KARACHI: Engro Holdings has said it has reassessed its strategic decision on thermal assets but remains open to exploring the divestment of Engro Powergen Qadirpur Limited (EPQL).
According to a report by Topline Securities released on Thursday, the company is also looking to source low BTU gas from other fields to raise EPQL’s dispatch level.
Engro Connect posted a 75 per cent revenue growth, driven by an increase in site count to 14,975, placing it among the top 20 independent tower companies globally.
On Deodar, management noted that tenancy remains low due to its brownfield nature compared to Enfrashare, but sees significant growth potential ahead.
On debt, one-third has been booked in accounts, while the remaining portion will continue to be booked as per the payment period, the report said.
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Engro Fertilizers (EFERT) reported a 29 per cent year-on-year decline in sales to Rs80.6 billion in 1H2025 due to lower offtakes. Urea volumes fell 22.5 per cent YoY to 2,351k tons.
The company said it is in talks with ministries to seek export approval for surplus inventory, which may be allowed after the Rabi season in Q4 2025.
Until then, holding costs will remain elevated.
Management also stressed the need for rationalising gas prices across the industry.
Engro Polymer & Chemicals (EPCL) faced a tough period amid decade-low core delta levels, weaker demand from China, and rising energy costs.
The company is pursuing a cash-saving strategy and expects to roll out a hybrid energy solution by year-end.
Engro Elengy & Vopak saw an 8 per cent YoY decline in chemical handling due to weaker demand, processing 36 cargos during the period with availability above 97 per cent. Profitability, however, remains constrained by higher taxation under the Finance Act 2025.
EPQL’s profit dropped 60 per cent YoY to Rs460 million in 1H2025 on lower dispatches and reduced capacity payments following a change in the PPA.
Engro Eximp FZE posted 20 per cent revenue growth in 1H2025, supported by stronger third-party trades, with its 3P ratio improving to 57 per cent from 24 per cent a year earlier.
FrieslandCampina Engro Pakistan Limited (FCEPL) recorded a 5 per cent YoY increase in profit despite a 5 per cent fall in revenue to Rs52 billion, helped by cost optimisation and better product mix.
At an unconsolidated level, earnings declined due to the absence of dividends and transfer of the DH partner, Topline added.
Earlier, Engro Holdings reported profit attributable to owners of Rs33.7 billion (EPS: Rs28.0) in 2Q2025, which included a one-off adjustment linked to thermal assets. Excluding this, earnings stood at Rs6.0 per share.