Karachi: Engro Corporation Limited has released its un-audited financial results for the six months ended June 30, 2024. The board of directors, in a meeting on August 21, approved these results along with a dividend declaration.

The company reported a notable interim cash dividend of Rs. 8.00 per share, which amounts to an 80% payout, supplementing an earlier dividend of Rs. 11.00 per share or 110%. This decision reflects the company's continued profitability and commitment to shareholder value.

According to information available from the Pakistan Stock Exchange (PSX), Engro has also completed significant corporate actions including the divestment of its thermal energy assets. Engro Energy Limited, a subsidiary, has sold its shares in EPQL, EPTL, and SECMC to Liberty Power Holding Pvt. Limited and other stakeholders. This move aligns with International Financial Reporting Standard 5, categorizing these assets as discontinued operations in the recent financial statements.

Further, the financial impact of government-imported urea, which was sold at a subsidized rate, has been adjusted in the financial records. The initial higher costs were balanced by an increase in local urea prices, with an additional Rs. 5,319.50 million retained for amortization over the forthcoming period.

For the half-year, the consolidated statements show total revenue from continuing operations at Rs. 178.89 billion, with a net profit of Rs. 12.44 billion. This includes profits from discontinued operations totaling Rs. 2.85 billion. Earnings per share for the period stood at Rs. 11.67, indicating robust performance across the board.

Engro's board has also confirmed the schedule for the shareholder register, which will close from September 4 to September 5, 2024, to facilitate the payment of the declared dividends. This entitlement will be accorded to shareholders listed as of September 3, 2024.

Further details on Engro Corporation's financial health and operational updates will be available in the quarterly report, which will be distributed through PUCARS and posted on the company's official website.