Engro Corporation’s standalone revenue for the first quarter was PKR 6.4 bn – down by 21%, primarily due to lower dividends received from Engro Polymer & Chemicals Limited (EPCL) due to reversal of commodity cycle and increase in gas prices. Correspondingly, the Company posted a 12% decline in PAT of PKR 6 bn in Q1 2023 against PKR 6.9 bn in Q1 2022.
On a consolidated basis, Engro Corporation’s revenue grew by 10% to PKR 97.3 bn in Q1 2023 from PKR 88.3 bn in Q1 2022. The Company posted a PAT of PKR 8.8 bn in Q1 2023, which is 41% lower than PKR 14.9 bn in Q1 2022. The PAT attributable to the shareholders is PKR 5 bn, translating into an EPS of PKR 8.18 per share (Q1 2022: PKR 13.84 per share). Major variance was attributable to the macroeconomic headwinds resulting in commodity cycle reversal, lower DAP demand and increasing cost pressures.
