Magazine article Economic Review

Engro Announces Third Quarter Results. (Press Release)

Magazine article Economic Review

Engro Announces Third Quarter Results. (Press Release)

Article excerpt

The Board of Directors of Engro Chemical Pakistan Limited met on October 22, 2002 to review the business results of the Company for the period January to September, 2002.

The Company's sales volume increased by 12% over the corresponding period of last year resulting in a market share of 20%. There was also a sizeable increase in the sales of phosphatic and potassic fertilizers as the Company continued its efforts to promote balanced fertilization. Overall the sales revenue of the Company increased by a significant 36%. The production of Engro Urea was up by an appreciable 18%. Smooth plant operations and absence of a planned maintenance shutdown during this period enabled the attainment of record production.

The Company posted a net profit of Rs.854 million for the period under review, up 21% from the level of last year. Higher sales, reduced NPK fertilizer losses and higher dividend from a joint accounted for the improved profit. Based on these results the Board of Directors declared a second interim dividend of Rs.2.00 per share. The total dividend of date which includes the first interim amounts to Rs.4.00 per share which is unchanged from last years level.

The fertilizer sales outlook over the balance of the year will be dependent on availability of irrigation water which is expected to be favourable compared to last year. There is adequate supply of product in the country even though the company's urea plant is scheduled for a three week shutdown in the fourth quarter to execute efficiency and reliability projects. Overall, the business climate in the country will depend on political stability in the country and in the region.

The Company has announced its intention to build a world scale Ammonia Urea Fertilizer complex in the Sultanate of Oman. A Memorandum of Understanding has been signed between Engro and Oman Oil Company to develop the project which will be set up as a joint venture. …

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