dividend of Rs 4 per share for the year ending on December 31, 2016, aggregating to Rs 24 per share for the full year, says Engro statement. The increase in profit was attributable to one-off gain amounting to Rs 58,680 million, recognized in accordance with international financial reporting standards, due to partial divesture of equity stake in Engro Foods.

" I am pleased to report, Engro Corporation's results have come in at the higher end of our expectations," said Ghias Khan President and Chief Executive Officer of Engro Corporation. Our ability to consistently execute showed that the company made the most of a year in which it faced some unexpected regulatory headwinds.

Decisive actions against our strategic priorities had resulted in a strong foundation for future growth and competitiveness. For 2017, the company's management remained focused on adding shareholder value through a combination of internal alignments and external initiatives.