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ResearchEntityNotificationNumber:REP005
EFERT:1QCY16earningsclockinatPKR1.6,down31%YoY
EngroFertilizersLimited(EFERT)reportedNPATofPKR2.1bn(EPS:PKR1.6)for1QCY16
against NPAT of PKR3.1bn (EPS: PKR2.3) in the same period last year, depicting a
declineof31%YoY
The decline in earnings was primarily due to 29%YoY lower topline on account of
declineinureaofftakecoupledwith2%YoYlowereffectiveureaprice.
OnaQoQbasis,earningsdepicteda63%declineasrevenueslumped64%QoQdueto
seasonal factors and inherent slowdown in urea demand. At the same time, 210bps
QoQincreaseineffectivetaxratealsosubduedearnings.Thatsaid,25%QoQdeclinein
financialcostsmitigatedtheoveralldeclineinearnings.
FinancialSummary
1QCY16
4QCY16
1QCY15
12,605
35,339
64%
17,673
29%
G.P
4,938
11,429
57%
6,770
27%
PBT
3,088
8,038
62%
4,592
33%
PAT
2,121
5,692
63%
3,059
31%
EPS
1.6
4.3
63%
2.3
31%
(PKRmn)
Sales
Source:PSX,BMAResearch
SajjadHussain
sajjad.hussain@bmacapital.com
+92111262111Ext:2062
BMACapitalManagementLtd.801Unitower,I.I.ChundrigarRoad,Karachi,74000,PakistanForfurtherqueries,pleasecontact:
bmaresearch@bmacapital.comorcallUAN:+9221111262111
www.jamapunji.pk
1
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Overweight
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Marketweight
Expectedmarketreturn2%
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Oldratingsystem(discardedeffectiveFeb2916)
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