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ENGRO earnings likely to jump up by 48% YoY

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Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com

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).

 

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