Engro Corporation's Profits Surge by 18% to Rs. 10.38 Billion in Three Months
Engro Soars in Q1: Profit Up 18%, Dividend Announced
Lahore, Pakistan - April 26, 2024 - Engro Corporation Limited (ENGRO), a Pakistani conglomerate, reported a strong first quarter (Q1) of 2024, with profits surging 18% year-over-year (YoY) to Rs10.38 billion. This positive performance was driven by a significant increase in revenue and gross profit.
"Engro's Q1 results demonstrate the company's continued resilience and ability to capitalize on market opportunities," said a company spokesperson. "We are pleased to announce an interim cash dividend of Rs11 per share to our valued shareholders."
Key Highlights:
- Profit after tax (PAT) of Rs10.38 billion, an 18% increase from Rs8.8 billion in Q1 2023.
- Earnings per share (EPS) of Rs10.66, up from Rs8.18 in the same period last year.
- Revenue climbed nearly 49% YoY to Rs104.3 billion.
- Gross profit surged over 53% to Rs27.59 billion.
- Board of directors approves an interim cash dividend of Rs11 per share.
Strong Revenue Growth & Profitability
Engro's Q1 performance was marked by a substantial increase in revenue, which grew by almost half compared to the same period last year. This robust top-line growth translated into a significant rise in gross profit, indicating improved efficiency and cost management.
Strategic Dividend & Tax Contribution
The company's board announced an interim cash dividend of Rs11 per share, reflecting its commitment to rewarding shareholders for their continued faith. Additionally, Engro's tax contribution saw a substantial increase, demonstrating its role as a responsible corporate citizen.
Looking Ahead
Engro's robust Q1 performance positions the company for a promising year. With a focus on growth and profitability, Engro remains well-positioned to capitalize on emerging opportunities and deliver long-term value for its stakeholders.