Karachi February 8 2022: Engro Polymer & Chemicals Limited (EPCL) announced its CY21 financial result today where the company posted a profit after tax (PAT) of PKR 15.6 billion (Per Share: PKR 16.57). The earnings are 163 percent higher than last years of PKR 5,730 million (Per Share: 6.30).
Company distributed PKR 14,815 million to its shareholders (Per Share: 16.30). Share price of the company increased PKR 3.7 per share or 6.43 percent to close the today trading session at PKR 61.21 per share after an announcement of more than expected dividend.
During CY21 net sales witnessed an increase of 98 percent YoY to settle at PKR 70,022mn, mainly attributable to higher volumetric sales along with higher PVC prices.
Gross margins of the company increased by 330 basis points YoY to 34.3 percent during CY21. The uptick in gross margins was witnessed due to higher PVC margins.
Other expenses went up by 177 percent YoY to PKR 2,382 million during CY21 attributable to exchange losses and higher Worker’s Profit Participation Fund (WPPF) and Workers Welfare Fund (WWF) due to higher profitability.
Other income also increased by 12 percent YoY to PKR 1,327 million led by higher level of investments.
Finance costs have decreased by 13 percent YoY to PKR 1,904 million.
Engro Polymer and Chemicals Limited was incorporated in Pakistan in 1997 under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017). The Company is a subsidiary of Engro Corporation Limited, which is a subsidiary of Dawood Hercules Corporation Limited. The Company’s principal activity is to manufacture, market and sell Poly Vinyl Chloride (PVC), Vinyl Chloride Monomer (VCM), Caustic soda and other related chemicals. The Company is also engaged in the supply of surplus power generated from its power plants to Engro Fertilizers Limited.
