October 28, 2009

The Board of Directors of Engro Chemical Pakistan Limited in their meeting held on October 28, 2009 have declared a second interim dividend for the year 2009 at the rate of Rs. 2.00 per share.

The unaudited financial results of the Company for the third quarter and nine months ended September 30, 2009 are as follows:

Amounts in thousand except for earnings per share.

  July-Sept
2009
July-Sept
2008
Jan-Sept
2009
Jan-Sept
2008
Net sales 10,142,656 5,857,711 20,850,210 14,681,956
Less: Cost of sales 8,191,819 4,086,645 15,951,610 9,527,379
Gross profit 1,950,837 1,771,066 4,898,600 5,154,577
Less: Selling and distribution expenses 563,159 365,541 1,314,213 1,061,900
  1,387,678 1,405,525 3,584,387 4,092,677
Add: Other income 901,487 1,368,121 1,158,661 1,612,181
Less: Financial and other charges including WPP and WW funds 342,426 728,375 1,246,944 1,295,119
Profit before taxation 1,946,739 2,045,271 3,496,104 4,409,739
Less: Provision for taxation
Current
Deferred
 
57,463
333,411
 
198,920
43,396
 
126,751
769,910
 
838,780
211,609
Profit after taxation 1,555,865 1,802,955 2,599,443 3,359,350
Earning per share-basic and diluted  
5.22
(restated)
6.98
 
9.44
(restated)
13.45
Unappropriated profit brought forward (restated) 7,529,070 5,078,353 6,911,124 4,102,366
Less: – Final Dividend 2008
@ Rs. 2 per share (2007: Rs. 3 per  share paid during the quarter & nine months period
– 1st Interim Dividend 2009 @ Rs. 2 per share (2008: Rs. 2) per share paid during the quarter & nine months period
 

595,885
 

425,632
 
425,632
595,885
 
580,408
425,632
Profit available for appropriation 8,489,050 6,455,676 8,489,050 6,455,676

The Interim Dividend will be paid to the shareholders whose names appear on the Register of Members on Friday, November 20, 2009.

The Share Transfer Books of the Company will be closed from Friday, November 20, 2009 to Friday, November 27, 2009 (both days inclusive). Transfers received in order at the office of our Registrars, Messrs FAMCO ASSOCIATES (PVT.) LTD. (formerly Ferguson Associates (Pvt.) Ltd.), State Life Building No. 2-A, 4th Floor, Wallace Road, Off I.I. Chundrigar Road, Karachi-74000 up to the close of business (5:00 p.m.) on Thursday, November 19, 2009 will be treated in time for the purpose of payment of Interim Dividend to the transferees.

Very truly yours

ANDALIB ALAVI
General Manager – Legal & Company Secretary