engro Y )I 1r 1
The General Manager
Pakistan Stock Exchange Limited
Stock Exchange Building, Stock Exchange Road Karachi
Dear Sir/ Madam,
April 28, 2025
ANNOUNCEMENT OF FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2025 (CONSOLIDATED AND STANDALONE)
We would like to inform you that the Board ofDirectors ofEngro Holdings Limited (the "Company") in their meeting held on Monday, April 28, 2025 at 10:00 a.m. (Pak Time) at the Harbor Front Building, Block 4, Clifton, Karachi, reviewed and approved the un-audited consolidated and standalone financial results of the Company for the first qumier ended March 31, 2025 and recommended the following:
CASH DIVIDEND
Nil
BONUS SHARES
Nil
RIGHT SHARES
Nil
ANY OTHER ENTITLEMENT/ CORPORATE ACTION
Nil
ANY OTHER PRICE-SENSITIVE INFORMATION
Nil
The un-audited consolidated and standalone financial results of the Company for the first qumier ended March 31, 2025, are enclosed.
The Quaiierly Rep01i ofthe Company for the first qumier ended March 31, 2025 will be transmitted through PUCARS separately, within the specified time and shall also be made available on our website https://www.engro.com.
A�
Your sincere!y,
MUHAMMAD AMIN
Company Secretary
Copied:
Director/ HOD, Listing Companies Depaiiment, Supervision Division, SECP NIC Building, 63 Jinnah Avenue, Blue Area, Islamabad
Engro Holdings Limited (formerly Dawood Hercules Corporation Limited) 9th Floor, Dawood Center, M.T. Khan Road, Karachi - 75530
Tel: +92-21-35686001-11
ENGRO HOLDINGS LIMITED (FORMERLY EtAWOOD HERCULES CORPORATION LIMITED) CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT MARCH 31, 2025
AnneXure A-1
(Amounts in thousand)
ASSETS
Non-current assets
Property, plant and equipment Right-of-use assets
Intangible assets
Long term investments
Financial assets at amortized cost Derivative financial instruments Net investment in leases
Long term loans, advances, deposits and other receivables
(Unaudited) (Audited)
March 31, December 31,
2025 2024
- - -- - --------Rupees--------------------
198,421,347 | 196,311,937 |
8,336,246 | 8,190,888 |
5,872,527 | 5,942,405 |
30,828,503 | 30,422,677 |
5,139,872 | 4,268,249 |
96,194 | 226,087 |
45,848,531 | 47,783,306 |
5,761,239 | 5,620,845 |
300,304,459 | 298,766,394 | ||
Current assets | |||
Stores, spares and loose tools | 13,895,526 | 13,521,629 | |
Stock-in-trade | 55,790,529 | 41,176,499 | |
Trade debts | 12,754,148 | 18,827,227 | |
Loans, advances, deposits and prepayments | 12,207,420 | 10,490,824 | |
Other receivables | 11,534,565 | 15,772,729 | |
Accrued income | 171,127 | 272,079 | |
Contract assets | 4,015,945 | 4,015,945 | |
Current portion of net investment in leases | 8,675,501 | 8,500,989 | |
Taxes recoverable | 855,164 | ||
Short term investments | 67,704,553 | 82,072,129 | |
Cash and bank balances | 20,676,918 | 13,061,440 | |
208,281,396 | 207,711,490 | ||
Assets classified as held for sale | 259,620,272 | 262,859,218 | |
TOTAL ASSETS | 768,206,127 | 769,337,102 |
(Amor‹nts in thousand)
EQUITY AND LIABILITIES
(Unaudited) (Audited)
March 31, December 31,
2025 2024
-- - - -- --------Rupees--------------------
Equity Share capital Reserves
Non-controlling interest Total equity
Liabilities
Non-current liabilities
Borrowings Government grant Deferred taxation Lease liabilities Deferred liabilities
Current liabilities
Trade and other payables Accrued interest / mark-up Current portion of:
borrowings
government grant
lease liabilities
deferred liabilities
long term provisions Minimum tax payable
Taxation - provision less payments Short term borrowings
Dividend payable
Liabilities classified as held for sale
Total Liabilities
TOTAL EQUITY AND LIABILITIES
12,042,320
143,259,169
155,301,489
60,610,956
215,912,445
78,365,423
1,409,212
3,025,855
50,490,068
4,251,376
137,541,934
96,039,722
1,673,439
10,241,697
437,174
11,223,606
294,566
26,802,595
1,823,032
50,486,981
479,676
199,502,488
215,249,260
552,293,682
768,206,127
4,812,871
69,209,313
74,022,184
158,096,795
232,118,979
75,355,002
1,529,277
6,012,113
52,243,044
4,494,865
139,634,301
102,703,183
2,420,650
7,440,812
439,609
11,009,770
454,513
27,552,505
1,606,742
1,071,853
33,895,245
1,989,413
190,584,295
206,999,527
537,218,123
769,337,102
ENGRO HOLDINGS LIMITED (FORIYIERLY DAWOOD HERCULES C@RPORATION LIMITED)
CONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2025
Annexure A-2
(Amounts in thousand except for earnings per share)
Three months ended
Restated
March 31, 2025 | March 31, 2024 | ||
- | - -----------Rupees---------------------- | ||
CONTlf4UING OPERATIONS | |||
Revenue | 72,910,789 | 104,299,728 | |
Cost of revenue | (55,084,002) | (82,026,080) | |
Gross profit | 17,826,787 | 22,273,648 | |
Selling and distribution expenses | (3,357,270) | (3,746,423) | |
Administrative expenses | (3,180,654) | (3,267,901) | |
Other income | 2,225,579 | 3,942,430 | |
Other operating expenses | (900,308) | (927,809) | |
Gains allowance on subsidy receivable from GoP | 10,523 | 57,783 | |
Operating profit | 12,624,657 | 18,331,728 | |
Finance cost | (4,596,156) | (4,046,322) | |
Share of income from joint venture and associates | 684,179 | 631,038 | |
Profit before income tax, minimum tax and final tax | 8,712,680 | 14,916,444 | |
Minimum tax and final tax | (1,082,991) | (1,001,280) | |
Profit before income tax | 7,629,689 | 13,915,164 | |
Taxation | (4,213,139) | (6,136,726) | |
Profit from continuing operations | 3,416,550 | 7,778,438 | |
DISCONTINUED OPERATIONS | |||
Profit / (loss) from discontinued operations | 562,688 | (70,658) | |
Profit for the period | 3,979,238 | 7,707,780 | |
Profit attributable to: | |||
- Owners of the Holding Company | 1,765,979 | 1,952,376 | |
- Non-controlling interest | 2,213,259 | 5,755,404 | |
3,979,238 | 7,707,780 | ||
Earnings per share - basic and diluted | |||
- continuing operations | 1.71 | 4.20 | |
- discontinued operations | (0.24) | (0.15) | |
1.47 | 4.05 | ||
ENGRO HOLDINGS LIMITED (FORMERLY 11/WOOD HERCULES CORPORATION LII/IITED) CONSOLIDATED CONDENSED INTERIM STD TEMENT
OF COMPREHENSIVE INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2025
(Amounts in thousand)
Annexure A-3
Three months ended
Restated
March 31,
2025
March 31,
2024
Profit for the period
Other comprehensive income:
(129,893) | (188,997) |
47,683 | (29,878) |
53,680 | 158,570 |
(26,999) | (13,249) |
Items that may be reclassified subsequently to profit or loss
Hedging reserve - cash flow hedges
Loss arising during the period
Revaluation reserve on business combination Exchange differences on translation of
foreign operations
Continuing operations' gain on remeasurement of long-term investment classified at fair value through other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Loss on remeasurement of long-term investments classified at fair value through other comprehensive income
- - ---- ----------Rupees----------------------3,979,238 7,707,780
Other comprehensive loss for the period, net of tax | (55,529) | (73,554) | |
Total comprehensive income for the period | 3,923,709 | 7,634,226 | |
Total comprehensive income attributable to: | |||
- Owners of the Holding Company | 1,710,450 | 1,922,977 | |
- Non-controlling interest | 2,213,259 | 5,711,249 | |
3,923,709 | 7,634,226 | ||
Total comprehensive income attributable to: | |||
- continuing operations | 3,361,021 | 7,704,884 | |
- discontinued operations | 562,688 | (70,658) | |
3,923,709 | 7,634,226 |
ENGRO HOLDINGS LIMITED (FORMERLY DAWOOD HERCULES CORPORATION LIMITED) CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 2025
(Amounts in thousand)
^•t -'buta ble to Owners of the Holding Company
Reserves
Annexure A-4
Revenue reserves
Share
Revaluation Share Acquisition Demerger reserve on
premium reserves reserves business
Maintenance Exchange
reserve revaluation
Hedging General Remeasurement Unappropriated
ofiuvestments p,oft
Remeasurement ofpost
interest
CoIe n ce os at January 1, 2024 (Audited)
i otoI comprehensive income for (he three months c nded March 31. 2024 - Restated
4,812,671
1.665
258,607 854,909 341,086 700,000
(524,630)
61,974,905
(57,912) 63.548,630 166,592.488 234,953,989
ProM for the pedod - resaed
Ohe compehensive (ass / income
(75 542) ) 5 0
(11.942) f75,542) 58,085
7 1 5 376 5 7 5 40 7 707 7 0
- || - | 2 9 |(155}|44 3 5
1,952.376 1,922,977 5,711,249 7,634,226
Co la ncc is at March 31, 2024 (Unaudited) - Restated 4,812,871 - -TotsI comprehc nsive income for the
- 1,665
258,607 842,967 265,544 700,000
(466,545)
63,927,281
(57,912) 65,471,607 172,303,737 242,588,215
10,938,103
0 Iher comprehensive (loss) / income
-
-
(10,499)
(219,058)
503,357
-
1.649
10,938,103
275.449
24,599,012
413,749
35,537,115
689,198
Adiustment for allocation of profit from
(10,499) (219,058)
503,357
10,938,103
1,649 11,213,552 25,012,761
36,226313
cwners to NCI prefrence dividend shares
T ro nsocti ons with owners
?vdenci by ECL and its subsidanes nflocable to Non-contolling interest
- 1 ut interim @ Rs. 11.00 per share
(2,224,854)
(2,224,854)
2,224,854
2nd inierim @ Rs. 8.00 per share
3rd interim @ Rs. 5.00 per share Transer fom unappropdated profit
to man1aneance reserves
131‹67 | (2,406,436) (1,443,861) (1,203,218) (32B 944 | (2,406,436) (1,443,861) (1,203,218) (197 477) | (41,642,034) 197 477 | (41,642,034) (2,406,436) (1,443,861) (1,203,218) |
- - 131467 -
(5 382 459)
- (5 250 992) (41 444 557) (46 695 S49)
9zancc as atDecember 31, 202d(Audited) 4 812 871 - -
1 665
390 074 832 468 46 486 700 000
36 812
67 258 071
(56 263) 69 209 313 158 096 795 232 118 979
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ENGRO HOLDINGS LIMITED (FORMERLY DAWOOD HERCULES CORPORATION LIMITED)
CONSOLIDATED CONDENSED INTERIM STATEMENT
OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2025
Annex r re A-5
(Amounts in thousand)
Three months ended
Restated
March 31, 2025 | March 31, 2024 | |
- | ---Rupees--------------------- | |
Cash flows from operating activities | ||
Cash generated from operations | 12,107,138 | 17,568,769 |
Retirement and other service benefits paid - net | (463,935) | (169,732) |
Proceeds from net investment in leases | 2,119,278 | 1,856,563 |
Finance income received on net investment in leases | 1,524,878 | 1,735,589 |
Deferred incentive | 82,894 | 122,664 |
Financial charges paid | (5,738,991) | (5,573,253) |
Taxes paid | (6,991,100) | (17,442,259) |
Long term loans and advances - net | (137,882) | 20,661 |
Bank balance held as margin | 208,569 | |
Net cash generated from / (utilized in) operating activitir›s | 2,710,849 | (1,880,998) |
Cash flows from investing activities | ||
Purchases of property, plant and equipment and intangible assets | (5,488,363) | (6,787,612) |
Sale proceeds on disposal of property, plant and equipment | 132,217 | 57,918 |
Sale proceeds on disposal of subsidiary - net | 2,406,754 | |
Bank balance transferred to DHPL | (261,767) | |
Investments redeemed during the period - net | 14,472,492 | 19,054,845 |
Income on deposits / other financial assets | 4,121,072 | 9,378,195 |
Dividends received | 225,000 | 598,568 |
Net cash generated from investing activities | 15,607,405 | 22,301,914 |
Cash flows from financing activities | ||
Repayments of borrowings - net | (7,249,089) | (1,705,853) |
Repayment of lease liability | (2,164,974) | (2,455,026) |
Finance cost paid on lease liability | (1,043,030) | (1,200,124) |
Dividends paid | (5,642,086) | (8,944,323) |
Net cash utilized in financing activities | (16,099,179) | (14,305,326) |
Net increase in cash and cash equivalents | 2,219,075 | 6,115,590 |
Effect of exchange rate changes on cash and cash equivalents | 94,317 | (218,420) |
Cash and cash equivalents at beginning of the period | 27,883,296 | 46,760,981 |
Cash and cash equivalents at end of the period | 30,196,688 | 52,658,151 |
ENGRO HOLDINGS LIMITED (FORMERLY DAWOOD HERCULES CORPORATION LIMITED) UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT MARCH 31, 2025
(Amounts in thousand)
Annexure B-1
(Unaudited) | (Audited) |
March 31, | December 31, |
2025 | 2024 |
- | ---Rupees---------------------- |
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment Right-of-use assets Investment properties
Long-term investments
CURRENT ASSETS
Advances, deposits and prepayment Other receivables
Taxation - payments less provision Short-term investments
Cash and bank balances
TOTALASSETS
EQUITY
SHARE CAPITAL AND RESERVES
Issued, subscribed and paid-up share capital Share premium
Demerger reserves General reserve Unappropriated profit
TOTAL EQUITY
LIABILITIES
NON-CURRENT LIABILITIES
Retirement & Other Obligations Deferred taxation
CURRENT LIABILITIES
Current portion of lease liabilities Trade and other payables Unclaimed dividend
Taxation - provision less payments
TOTAL LIABILITIES
TOTAL EQUITY AND LIABILITIES
179,677,326
179,677,326
14
48,908
48,922
179,726,248
12,042,320
149,136,299
(10,060,628)
700,000
27,905,906
179,723,897
2,351
2,351
2,351
179,726,248
39,921
5,735
48,268
23,309,927
23,403,851
12,015
28,516
16,546,268
260,773
16,847,572
40,251,423
4,812,871
700,000
27,859,335
33,372,206
7,633
2,012,564
2,020,197
7,870
1,095,892
1,000,870
2,754,388
4,859,020
6,879,217
40,251,423
ENGRO HOLDINGS LIMITED (FORMERLY DAWOOD HERCULES CORPORATION LIMITED) UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2025
Annexure B-2
(Amounts in thousand except for earnings per share)
Three months ended March 31, March 31,
2025 2024
- ---------- ---Rupees--------------------
Dividend Income | 134,150 | 284,352 | |
Administrative expenses | (87,671) | (40,447) | |
46,479 | 243,905 | ||
Other income | 93 | 232,236 | |
Operating profit | 46,572 | 476,141 | |
Finance costs | (1) | (66) | |
Profit before taxation | 46,571 | 476,075 | |
Taxation | (129,688) | ||
Profit for the period | 46,571 | 346,387 | |
Earnings per share (Rupees) - basic and diluted | 0.04 | 0.72 |
ENGRO HOLDINGS LIMITED (FORMERLY DAWOOD HER CULES CORPORATION LIMITED) UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 2025
(Amounts in thous and)
Annex ure B-3
Issued, Capital Reserves
SUQSC£)Q0d Share premium Demerger and paid-U reserves
share capital
Revenue reserves
General Unappropriated
reserve profit Suh total
Total
(2.406,436) | (2.406,436) | (2,406,436) | ||||
f1,443.861) | f1,443.861) | (1,443.861) | ||||
(1 203 218) | (1 203 218) | (1 203 218) |
-- - -- -- - - - --- - . ---Rupees--------------•-----------------------------------------------------------------
Balance as at January 1, 2024 (Audited) Total comprehensive Income | 4,812,871 | 700,000 | 23,060,295 | 23,760,295 | 28,573166 | ||||||
Profit for the period | - | 346,387 | 346,387 | 346,307 | |||||||
Other comprehensive income | - | ||||||||||
Total comprehensive income for the period | 346,387 | 346,387 | 346,387 | ||||||||
Balance as at March 31. 2024 (Unaudited) | 4.812,871 | 700,000 | 23,406,682 | 24,106,682 | 28,919.553 | ||||||
Profil for lhe nine months ended December 31, 2024 Other comprehensive income for the nine monlhs | - | - | - | 9,508004 | 9,508.004 | 9.508.004 | |||||
ended December 31, 2024 | (1 836) | f1,836) | (1 836) | ||||||||
9,506,168 | 9,506,168 | 9,506,168 | |||||||||
Transactions with owners: | |||||||||||
Interim cash dividends for the year ended | |||||||||||
December 31, 2024: - 1st interim @ Rs. 5.00 per share | |||||||||||
- 2nd interim @ Rs. 3.00 per share | |||||||||||
- 3rd interim @ Rs. 2.50 per share | |||||||||||
(5,053.515) | (5.053.515) | (5.053.515) | |||||||||
Balance as at December 31, 2024 (Audited) | 4,812,871 | - | - | 700,000 | 27,859,335 | 28,559,335 | 33,372,206 | ||||
Total comprehensive Income | |||||||||||
Profit for lhe period | 46,571 | 46,571 | 46,571 | ||||||||
Olher comprehensive loss | |||||||||||
Total comprehensive income for lhe period | 46,571 | 46,571 | 46,571 | ||||||||
EWect of Scheme of arrangement | 7,229,449 | 149,136,299 | (10,060,628) | 139,075,671 | 146,305,120 | ||||||
Balance as at March 31, 2025 (Unaudited) | 12,042,320 | 149,136,299 | (10,060,628) | 700,000 | 27,905,906 | 167,681,577 | 179,723,897 |
ENGRO HOLDINGS LIMITED (FORMERLY DAWOOD HERCULES CORPORATION LIMITED) UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2025
Annexure B-4
(Amounts in thousand)
CASH FLOWS FROM OPERATING ACTIVITIES
Three months ended
March 31, | March 31, |
2025 | 2024 |
- | ----- - ----Rupees------------------- |
Cash utilized in operations Finance costs paid Income taxes paid
Defined benefit liabilities paid
Net cash utilized in operating activities
CASH FLOWS FROM INVESTING ACTIVITIESIncome on deposits and other financial assets
Short-term investments purchased and redeemed - net Dividends received
Cash and bank balances trasnferred to DHPL Purchase of property, plant and equipment
Sale proceeds from disposal of property, plant and equipment Net cash generated from investing activities
CASH FLOWS FROM FINANCING ACTIVITIESDividends paid
Net cash utilized in financing activitiesNet increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the pei iod
(85,320)
(1)
(14)
(85,335)
93
134,150
(260,773)
(126,530)
(211,865)
260,773
48,908
(65,822)
(66)
(98,237)
476
(163,649)
5,156
31,464
252,286
(165)
101
288,842
(417)
(417)
124,776
51,130
175,906