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Karachi: Engro Fertilizers Limited disclosed its un-audited financial outcomes for the half year ended June 30, 2024, during a board meeting held on July 30, 2024. The Board approved an interim cash dividend of Rs. 3.00 per share, equivalent to 30%, following an already distributed Rs. 8.00 per share or 80% earlier in the year.
The financial report revealed that the company had fully sold its stock of higher-cost government-imported urea during the first quarter. To mitigate the price difference between imported and local urea, the company adjusted the price of its locally produced urea. This price adjustment aimed to recover the additional cost over a 12-month period, resulting in a notable financial maneuver.
According to information available from the Pakistan Stock Exchange (PSX), the un-audited financial statements for the second quarter were released as part of this announcement. These results included a significant accounting adjustment regarding the imported urea’s cost. Originally retained on the balance sheet as of March 31, 2024, at Rs. 5,319,500,000, the entire unamortized amount was recognized in the profit and loss for the period after reassessment by management.
Engro Fertilizers also announced that the share transfer books would be closed from August 13 to August 14, 2024, to facilitate the payment of dividends. Eligible shareholders must be registered by August 12, 2024.
The company also indicated that the quarterly report for the period ending June 30, 2024, would be made available through PUCARS and on their official website within the specified timeline.