Industry

Engro’s $2bn polypropylene project expected by 4QCY22

Karachi, August 18, 2022: The management of Engro recently held a briefing in which they shared that the final decision on the feasibility study for its US$2bn polypropylene project is expected by 4QCY22.

In terms of much awaited growth initiatives, following on from a Rs21bn commitment to towers’ business, Engro is working on a number of feasibilities in the connectivity, petrochemical and renewable energy space.

Meanwhile, Engro Corporation Limited (ENGRO) announced a relatively higher dividend payout in 2QCY22 of Rs11/share, despite the company posting a loss of Rs558mn (LPS: Rs0.97) compared to a profit of Rs8.7bn (EPS: Rs15.13) in the same period last year.

Engro’s profitability decreased primarily due to lower contribution from Chemical and Fertilizer business.

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