ENGRO POLYMER REPORTS MIXED FINANCIAL RESULTS FOR H1 2024, NO DIVIDEND ANNOUNCED

Karachi: Engro Polymer & Chemicals Limited reviewed and approved its financial results for the first half of 2024. The unaudited financial figures reflect a challenging period with net revenue from contracts reaching approximately $34.38 billion, a decrease from the $37.02 billion reported in the prior year. The Karachi-based company also reported significant losses in earnings per share, which dropped from a gain of 2.69 in the previous year to a loss of 1.97.

The financial results were disclosed following a board meeting on August 15, 2024. According to the details, the company decided against issuing any cash dividends, bonus shares, or rights shares for the period. Detailed financial statements will be available on Engro Polymer’s official website and are set to be transmitted through PUCARS, the regulatory filing system.

According to information available from the Pakistan Stock Exchange (PSX), Engro Polymer’s operational challenges were highlighted by a decrease in gross profit from $9.41 billion last year to $2.50 billion this year. Administrative and distribution expenses also increased, further eroding profitability. The company incurred finance costs of $3.79 billion, up from $2.73 billion the previous year, reflecting higher financial strain.

The detailed breakdown shows a stark contrast in operational performance compared to the previous year, with net losses after taxation totaling $1.59 billion, a significant decline from a profit of $2.75 billion reported in 2023. The basic and diluted earnings per share mirrored this downturn, with both figures turning negative compared to positive returns in the previous year.

Engro Polymer’s financial health, as depicted by these results, shows a company navigating through economic pressures with substantial impacts on its profitability metrics. The lack of dividend declarations may affect investor sentiment, as stakeholders adjust to a period of financial recalibration.

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