Engro Corporation Limited : AsiaNet-Pakistan

Tag: Engro Corporation Limited

Engro Corporation Q1 2018 results: Revenues up by 49% and bottom-line grows 62%

April 23, 2018 | General Business News

Karachi, April 23, 2018 (PPI-OT): Pakistan’s premier conglomerate, Engro Corporation (PSX: ENGRO) announced its financial results for the first quarter…

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Engro Corporation’s profit-after-tax from continuing operations grows 26%

February 23, 2018 | General Business News

Islamabad, February 23, 2018 (PPI-OT): Pakistan’s premier conglomerate, Engro Corporation (PSX: ENGRO) announced its financial results yesterday for the year…

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Global CEO FrieslandCampina and Chairman Engro Corporation meet with Prime Minister on Investment in Dairy Development

February 1, 2017 | General Business News

Islamabad, February 01, 2017 (PPI-OT): The global CEO of FrieslandCampina Roelof Joosten and Chairman Engro Corporation Hussain Dawood met with Prime Minister Nawaz Sharif where they jointly discussed possible opportunities to develop the dairy industry in the country through knowledge transfer and provision of nutritious value-added products amongst others. The Global CEO along with Hussain Dawood highlighted the need to explore partnership opportunities with the government to bring the local dairy industry at par with international standards and contribute to Pakistan’s dairy sector’s development.

FrieslandCampina is one of the world’s largest dairy companies owned by 19,000 member farmers, with annual revenues of more than EUR 11billion. FrieslandCampina provides dairy products to millions of consumer’s worldwide everyday through its expansive global footprint with activities in over 32 countries, exporting to over 100 countries and employing over 22,000 people worldwide. Their global brands cater to a wide spectrum of consumers across several categories including dairy based beverages, infant nutrition, yoghurt, desserts, butter and cheese. Some of its best-known brands include Friso, Frisian Flag, Peak, Dutch Lady, Alaska and Rainbow.

The Prime Minister of Pakistan – Mian Nawaz Sharif commented on the occasion of the meet and said: “We believe this transaction will be instrumental in positioning Pakistan as an attractive investment destination for global companies and encourage others to follow. I am hopeful that this partnership will allow the Pakistani population to enjoy a wider array of affordable, high quality dairy products for a healthier Pakistan. Improving the wellbeing of millions of our farmers is a cause that Pakistan has been focused on since its inception. I am convinced that this partnership will create tremendous long term value for our dairy farmers”.

Roelof Joosten, Global CEO Royal FrieslandCampina N.V. commented: “The partnership with Engro Foods will accelerate FrieslandCampina’s vision for 2020. I am really looking forward to working closely with Engro Corporation, Engro Foods and the Pakistani authorities on elevating the dairy sector to provide healthy and nutritious dairy products for the Pakistani market. Friesland also looks forward to working with the authorities to establish a level playing field in import and export of dairy products, for example by ensuring realistic and competitive import charges enabling import of value-added dairy products. This will contribute to the development of the whole country, benefiting consumers and dairy industry alike.”

“This is a defining moment for Pakistan and its dairy industry,” commented Mr Hussain Dawood, Chairman of Engro Corporation. “This partnership will enable us to benefit from the organizational knowledge of FrieslandCampina which is regarded as an industry leader in the dairy category. Together with the government and FrieslandCampina we aim to enhance our dairy development outreach and accelerate our work on improving the dairy sector. I am convinced that this partnership will create tremendous long term value for a broad category of stakeholders especially the Pakistani farmer and consumer.”

The discussion further revolved around the development of the dairy sector in Pakistan through alignment of federal and provincial food laws and implementation of national standards. The meeting also discussed the need to regulate the loose milk industry which is fraught with issues such as adulteration posing a health hazard for consumers and the subsequent requirement for introduction of minimum pasteurization laws to ensure provision of nutritious and healthy milk to consumers.

In December 2016 Engro Corporation (ECORP) entered into an agreement with FrieslandCampina for the sale of 51 percent of the Company’s shareholding in Engro Foods (EFOODS) in one of the single largest private sector Foreign Direct Investment (FDI) in Pakistan amounting to a total investment of USD 450 million (430 million Euros).With a spectacular track record of success spanning over a decade, Engro Foods has played pivotal role in offering Pakistani consumers hygienic, nutritious and affordable dairy products through its brands Olper’s, Tarang, Dairy Omung and Omore.

For more information, contact:
Engro Corporation Limited
8th Floor, Harbour Front Building, HC # 3,
Marine Drive, Block 4, Clifton
Karachi, Pakistan
Phone: +92-21-111-211-211
Fax: +92-21-35295948
Cell: +92-302-8275133
Email: sazaidi@engro.com, media.relations@engro.com
Website: www.engro.com

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Engro declares a positive performance posts Profit of PKR 6.91 billion

August 19, 2016 | General Business News

Islamabad, August 19, 2016 (PPI-OT): Engro Corporation announced a profit-after- tax of Rs6.91bn for the first half ended June 30, 2016, representing earnings per share at Rs10.54. The company’s profits were down 28pc from Rs9.56bn (eps Rs15.28) on a year-on- year basis. The board of directors announced second interim cash dividend of Rs7 per share, …

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Engro and Inbox Business Technologies sign MoU for Software Development

August 18, 2016 | General Business News

Islamabad, August 18, 2016 (PPI-OT): As the next step in Engro’s digital transformation journey and partnership with General Electric (GE), Engro Corporation Limited and Inbox Business Technologies entered into an agreement for industrial software application development. Under the agreement Inbox Business Technologies shall initially develop applications for Engro’s Fertilizer, Dairy and Captive Power segments, on …

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Engro Corporation enters into strategic partnership with Royal FrieslandCampina to strengthen its presence in Pakistan’s dairy sector

July 4, 2016 | General Business News

Islamabad, July 04, 2016 (PPI-OT): Engro Corporation Limited (ECorp) is pleased to announce that it has entered into an agreement with FrieslandCampina Pakistan Holdings B.V., a wholly owned subsidiary of Royal FrieslandCampina N.V. (FrieslandCampina), for the sale of up to 51 percent of the Company’s shareholding in Engro Foods Limited (EFoods). Under the new structure …

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Engro Corporation announces profit after tax of Rs 13,784million

February 19, 2016 | General Business News

Islamabad, February 19, 2016 (PPI-OT): Engro Corporation today announced its year end results showcasing a strong performance overall in its businesses. However, on a consolidated basis the stellar performance of fertilizer, the commencement of commercial activities at the LNG Terminal and the signing of major financial agreements for SECMC were kept in check by a …

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Engro celebrates 50 years since inception

September 29, 2015 | General Business News

Islamabad, September 29, 2015 (PPI-OT): In a grand event organized by Engro, the Company celebrated fifty years since its inception in 1965. Khalid Siraj Subhani CEO and President Engro Corporation, while addressing the media drew parallels between the Company then and now. He stated that what started as a single product Company has now diversified …

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Liquefied natural gas can bridge supply, demand gap: Chief Executive Officer Elengy Terminal

September 23, 2015 | General Business News

Islamabad, September 23, 2015 (PPI-OT): Natural gas production in the country per day is approximately 4 billion cubic feet against accumulated demand of more than six billion cubic feet and the solution lies in liquefied natural gas (LNG). With less discovery of significant gas reserves in the country, two billion cubic feet gas shortage leads …

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Engro Terminal brings 25 billion cubic feet Liquefied Natural Gas: Engro Chief Executive Officer

September 8, 2015 | General Business News

Islamabad, September 08, 2015 (PPI-OT): The Floating Storage and Regasification Unit (FSRU) hired by LNG terminal operator Engro Elengy Terminal Limited has brought 25 billion cubic feet gas in the country since its commissioning in March this year. “The utilization of terminal, installed in record 11 months at a cost of US$ 150 million, is …

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Engro Corporation records 13per cent increase in revenue

August 19, 2015 | General Business News

Islamabad, August 19, 2015 (PPI-OT): The Board of Directors of Engro Corporation announced its 1H 2015 results, showcasing strong performance from its fertilizers, foods and LNG businesses, slightly offset by performances of the petrochemical and the rice businesses. The Company continued to reflect strong shareholder return and announced a dividend of Rs. 4/share which is …

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Appointment of Chief Executive Officer of Engro Corporation Limited

May 11, 2015 | Elections / Appointments

Karachi: Engro Corporation Limited informed Karachi Stock Exchange about appointment of Mr. Khalid Siraj Subhani as Chief Executive Officer of the company with effect from May 12, 2015 in place of Mr. Aliuddin Ansari. Engro Corporation Limited is a publically listed company incorporated in Pakistan under the Companies Ordinance, 1984. The company is engaged in the business of managing investments in subsidiary companies and joint venture, engaged in chemical fertilizers, PVC resin manufacturing, food, energy, exploration, LNG and liquid chemical terminal and storage businesses. The registered office of the company is located in Karachi. The shares of the company are quoted on the Karachi, Lahore and Islamabad Stock Exchanges of Pakistan. The business ventures of the company started in 1957 from the search for oil by Pak Stanvac an Esso/Mobil joint venture which led to the discovery of the Mari Gas field near Daharki. Later, Esso proposed the establishment of a urea plant in that area which led to a fertilizer plant agreement signed in 1964. In the subsequent year, Esso Pakistan Fertilizer Company Limited was incorporated, with 75% of the shares owned by Esso and 25% by the general public. The subsidiary companies of the group are Engro Fertilizers Limited, Engro Foods Limited, Engro Polymers And Chemicals Limited, Engro Powergen Limited, Engro EXIMP Private Limited, Engro Vopak Terminal Limited and Elengy Terminal Pakistan Limited. The symbol “ENGRO” is being used by the stock exchange for the shares of Engro Corporation Limited.

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