Engro Corporation Limited (PSX: ENGRO) on Thursday said its ‘standalone revenue’ had increased from Rs 21 billion to Rs 24 billion in 2022 as compared to the last year, exhibiting a healthy growth of 14 percent. “Higher revenue was achieved primarily due to higher dividends received from Engro Polymer & Chemicals Limited (EPCL), Engro Fertilizers Limited (EFERT), and Engro Energy Limited (EEL) which, in turn, were driven by strong underlying business performance,” the company said while announcing its financial results for the year ended December 31, 2022. The company achieved an 11 percent higher PAT of Rs 21 billion in 2022 against Rs. 19 billion in 2021, translating into an EPS of Rs 36.79 per share (2021: Rs. 32.14 per share). On a consolidated basis, Engro Corporation’s revenue grew by 14 percent to Rs 356 billion in 2022 from Rs 312 billion in 2021. The company posted a PAT of Rs 46 billion in 2022, which is 13% lower than Rs 53 billion in 2021 on account of a Super Tax charge of 4% on retrospective and current year earnings and a one-off adjustment of Engro Powergen Thar Limited (EPTL) tariff true-up adjustment. Engro Corporation announced a final cash dividend of Rs. 1/- per share for the year. “This is in addition to the Rs. 33/- per share dividend announced during the year, bringing the cumulative payout to PKR 34/- per share.” The company said in the fertilizer sector, the domestic market witnessed adverse implications of the global economic downturn and recent severe flooding in the country. “Urea sales decreased to 1,936 KT compared with 2,295 KT in 2021, due to a 60-day LTR (Long Term Turnaround), which was the longest LTR in the last 50 years. ” This was achieved with a “ZERO” TRIR (Total Recordable Injury Rate) and no unplanned outages. Following the completion of this successful LTR, the performance of the facility is expected to improve with a reduction in the energy index and capacity enhancement by ~ 170KT per annum, it said. International DAP prices decreased to USD 730 per ton on the back of a slowdown in global demand and commodity cycle reversal. Due to unprecedented floods, the domestic phosphate market (DAP / NP / Zorawar) witnessed a drastic fall in demand, resulting in sales declining to 333 KT in 2022 from 366 KT in 2021. In the petrochemicals sector, it said international PVC supply remained disrupted due to the resurgence of Covid-19 in China, adding “local supplies to the domestic PVC downstream market continued uninterrupted due to steady production at Engro Polymer & Chemicals Limited.” Growth potential in the business is further demonstrated by the co-location activities witnessed during the year, with total co-location tenants of 560 versus 235 in 2021, representing a 2.4x increase. In foods & rice, the Friesl and Campina Engro Pakistan Limited witnessed robust growth momentum on the back of strong volumetric sales in both the Dairy and Ice Cream segments. Engro Eximp Agriproducts (Pvt) Limited continued its focus on exports as a key contributor to the foreign reserves of the Country. The business generated a revenue of USD 31 million through the international sale of 36 KT of rice against 24 KT last year. Supply to the local market decreased by 8% to 12 KT during 2022 versus 13 KT last year. The mine’s Phase II expansion was achieved during the year, which doubled capacity to 7.6 million tons per year, effective October 1, 2022. The government of Sindh has also approved Phase III capacity enhancement to 11.4 million tons per year. The business enabled import substitution to the tune of USD 320 million during the year. EPTL dispatched 3,679 GWH to the national grid compared to 4,225 GWH last year and achieved 73% availability as compared to 83% last year.