Engro Corporation on Friday announced 2012 results whereby the company posted full year earnings of Rs 1.3 billion (EPS of Rs 2.61), down 83 percent YoY compared to profit of Rs 8.1 billion (EPS of Rs 15.77) in the same period of last year, according to a notification issued by Karachi Stock Exchange (KSE), here on Friday.
In 4Q alone, earnings stood at Rs 1.8 billion (EPS of Rs 3.47) compared to profit of Rs 2.5 billion (EPS of Rs 4.83) in the corresponding period last year. Commenting on the results, an analyst at JS Global said the major drivers of the profitability are (1) strong EFOODS earnings during 4Q (up 63 percent YoY) and (2) Engro”s fertiliser business breaking even in the same period.
He said Engro Fertiliser posted a 4Q profit of Rs 43 million (Rs 0.08/share for Engro Corp) due to record urea offtake in the period while, Engro Corp”s share of Engro Foods 4Q profits stood at Rs 1.7/share. “Engro Polymer reported a meager loss of Rs 6.3 million,” he added.