Earnings Report /
Pakistan

Engro Fertilizers: 3Q review – Earnings decline yoy amid lower margins and normal tax rate

  • EFERT posted a consolidated NPAT of PKR3.30, broadly in line with our expectations, along with a DPS of PKR3.50

  • Gross margins declined by c.3ppt yoy, attributed to the discontinuation of concessionary gas for Enven plant (July 2021)

  • We have a Neutral rating on the scrip with a TP of PKR75/sh, accompanied with a D/Y of over 13%

Intermarket Securities
13 October 2021