AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Engro Holdings Ltd. (ENGROH) reported a 7% year-on-year increase in consolidated earnings from continuing operations for the calendar year 2024, reaching PkR21 billion. This growth was driven by higher urea prices and cost efficiencies.
According to a statement by AKD Securities Limited. The company also announced structural changes following a merger effective January 1, 2025, which will alter future financial reporting.
The briefing revealed that Engro Corp’s standalone profitability rose by 7% to PkR18.8 billion, bolstered by a 3% increase in dividend and royalty income. Meanwhile, EFERT’s profitability climbed by 8% to PkR28.3 billion, attributed to increased urea prices despite a 12% decline in urea offtakes due to the EnVen plant’s turnaround.
EPCL faced a loss of PkR0.2 billion, affected by lower global commodity prices and higher costs. Engro anticipates improvements in its polymer business in 2025. Engro Elengy and Vopak saw a 30% rise in chemical handling volumes, while the LNG terminal maintained high availability and profitability.
The company is negotiating options with authorities regarding the Vopak terminal lease expiration next year. In the telecom sector, Engro plans to acquire Jazz’s tower business, reflecting Enfrashare’s capital structure, with a stable tenancy ratio expected.
Engro’s discontinued thermal business reported a decline in profitability due to potential PPA alterations, while other operations remained stable. The divestment of thermal assets is pending stakeholder approval.
EXIMP FZE recorded US$510 million in revenues, with an 18% increase in total volumes. It also secured Pakistan’s first-ever 3P DAP cargo. FCEPL’s topline grew by 7% to PkR107 billion, with profitability rising by 46% due to efficiencies.
The company’s ‘BUY’ stance remains, with future prospects bolstered by expansion into telecom towers and declining financing rates. The target price for December 2025 is set at PkR301 per share.