ENGRO CORP. POSTS HEALTHY GROWTH

Engro Corporation after announcing earnings of its two giant subsidiaries – fertilizers and foods –finally declared results of all its other segments on Thursday. The cumulative result of the local conglomerate did catch the market by surprise as a net profit increase of 21% was much higher than analyst expectation. Overall net profit stood at Rs7.81 billion, with almost 70% generated from the fertilizers and foods segment. The board of directors in their meeting held on Thursday also announced 30% bonus shares and a final cash dividend of Rs2 per share, taking the full-year 2011 payout to Rs6 per share, …. The company’s financial and other expenses on a consolidated basis increased by 176% to Rs14.2 billion which diluted the impact of overall growth in revenues which improved by a massive 43% to Rs115 billion,

Engro Fertilizers reported its earnings earlier this month with net profit increasing 23% to Rs4.59 billion in 2011 despite the manufacturer’s new plant facing multiple shutdowns during the year. The manufacturer produced 1.28 million tons of urea and sold 1.26 million tons, achieving a market share of 21%…. Engro Foods earnings grew by five times to Rs891 million in 2011 against Rs176 million in 2010 driven mainly by the dairy segment. In 2011, the foods business achieved volume growth of 22% in the dairy segment securing a market share of 44% opposed to 39% in 2010. During the first half of the year, the foods business raised Rs1.2 billion by issuing 48 million shares to institutional investors at Rs.25 per share. The foods business will increase its market share in dairy and ice cream segment offering strong value added benefits to the consumers, the company believes. The energy business increased its generation up a notch as it dispatched total net power of 1,657GWh to the national grid compared with 1,201GWh in 2010. The business declared a net profit increase of 52% to stand at Rs1.7 billion in 2011 against the preceding year’s 1.1 billion…. EXPRESS TRIBUNE

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