KARACHI: FrieslandCampina Engro Pakistan Ltd (FCEPL) on Friday announced that its profit-after-tax (PAT) plunged 40 per cent to Rs1.5 billion in 2023 from Rs2.5bn in 2022.

In a stock filing, the company attributed the fall in earnings to a significant increase in finance costs with high interest rates almost doubling over the year.

Despite a challenging macroeconomic environment and intense competition, the overall net sales, however, surpassed the Rs100 billion mark in 2023, a jump of 36 per cent over 2022.

Engro Fertilisers

Engro Fertilisers Ltd (EFERT) reported its PAT surged by 63pc to Rs26.2bn with earnings per share (EPS) of Rs19.61 in 2023 compared to Rs16bn and EPS Rs11.98.

The company in a statement said that it achieved a record urea production of 2.3 million tonnes in 2023 amidst the headwinds of tough macroeconomic conditions, imposition of a higher super tax and gas price hikes.

Urea production surged by 18.3pc compared to 2022 (1.95m tonnes) due to improved operational performance of both EnVen and Base Plants. Consequently, the company’s urea sales witnessed an uptick by 20.3pc to reach 2.32m tonnes followed by an increase in market share to 35pc.

Published in Dawn, February 17th, 2024