Engro records Rs 3.3813bn profit in 1H 2011

The Board of Directors of Engro Corporation Limited has announced a profit after tax of Rs 3.381 billion for the six months ended, June 30, 2011.

Engro Corp’s consolidated revenue recorded an increase of 37 percent and stood at Rs 46.1 billion for the first half of 2011 as compared to Rs 33.7 billion in the same period last year. The company announced an EPS of Rs 8.43 (basic) for the 1H 2011.

Commercial operations of Engro urea plant

The Engro Fertilizers Limited, the subsidiary of the Engro Corporation, has announced the start of commercial operations of its new fertilizer plant in Daharki on Friday.

According to the management, the new plant, which is considered the largest single train urea production plant in the world, is set up at a cost of $1.1 billion, having a total capacity of 1.3m tons per annum (mtpa).

Engro Foods floating 2.7 million shares

Lahore Stock Exchange (LSE) has cleared the draft prospectus of offer for sale of shares of Engro Foods Limited. The total paid-up capital of the company is Rs 7.4 billion whereas the present offer consists of 2.7 million ordinary shares i.e. 3.61% of the total paid-up capital. The offer price will be Rs 25 per share (including premium of Rs 15 per share).

The presented offer for sale of shares is being made to the general public by Engro Corporation Limited’s existing shareholders of the Company.

From: Daily Times

Engro merges business with social responsibility

Engro Corporation’s Khushaal Livestock Programme – designed to help farmers improve the productivity of their dairy animals in the aftermath of the flood – is a rare case of a Pakistani company successfully merging its business interests with its corporate social responsibility initiatives.

The six month programme which ended last month was run by the company’s non-profit arm Engro Foundation, utilised funding from the United States Agency for International Development (USAID) to provide Rs78 million in micro-grants to farmers in order to help them increase milk production of their dairy animals by an average of half a litre per animal per day.

ENGRO: POST-BoD ANALYSIS

BOARD MEETING:
The Board of Directors (BoD) of Engro Chemicals Limited (Engro) was scheduled for Saturday 20 Jan. 2007 to approve the 2006 full-year results. However the results were announced on 22 Jan. 2007 at 10:00 am. Circumspect though it may seem, bear with me.

2005 DISCLOSURES:Profit after Tax (PAT): Rs. 2, 320 million
Earnings per Share (EPS): Rs. 13.79
Payout: Total cash dividend of Rs. 6

2006 EXPECTATIONS:
PAT: Rs. 2, 350 million, with expected growth of 1%
EPS: Rs. 13.94
Payout: Rs. 4 to 5

Engro announces cash dividend

Engro Chemical Pakistan has announced, on Monday, a final cash dividend at Rs3 per share (i.e. 30 per cent) for the year ending on December 31, 2006. It was in addition to the already paid interim dividend at Rs6 per share (i.e. 60 per cent).

Therefore, the cash dividend of the entire year totaled to Rs9 per share (i.e. 90 per cent). The profit after tax of Engro Pakistan stood at Rs2.55 billion which is a new record for the company and is higher by 10 per cent over the year 2005 profit of Rs2.32 billion. The higher profit was principally due to higher urea volumes because of better production and capital gain of Rs131 million on sale of land to Engro Asahi, said a press statement.

The (Passed) Winds of Change – Part 2

Again, here’s my take on the news. I think the three more important ones, that directly pertain, hence affect, the Karachi stock exchange, are:

1. The release that Prime Minister Shaukat Aziz is to postpone the decision to levy Capital Gain Tax for the next year.
2. The Sindh Government’s decision to discontinue stamp duty on electronic transfer of shares. [This proposal was in the last budget (June 2006). The duty was Rs. 0.01 per share.]
3. The opposition and disfavor of the Public Accounts Committee toward the privatization of Pakistan State Oil (PSO).

CFS Eligible Scrips

1. ACBL
2. BAFL
3. BOP
4. DGKC
5. DSFL
6. ENGRO
7. FABL
8. FCCL
9. FFBL
10. FFC
11. HUBC
12. KAPCO
13. KESC
14. LUCK
15. MCB
16. MLCF
17. NBP
18. NML
19. OGDC
20. PIAA
21. PICB
22. PICIC
23. POL
24. PPL
25. PPTA
26. PSO
27. PTC
28. SNGP
29. SSGC
30. TELE
31. AICL
32. CTTL
33. BOSI
34. NCL
35. ANL
36. PCCL
37. JOVC
38. DCL
39. TRG
40. WTL
41. SNBL
42. KOHC
43. PRCBL
44. STPL
45. SPCB
46. JSIB
47. NETRSOL
48. CHBL
49. Attock Refinery
50. Attock cement
51. AHSL
52. INDU
53. ICI
54. PRL
55. Cherat cement
56. Packages
57. PSMC
58. ABL
59. FNEL
60. Pak Electron
61. Bank Al habib
62. Millat Tractor
63. Pakistan Cable
64. KSE
65. BOC
66. THALL
67. SECURITY PAPER
68. APL
69. Ferzoz sons

Four in the run to set up urea plant, bidding next month

Four parties including Engro, Fauji Fertilizer Company (FFC), International Petroleum Investment Co (IPIC) and Orascom are interested in installing a new urea plant in view of growing demand of fertilizers in local market.

Currently, Engro and FFC are the major urea producers in the country while remaining two companies are comparatively new in urea production business.

“Engro Chemical wants to install urea plant in Deharki with an annual production capacity of around one million tonnes, while FFC intends to install urea plant at Kotmachi with a production capacity of around 0.75 to 0.8 million tonnes,” an inside sources, privy to developments, told on the condition of anonymity.