Karachi: Engro Polymer and Chemicals Limited has announced its financial results for the year ending December 31, 2024, revealing a consolidated loss after tax of PKR 161 million. This marks a notable downturn from the PKR 8,932 million profit recorded in 2023. The board meeting, held on February 10, 2025, highlighted the company’s challenges, attributing the financial setback to decreased PVC prices and increased energy costs. As a result, the loss per share stood at PKR 0.40, down from earnings per share of PKR 9.12 in the previous year. The company, which operates in the Basic Materials sector, did not declare any cash dividend or bonus shares for the fiscal year 2024.
The company’s revenue fell by 7% compared to the previous year, impacted by adverse global macroeconomic and geopolitical factors which led to declining PVC prices. Despite the overall revenue decline, domestic sales volumes for both PVC and Caustic experienced a rise. The company undertook maintenance activities from August 28 to September 30, 2024, which resulted in an 8% decrease in PVC production, down to 212 KT from 230 KT in 2023.
According to information available from the Pakistan Stock Exchange (PSX), Engro Polymer and Chemicals Limited achieved foreign exchange savings through USD 81 million in import substitution and USD 13 million in exports. The company’s operating profit for 2024 was PKR 4,386 million, a significant drop from the PKR 17,970 million recorded in 2023. Higher finance costs, which increased to PKR 7,532 million from PKR 4,215 million, further strained the financial performance.
The company has scheduled its Annual General Meeting (AGM) for March 26, 2025, in Karachi. The share transfer books will be closed from March 19 to March 26, 2025, to facilitate shareholder voting and attendance. The full annual report for 2024 will be made available on the company’s official website and through PUCARS in due course.