Last year, the company’s profits stood at Rs2.7 billion with an EPS of Rs8.25.
The major growth drivers were its fully-owned fertiliser entity, Engro Fertiliser Limited and trading subsidiary, Engro Eximp businesses, posting profits of Rs2.9 billion and Rs989 million, respectively, it said.
Engro Foods surprised with a cumulative profit of Rs35 million. On the flip side, Engro Polymer and Chemicals Limited (EPCL) remained in the red with a loss of Rs762 million.
Net sales of the company grew by 32 percent to Rs54 billion, which led to improved margins of 25 percent from 23 percent previously.
The company’s finance cost increased by 107 percent to Rs4.2 billion, mainly due to additional borrowing by EPCL and Engro Energy.
However, these incremental costs were somewhat mitigated by Engro’s share of profit from its joint venture and other operating income, which showed an impressive 25 and 118 percent growth, respectively, the statement added.
UBL profits surge by 27pc
United Bank Limited (UBL), one of the largest private commercial bank in the country, showed 27 growth in profit to Rs8.1 billion and Rs6.58 EPS for the nine-month period ended on September 30, up by 27 percent, a bank statement said on Thursday.
During the quarter ended on September 30, the bank registered profits of Rs2.9 billion and an EPS Rs2.34, an increase of 18 percent over the corresponding quarter last year.
As expected, the company did not announce any payout. The growth in profitability was due to effective liability management, which led to a steep decline in the cost of funds, it said.
Moreover, a 32 percent decline in provision expenses on bad loans to Rs5.3 billion further aided the profitability. Non-interest income, however, remained lower by eight percent to Rs7.3 billion, on one-off derivative gains made last year.
Operating expenditure increased by three percent to Rs13.2 billion following cost control measures taken by the management, the statement added.
FFC declares 20pc cash dividend
Fauji Fertiliser Company (FFC) with over 40 percent share of urea manufacturing and marketing in Pakistan, has announced an interim cash dividend of Rs2 per share and a profit of Rs7.02 billion for nine months ended September, 2010.
As a result, the cumulative dividend has gone up to Rs9.5 per share for the current year.
The sales grew by 11 percent on the back of higher urea prices, which averaged at Rs809 per bag.
Higher dividend income from FFBL proved to be another earnings propeller and the other income soared by eight percent to Rs2.2 billion.
The earning per share (EPS) for nine months was Rs10.35, up from of Rs9.78 in the same period last year.
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