Karachi April 17 2023: Engro Polymer reported profit of PKR 1.18 billion for the first quarter ended March 2023 compared with Profit of PKR 4.71 billion in the same period last year, according to company filing to the exchange.
Company announced an Interim cash dividend for ordinary shareholders for the period ended March 31, 2023, Rs 1.00 per share i.e. 10.00% and an Interim cash dividend for preference shareholders for the period ended March 31, 2023, Rs 0.50 per share i.e. 5.00%.
Decline in profit vs the preceding year is primarily attributable to decreased topline, inflationary pressures, and lower core delta. The company recorded a revenue decrease of 22% compared to 2022 mainly because of lower prices and also because of lower sales volumes.