KARACHI: Engro Corporation Limited (Engro) has announced a net profit of Rs23.63 billion for the year December 31, 2018, which is 44.7 percent higher than the profit of Rs16.28 billion recorded in the previous year.

The earnings per share (EPS) for the year 2018 clocked in at Rs24.26 as against Rs17.96 last year. The company also declared a final cash dividend of Rs2.0/share, which is in addition to interim dividend of Rs19/share already paid to the shareholders. Engro Corporation Limited (Engro) also announced 10 percent bonus shares.

“The fourth quarter earnings deviated from consensus amidst higher other operating expense coupled with substantial increase in admin expenses. The former increased on back of higher exchange losses on Engro Elengy Terminal and higher WPPF expense, we believe. While latter swelled amidst expenses incurred on special projects carried by the holding company,” Shankar Talreja at Topline Securities said.

Engro Corporation Limited (Engro) total net revenues stood at Rs171.568 billion in 2018, up 33.4 percent compared with the revenues of Rs128.592 billion in 2017.

Talreja flagged poor crop season, scarcity of water for sowing season, volatility in polymer margins and change in regulatory structure in energy division as key risks for the holding company.[the_ad id=”31605″]