Engro Polymer and Chemicals Limited has announced its consolidated financial results for the second quarter that ended on 30 June 2021.
The company posted a profit of Rs. 3.12 billion, up by 105x as compared to a profit of Rs. 29.78 million in the corresponding period last year. However, on a quarter-on-quarter basis, the earnings declined by 25 percent. This took the first half (1HCY21) profits to Rs. 7.26 billion, up by 33x. It had reported a profit of Rs. 222.62 million in the same period last year.
Along with the result, the company has announced an interim cash dividend of Rs. 7 per share, taking the half-year payout to Rs. 7.80 per share.
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During the second quarter, the net sales of the company increased by 155 percent year-on-year (YoY) to Rs. 14.82 billion as compared to Rs. 5.81 billion. According to a report by Arif Habib Ltd., the increase in sales was due to low base production during 2QCY20, while the PVC prices are up by 55 percent YoY.
During the half-year, the sales were up by 137 percent again due to high production and higher PVC prices.
The gross margins of the company went up by 25pps YoY to 35.2 percent. The rise in gross margins was due to a 115 percent increase in international PVC margins.
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The other expenses were up by 6x times YoY to Rs. 588 million during the second quarter.
The earnings per share of the company were increased to Rs. 3.34 during the second quarter as compared to Rs. 0.03.
At the time of the filing of this report, the EPCL’s scrip at the bourse was trading at Rs. 59.90, up by Rs. 3.31 or 5.85 percent, with a turnover of 20.33 million shares on Wednesday.
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