Tuesday, November 19, 2019

ENGRO earnings likely to jump up by 48% YoY

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

Engro Corporation Limited (ENGRO) is scheduled to announce its CY18 financial result, 2019. Analysts expect the company to post a consolidated profit after tax (PAT) of PKR 14,310mn (EPS: PKR 27.32), as compared to PKR 9,406mn (EPS: PKR 17.96) recorded during last year.

On the fertilizer business front, EFERT posted a solid 56% YoY growth to PKR 17,414mn during CY18 amid 25% YoY higher urea prices along with 11% and 20% YoY growth in urea and DAP offtake, respectively.

While Engro Foods Limited (EFOODS) posted a PAT of PKR 64mn in CY18, depicting a down turn of 83% YoY on account of shrinking market share and lower volumes in dairy segment amid increased competition.

Moreover, profitability of Engro Polymer & Chemicals Limited (EPCL) clocked-in at PKR 4,930mn, significantly up by 2.4x YoY, given 8% YoY higher PVC production and 14% YoY PKR depreciation during CY18.

Additionally, analysts expect the Elengy business to post a bottom-line of PKR 584mn after successfully handling ~600mmcfd of RLNG in 4QCY18 as per our estimates.

Furthermore, the company likely to book a one-off gain of PKR 7.39/share from the sale of Elengy Terminal Pakistan Limited (ETPL) (24% of paid-up capital) to Vopak LNG Holding Limited taking standalone earnings in 4QCY18 / CY18 to PKR 13.56/share / PKR 27.01/share.

Along with the result, the analysts expects that the company will announce a cash dividend of PKR 5.00/share which would take CY18 dividend to PKR 24.00/share (CY17 dividend: PKR 21.00/share).

 

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

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