External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Engro Holdings (ENGROH) announced its 2Q2025 results today, reporting a profit attributable to equity owners of Rs33.7bn (EPS of Rs28.0), up 17.4x YoY. This includes one-off thermal asset and other related. Adjusted for these one offs, the recurring EPS in 2Q2025 has clocked in at Rs6.0.</li><li>This takes 1HFY25 earning to Rs.35.6bn (EPS of PKR29.5) up by 9.1x YoY. Excluding above one-off adjustment, earnings clocked in at Rs9.0bn (EPS of PKR7.5).</li><li>The company was in the process of divesting its thermal energy business; however, the share purchase agreement (SPA) was terminated as disclosed on April 7, 2025. Consequently, the company has reversed the earlier accounting adjustment of PKR 53.7bn (Attributable to owner: Rs26.5bn) and starting recording this business as continuing operations from Jun 2025.</li></ul>

Engro Holdings (ENGROH) announced its 2Q2025 results today, reporting a profit attributable to equity owners of Rs33.7bn (EPS of Rs28.0), up 17.4x YoY. This includes one-off thermal asset and other related. Adjusted for these one offs, the recurring EPS in 2Q2025 has clocked in at Rs6.0.This takes 1HFY25 earning to Rs.35.6bn (EPS of PKR29.5) up by 9.1x YoY. Excluding above one-off adjustment, earnings clocked in at Rs9.0bn (EPS of PKR7.5).The company was in the process of divesting its thermal energy business; however, the share purchase agreement (SPA) was terminated as disclosed on April 7, 2025. Consequently, the company has reversed the earlier accounting adjustment of PKR 53.7bn (Attributable to owner: Rs26.5bn) and starting recording this business as continuing operations from Jun 2025.

Engro Holdings (ENGROH): 2Q2025 EPS at Rs28.0, up 17.4x YoY - Earnings Higher Than Industry Expectations

Engro Corporation

Engro Holdings (ENGROH): 2Q2025 EPS at Rs28.0, up 17.4x YoY - Earnings Higher Than Industry Expectations