Engro Polymer quarterly profit jumps 29 percent

Engro Polymer

Engro Polymer and Chemical Limited (EPCL) showed a clear profit of Rs 4.7 billion for the Oct-Dec quarter, up 29 percent from a year ago.

On Tuesday, a stock filing presented the company’s full-year combined earnings increased 163 percent to Rs 15 billion. It also proclaimed a final money payment of Rs 5.50 per share, which was greater than the industry anticipations, claimed a memo by Topline Securities.

Moreover, net quarterly trades augmented 67 percent from last year owing to a 46 percent rise in PVC prices, greater volumetric sales, and 8 percent deflation of the rupee against the dollar. The share value of the company increased 6.43 percent to Rs 61.21.

Individually, Friesland­ Campina Engro Pakistan Ltd informed the investors that it made a net profit of Rs 1.8 billion in 2021, up 10.2 times from a year ago. Yearly sales raised 18 percent to Rs 52 billion in the 12-month period.

As per the statement issued by the company, it noted the highest-ever ice cream volumes and highest-ever income in the dairy and ice cream segments in 2021.

Read more: New 100,000 tons PVC Plant of Engro Polymer inaugurated by PM Imran

The share price of the company decreased 5.4 percent to Rs 84.28.

Moreover, in a governing filing on the stock exchange, Engro Powergen Qadirpur Ltd remarked its profit for 2021 expensed to Rs 1.6 billion, down 23.3 percent from 2020.

Last year in December, Prime Minister Imran Khan had inaugurated a 100,000-tonne PVC III plant of Engro Polymer and Chemicals (EPCL), with the aim to enable import replacement of polyvinyl chloride (PVC) and increase exports.

While speaking at the ceremony, Prime Minister Khan stated that the government had supported the growth of local businesses so as to ensure import substitution and achieve higher exports. He commended the business community to emphasize import replacement and variation of the export base to aid maintainable economic growth.

A subordinate of Engro Corporation, EPCL is the only completely combined chlorvinyl chemical complex and manufacturer of PVC in Pakistan.

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