Engro Fertilizers Reports Record Profit Of Rs. 26.2 Billion In 2023

Lahore, Pakistan – Engro Fertilizers Limited (EFERT), a wholly-owned subsidiary of Engro Corporation Limited, has achieved remarkable financial growth in 2023. The company reported its highest-ever Profit After Tax (PAT) of Rs. 26.19 billion, marking an impressive 64% increase compared to the previous year’s PAT of Rs. 16 billion. This significant surge in profit can be attributed to enhanced efficiency resulting from cost-saving measures and increased production due to long-term reliability projects implemented in 2022.

The earnings per share (EPS) for 2023 stood at Rs. 19.61, a substantial rise from Rs. 11.98 recorded in the same period last year. Engro Fertilizers’ commitment to operational excellence and strategic investments has paid off, reflecting positively in its financial performance.

In addition to the interim cash dividends already distributed at Rs. 12.50 per share (125%), EFERT’s board announced a final cash dividend for the year at Rs. 8 per share (80%) during its meeting on February 15. Shareholders can celebrate this remarkable financial achievement as the company continues to thrive in the fertilizer industry.

Key Financial Highlights for 2023:

Revenue: Engro Fertilizers witnessed robust growth, with revenue reaching Rs. 223.7 billion, a substantial increase from Rs. 157.02 billion in 2022.
Gross Profit: The fertilizer manufacturer’s gross profit surged by 69% to Rs. 72.29 billion, with a profit margin increasing to 32.3% in 2023, up from 27.3% in the previous year.
Other Income: EFERT’s other income also witnessed a significant 60% year-on-year rise, reaching Rs. 3.7 billion in 2023 compared to Rs. 2.3 billion in the same period the prior year.
Interest Expense: Despite substantial interest rate hikes, EFERT’s interest expense decreased by 27% to Rs. 1.9 billion in 2023, compared to Rs. 2.6 billion in 2022.
Profit Before Tax (PBT): The company posted a PBT of Rs. 49.69 billion in 2023, reflecting an 87% increase.
Tax Contribution: During the period, EFERT paid Rs. 23.5 billion in taxes in 2023, surpassing the Rs. 10.56 billion paid in the corresponding period last year.

Engro Fertilizers’ exceptional financial performance underscores its commitment to sustainable growth and value creation for shareholders. As the company continues to innovate and invest in its operations, it remains a key player in Pakistan’s agriculture sector.

For more information, visit the official website of Engro Fertilizers.