Engro Corporation Financial Statements: One of Pakistan’s largest and most diversified conglomerates, demonstrated strategic resilience and strong operational performance throughout FY 2024.
This report presents a consolidated analysis of Engro’s financial performance, segment-wise results, restructuring developments, and strategic outlook based on the most recent updates through 2025.
Consolidated Financial Performance (FY 2024)
Revenue and Earnings Overview
- Total Revenue: USD 185.4 million
↑ 15.6% from USD 160.4 million in FY 2023 - Other Income: USD 4.8 million
↑ 32.8% YoY
While full consolidated PAT was not disclosed in the public SGX summary, performance improvements were driven by expansion in telecom infrastructure, fertilizer output, and energy terminals.
Read More: Largest Oil Refinery in Pakistan – Complete Overview
Key Interim Developments (H1 FY 2024)
- Interim Dividends Paid: PKR 19/share (PKR 11 and PKR 8 installments)
- Urea Policy Adjustment: PKR 5.32 billion expense booked due to unamortized policy changes
- Thermal Power Divestment: Related assets classified as discontinued operations
Segment-Wise Operational Highlights
Fertilizer Division
- Production: 2.3 million tonnes (record output)
- Plant Turnaround: USD 50 million reinvestment in EnVen facility
- Consistent performance amid high agriculture demand and gas allocation
Energy & Mining
- Status: Thermal power businesses (EPTL, EPQL, SECMC) marked for divestment
- Strategic Focus: Realignment toward clean energy and infrastructure
Telecom Infrastructure (Engro Enfrashare)
- Towers Installed (FY 2024): 4,125+
- Recurring Revenue: Strengthened by long-term tenancy agreements
Petrochemicals (Engro Polymer & Chemicals)
- Contribution to Import Substitution: USD 81 million
- Focus Areas: PVC, Chlor-Vinyl chemicals with local industrial demand
LNG & Terminal Services
- LNG Processing: ~15% of Pakistan’s gas supply
- Consumer Impact: Energy to approx. 2 million households
- Partners: Elengy and Vopak terminals remain core infrastructure assets
FMCG & Dairy (FrieslandCampina Engro)
- H1 FY 2024 Revenue: PKR 55 billion
↑ 17% YoY, driven by improved pricing and product portfolio
Balance Sheet Position & Corporate Restructuring
Financial Health Snapshot (Q1 FY 2024)
- Total Assets: PKR 786 billion
- Equity: PKR 222 billion
- Debt-to-Equity Ratio: Under 50% (low-leverage structure)
Credit Ratings (PACRA)
- Long-Term: AA+
- Short-Term: A1+
- Outlook: Stable
Read More: Remittances Reach $3.7 Billion in May 2025
Ownership Update (2025)
- Engro Corporation merged into Engro Holdings (formerly Dawood Hercules)
- Delisted from Pakistan Stock Exchange (PSX)
- Engro Corporation became a wholly owned subsidiary under new holding structure
Key Financial Drivers and Risk Factors (2024–25)
Growth Drivers
- Fertilizer operations at full capacity with improved energy allocations
- Rapid growth in telecom infrastructure with long-term tenancy models
- Strong LNG and terminal infrastructure supporting energy security
- Petrochemicals contributing to local industrial resilience
Risk Considerations
- Thermal energy divestments resulted in non-cash impairments
- Super tax and regulatory pricing reforms reduced short-term profitability
- Currency volatility and inflation continue to pose macroeconomic risks
Strategic Outlook for FY 2025
Engro Corporation remains a strong player in Pakistan’s industrial ecosystem, with a sharp focus on infrastructure, agri-business, and technology-driven sectors. The group’s recent merger under Engro Holdings signals a new era of streamlined governance and capital reallocation. With the divestment of thermal power and continued investment in telecom and fertilizers, Engro is positioned for long-term sustainable growth in 2025 and beyond. Stay tuned with Bloom Pakistan
