Karachi, Engro Corporation Limited disclosed its financial results for the first quarter ended March 31, 2024, in a meeting held at the Karachi School of Business and Leadership. The company declared an interim cash dividend of Rs. 11.00 per share, amounting to 110%, while reporting no issuance of bonus or right shares. Additionally, Engro announced the divestment of its thermal energy assets, a significant corporate action impacting its financial landscape.

The board meeting, convened on April 25, 2024, reviewed and approved both the consolidated and standalone financial statements. These documents highlighted a revenue increase to Rs. 104,299,728 in 2024 from Rs. 72,073,611 in the previous year, marking substantial growth. The company’s gross profit also rose significantly, from Rs. 17,988,700 in 2023 to Rs. 27,593,148 in 2024.

In a major strategic shift, Engro Energy Limited, a wholly owned subsidiary, has finalized agreements for selling its shares in EPQL, EPTL, and SECMC to Liberty Power Holding (Pvt.) Limited, among others. This transaction is aligned with the International Financial Reporting Standard 5, which requires reporting these assets as discontinued operations.

Engro Corporation’s financial results also detailed the operational profits and tax implications, reflecting a net profit from continuing operations of Rs. 10,384,878 in 2024, a significant rise from Rs. 6,130,283 in 2023. The earnings per share for continuing operations increased from Rs. 6.08 to Rs. 10.66. The results of discontinued operations, previously contributing Rs. 2,666,489 to the profits in 2023, were not part of this year's earnings following the divestment.

The shareholder register will close from May 9, 2024, to May 10, 2024, for dividend processing, with entitlements paid to shareholders recorded by May 8, 2024. Detailed quarterly reports will be made available through the company's website and transmitted through PUCARS within the stipulated timeframe.