Ecorp q3 2024 Report

enabling Pakistan
second quarterlyreport
third quarterly report 2024
2024
company information
as of June 30, 2024
September 30, 2024
chief executive officer chief financial officer company secretary

Mr. Ahsan Zafar Syed Mr. Farooq Barkat Ali Mr. Mohammad Yasir Khan
board of directors
Mr. Hussain Dawood | Mr. Abdul Samad Dawood | Ms. Sabrina Dawood
Mr. Rizwan Diwan | Mr. Parvez Ghias | Mr. Shabbir Hashmi | Ms. Samar Masood
Mr. Ahsan Zafar Syed
bankers shares registrar

Allied Bank Ltd FAMCO Share Registration Services (Pvt.) Ltd
Askari Bank Ltd 8-F, Near Faran Hotel, Nursery, Block-6
Bank Al-Falah Ltd PECHS, Shahrah-e-Faisal, Karachi
Bank Al-Habib Ltd Info.shares@famcosrs.com
Citi Bank N.A
Faysal Bank Ltd registered office
Habib Bank Ltd 19th Floor, The Harbor Front Building,
Habib Metropolitan Bank Ltd HC#3, Marine Drive, Block 4, Clifton,
Karachi 75600, Pakistan
JS Bank Ltd
Tel: +92(21) 35297501 – 35297510
MCB Bank Ltd
Fax: +92(21) 35810669
Meezan Bank Ltd
e-mail: info@engro.com
National Bank of Pakistan Ltd
Soneri Bank Ltd
Standard Chartered Bank (Pakistan) Ltd
United Bank Ltd
The Bank of Punjab
auditors
A.F. Ferguson & Co Chartered Accountants
State Life Building No. 1-C,
I.I. Chundrigar Road,
Karachi-74000, Pakistan.
Tel: +92(21) 32426682-6 / 32426711-5
Fax +92(21) 32415007 / 32427938
engro corporation limited

Engro Polymer & Chemicals Limited terminal, at Port Qasim. T he terminal - which is also one of
the most cost-efficient terminals in the region - has a capacity
Engro Polymer & Chemicals Limite d - a 56% owned for regasification of up to 600 mmcfd.
subsidiary of Engro - is the only fully integrated chlor-vinyl
chemical complex in Pakistan and produces poly-vinyl Engro Vopak Terminal Limited
chloride (PVC), cau stic soda, sodium hypochlorite,
hydrochloric acid and other chlorine by-products. The Engro Vopak is a joint venture with Royal Vopak of the
business was set up as a state-of-the-art plant in 1997, as Netherlands - the world's largest bulk liquid chemical
a 50:50 joint venture, with Mitsubishi and Asahi Glass with handling company. The business is engaged in handling,
Asahi subsequently divesting its shareholding in 2006. storage, and regasification of liquid & gaseous chemicals,
Liquefied Petroleum Gas (LPG), petrochemicals, and
Engro Energy Limited bio-fuels. Engro Vopak's terminal is Pakistan's first
cryogenic facility that handles 70% of all liquid chemical
Engro Energy Limited is a wholly-owned subsidiary of Engro imports into Pakistan, including Paraxylene (PX), Acetic Acid
Corporation and it owns and operates Engro Powergen /.AA), Vinyl Chloride Monomer (VCM), Ethylene Dichloride
Qadirpur Limited, a 224-megawatt power plant and the (EDC), Mono Ethylene Glycol (MEG), Ethylene along with
group's first initiative in the power sector of Pakistan. Engro Phosphoric Acid (PA) imports, which are pumped directly to
Powergen Qadirpur Limited was listed on the Karachi Stock customers' facilities.
Exchange in October 2014 where 25% of the shares were
offered to the public. As of now, Engro Powergen Qadirpur FrieslandCampi na Engro Pakistan
Limited is 69% owned by Engro Energy Limited. Engro
Energy Limited is also involved in the Thar Coal project. The FrieslandCampina Engro Pakistan Limited is a 40% owned
project operates a coal mine under Sindh Engro Coal Mining associated company engaged in the manu facturing,
Company (SECMC) and operations of two 330MW mine processing, and marketing of dairy products and frozen
mouth power plants under Engro Powergen Thar Limited in desserts. The business owns two milk processing plants in
the first phase. SEC MC is a joint venture company formed in Sukkur and Sahiwal and operates a dairy farm in Nara, Sindh.
2009 between the Government of Sindh (GoS) and Engro In its continued efforts to 'elevate consumer delight worldwide',
Energy Limited & Affiliates. SECMC's shareholders include the business has established several brands that have already
Government of Sindh, Engro Energy Limited, Thal Limited, become household names in Pakistan, such as Olper's (UHT
Habib Bank Ltd, CMEC Thar Mining Investment Limited, milk, low-fat milk, and cream), Omore (frozen desserts), Tarang
Huolinhe Open Pit Coal Investment Company L imited, and (tea whitener), and Dairy Omung (UHT dairy liquid and dessert
Hub Power Company Limited (HUBCO). The Sindh Coal cream).
Authority has awarded a 95.5 square kilometer area of the
coalfield, known as Block II, to SECMC for exploration and Engro Enfrashare (Private) Limited
development of coal deposits. Within this block, there is an
estimated amount of exploitable lignite coal reserves of 1 .57 Engro Enfrashare is a wholly-owned subsidiary of Engro Connect,
billion tons. In 201 o, SEC MC completed the Bankable with a purpose to make connectivity more accessible and
Feasibility Study for Thar Block II Coal Mining Project by affordable for everyone. By aiding increased efficiency for network
engaging internationally renowned Consultants such as users, and already partnered with all of the Country's major
RWE-Germany, Sinocoal-China, SRK-UK, and HBP Mobile Network Operators, Engro Enfrashare aims to help
Pakistan, meeting all national/international standards. Thar facilitate financial and social inclusion. While its expertise and
Coal Project achieved its Commercial Operations Date investment in connectivity infrastructure allow mobile operators
(COD) in July 2019 and has since been providing low cost to reduce cost of access to consumers, Engro Enfrashare aims
electricity to the national grid. to engage with all stakeholders in the telecom ecosystem in
order to realize a larger goal of digitizing Pakistan.
Elengy Terminal Pakistan Limited
Engro Eximp FZE
Elengy Terminal Pakistan Limited (ETPL) is a 56% owned
subsidiary of Engro Corporation. The Company won the As the Company's UAE-based international trading arm,
contract to handle liquefied natural gas (LNG) and thereafter Engro Eximp FZE initiated commercial activity in 2022
acquired FSRU vessel on lease from a US-based company - with a vision to consolidate the Group's trading activities
Excelerate Energy. Engro Elengy Terminal Limited, a wholly under one roof. As an international and dollar-
owned subsidiary of ETPL, set up a state-of-the-art LNG denominated business, the Company will be a key player
in our portfolio going forward.
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ENGRO CORPORATION LIMITED
UNCONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT SEPTEMBER 30, 2024
(Amounts In thousand)
Note (Unaudited) (Audited)
September 30, December 31,
2024 2023
--------------------Rupees-------------------•
ASSETS
Non-current assets
Property, plant and equipment 4 1,832,184 1,790,237
Right-of-use assets 686,274 928,849
Intangible assets 186,834 132,583
Long term investments 5 53,835,194 50,835,194
Long term loans and advances 13,302 6,274
56,553,788 53,693,137
Current assets
Loans, advances, deposits and prepayments 6 7,711,330 9,088,160
Receivables 7 4,218,005 2,041,529
Short term investments 8 31,835,854 23,870,113
Cash and bank balances 26,264 122,905
43,791,453 35,122,707
TOTAL ASSETS 100,345,241 88,815,844
EQUITY AND LIABILITIES

Equity
Share capital 9 5,366,265 5,366,265
Reserves 74,050,265 66,071,526
Total equity 79,416,530 71,437,791
Llabllltles
Non-current liabilltles
Lease liabilities 571,607 880,901
Deferred taxation 237,722 167,431
Retirement and other service benefit obligations 99,686 24,566
909,015 1,072,898
Current liabilltles
Trade and other payables 4,506,424 5,494,425
Current portion of lease liabilities 396,923 321,813
Taxation - provision less payments 14,887,870 10,255,244
Unclaimed dividends 228,479 233,673
20,019,696 16,305,155
Total llabllltles 20,928,711 17,378,053
Contingencies and commitments 10
TOTAL EQUITY AND LIABILITIES 100,345,241
The annexed notes from 1 to 20 form an integral part of these unconsolidated condensed interim financial statements.
Shabblr Hussain Hashmi

Director
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UNAUDITED)
(Amounts In thousand except for earnings per share)
Quarter ended Nine months ended

Note September 30, September 30, September 30, September 30,
2024 2023 2024 2023
•·•••·••·· •·······•···••·•••••• ••••··••···••••Rupees•·•·······•••·•··••-·•--·-...--·.--·.-·•-.•-..
Dividend income 3,447,047 3,598,739 19,174,358 14,881,340
Royalty income 625,302 711,959 1,736,709 1,614,247
Total revenue 4,072,349 4,310,698 20,911,067 16,495,587
Administrative expenses (666,170) (958,056) (1,948,766) (2,727,915)
3,406,179 3,352,642 18,962,301 13,767,672
Other income 11 1,696,390 1,310,309 4,674,017 4,800,488
Other operating expenses (115,903) (193,523) (420,923) (699,248)
Operating profit 4,986,666 4,469,428 23,215,395 17,868,912
Finance cost (50,022) (54,742) (137,006) (146,783)
Profit before tax 4,936,644 4,414,686 23,078,389 17,722,129
Taxation 12 (1,268,020) (720,910) (5,213,295) (4,577,803)
Profit for the period 3,668,624 3,693,776 17,865,094 13,144,326
Earnings per share - basic and diluted 13 6.84 6.88 33.29
The annexed notes from 1 to 20 form an integrnl part of these unconsolidated condensed interim financial statements.
Shabbir Hussain Hashmi

Director
• ENGRO CORPORATION LIMITED
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
(Amounts in thousand)

September 30, September 30, September 30, September 30,
2024 2023 2024 2023
•···········································• Rupees ••···········································
Other comprehensive Income I (loss)
Items that will be reclassified to profit or loss
• Remeasurement of investments 1,151,003 (750,133) 1,382,801 (1,477,041)
Total comprehensive income for the period 4,819,627 2,943,643 19,247,895 11,667,285
The annexed notes from 1 to 20 form an integral part of these unconsolidated condensed interim financial statements.
Shabblr Hussain Hashmi

Director
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
(Amounts In thousand}
Reserves
Capltal Reserve Revenue Reserves
Capita! re- TolOI
Remeuurement or
Share Share purchase General Remeasurement ot Unappropriated
post employment Sub-total
capllal premium reserve reserve Investments profit
benefits
account
upees
Balance ,s at January 01, 2023 {Audited) 5,761 ,6 33 13,068,232 4,429,240 139,773) 1854,981) 68,900,878 85,503,696 91,265,229
Pror• ror the period

Other comprehensive Joss
TolaI comprehensive Income for the nine months
ended Sep!ember 30, 2023
11 11 II II 11 11,477�1111
(1,477,041)
13, 144, 26
�
I 13,144,326
1 477 041
13,144 ,326
1 477041
13,144,326 11,667,285 11,667,285
Own shares purchased for cancellation (395,368) 395,368 (1 1,629,302) (11,233,934) (11,629,302)
□□□□□□
Transactions with owners:
Final cash dividend for the year ended
December 31, 2022@Rs. 1.00 per share (54 6,244 ) (546,24 4) (546,24 4)
First Interim cash dividend for the year ended

December 31, 2023@Rs. 40.00 per share (21,465,0 59) (21,465,059) (21,465,0 59)
Second Interim cash dividend for the year ended

December 31, 2023@Rs. 2.00 per share (1 073 253) 11 073 253\ r1 073 253
(23,034,556) (23,084,556) (23,084,556)
Balance as at September 30, 2023 (Unaudited) 5,366 ,265 13,068,232 395,368 4,429,240 (39,7731
DDDCII
(2,332,0221 47,JJ1 ,34 6 6 2,852,391 68,218,656
Proflt tor the period 4.421 . 4 ,421,909 4,42 1,909

Other comprehensive Income for the quarter �I
ended December 31, 2023 3�11 943 3J 943132 943 732
334 943,398 4,421,909 5,365,641 5,365,641
DDDDCJCJCJDD
Transactions with owners:
lnlerim cash divk1ends for the year ended
December 31, 2023:
. 3rd Interim@Rs. 4.00 per share
□DCCII
(2,146,506) (2,146,506) (2,148,506)
II I
Balance as at December 31, 2023 {Audited) 5,366,265 13,06 8,232 395,36 8 4,429,240 139,439 1 (1,388,6 24) 49,6 06,749 66,071,52 6 71 ,437,791
Profit for the period 17,665 , 4 17,86 5,094 17,86 5,094
Other comprehensive Income �
1,382,�01 11 1 382 801 1 3828-01
TO!al comprehensive Income for the nine months
ended Seplember 30, 2024 1,382,801 17,66 5,09 4 19,247,895 19,247,895
Tr,nncllons with owners:

December 3t, 2023@Rs, 2.00 per share (1,073,253) (1 ,073,253)
FIISI rnlerim cash dividend tor the year ending

December 3t, 2024@ Rs. 1t.00 per share (5,902,891) (5,902 ,891)
Second Interim cash dividend for the year ending

December 3 t, 2024@Rs. 8.00 per share 4 293 012 4,293 012
(11,269,156) (11,269,156)
Balance as at September 30, 2024 (Unaudited) 5,366,265 1 3,068,232 395,36 8 4,429,240 56,202,687 74,050,265
The annexed noles from 1 lo 20 form an lnleAral part or these unconsolidated condensed inlerim financial slalemenls.
Shabbir Hussain Hashmi n Zalar Syed

Director nd Chier ExecuLive
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS (UNAUDITED)
Nine months ended
Note September 30, September 30,
2024 2023
---------------------Ru pees---------------------
CASH FLOWS FROM OPERATING ACTIVITIES
Cash utilized in operations 14 (2 ,16 4,654) (4,326 ,809)

Royalty received 1,6 95,775 1 ,573,093
Taxes paid (51 0,378) (4,189,750)
Retirement and other service benefits paid (6 5,049) (39,349)
Long term loans and advances - net (7,02 8) 2 3,739
Net cash utilized in operating activities (1,051 ,334) (6 ,959,076 )
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends received 16 ,6 54,846 1 1,552,6 01

Income on deposits and other financial assets including income
earned on loans to subsidiaries 2 ,488,221 4,830,043
Loan disbursed to subsidiary companies (4,131,049) (5,050,000)
Repayment of loan by subsidiary companies 6 ,1 31 ,049 3,050,000
Investment in shares of subsidiary company (3,000,000)
Purchase of Treasury bills, Units of Mutual Funds, Fixed income
placements and Pakistan Investment Bonds (6 4,06 9,16 0) (2 5,6 91,019)
Proceeds from sale of Treasury bills, Units of Mutual Funds, Fixed income
placements and Pakistan Investment Bonds 6 0,114,897 52 ,62 0,807
Purchases of property, plant and equipment (42 9,473) (936 ,771)
Sale proceeds on disposal of property, plant and equipment 158,880 66 ,592
Purchases of intangibles (120,1 95) (22 ,6 37)
Net cash generated from investing activities 1 3,798,016 40,419,61 6
CASH FLOWS FROM FINANCING ACTIVITIES
Finance cost paid (11 ,6 46 ) (7,02 5)

Payments for own shares purchased for cancellation (11 ,62 9,302 )
Lease rentals paid (359,543) (303,2 69)
Dividends paid (11 ,2 74,350) (2 3,085,1 12 )
Net cash utilized In financing activities (11 ,6 45,539) (35,02 4,708)
Net increase I (decrease) in cash and cash equivalents 1 ,101,143 (1 ,56 4,16 8)
Cash and cash equivalents at beginning of the period 8,344,497 2 ,850,332
Cash and cash equivalents at end of the period 15 9,445,6 40 1,286 ,16
1/
The annexed notes from 1 to 2 0 form an integral part of these unconsolidated condensed interim financial statements.
�
Shabblr Hussain Hashmi Fa,�•�, � )
Director Chief Fin�
NOTES TO THE UNCONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED}
1. LEGAL STATUS AND OPERATIONS
1.1 Engro Corporation Limited (the Company) is a public listed company incorporated in Pakistan. Its shares are
quoted on Pakistan Stock Exchange Limited (PSX}. The Company is a subsidiary of Dawood Hercules
Corporation Limited (the Parent Company). The principal activity of the Company is to manage investments
in subsidiary companies, associated companies and joint venture, engaged in fertilizers, PVC resin
manufacturing and marketing, food, energy, LNG terminals, telecommunications infrastructure and chemical
terminal and storage businesses. Further, the Company also earns royalty income as per its License
Agreement with Engro Fertilizers Limited (a subsidiary company) to use the permitted trademarks. The
Company's head I registered office is situated at 19th floor, The Harbour Front Building, Plot Number HC #
3, Marine Drive, Block 4, Clifton, Karachi.
1.2 During the period, as notified to PSX on April 4, 2024, Engro Energy Limited, a wholly owned subsidiary of
the Company, has entered into definitive agreements with Liberty Power Holding (Pvt.) Limited and other
parties acting in concert (Acquirers) for the sale of its entire shareholding in Engro Powergen Qadirpur
Limited (EPQL), Engro Powergen Thar (Private) Limited (EPTL) and Sindh Engro Coal Mining Company
Limited (SECMC) (the transaction) with a transaction value of Rs. 7,500,000, Rs. 21,040,000 and Rs.
6,210,000 respectively, subject to certain adjustments as agreed in the definitive agreements. Completion of
the Transaction is subject to receipt of corporate I regulatory approvals and lender consents.
1.3 As already notified to PSX through notifications dated May 06, 2024, May 17, 2024, June 26, 2024 and July
24, 2024, the Parent Company and the Company have entered into a Scheme of Arrangement (the
Scheme) through which the Company's shares held by existing shareholders (other than the Parent
Company) shall be vested into the Parent Company and such existing shareholders will be issued shares of
the Parent Company. Resultantly, the Company will become the wholly owned subsidiary of the Parent
Company from January 01, 2025 (the effective date) and shall cease to be listed on the PSX. The Scheme
has been approved by the shareholders and creditors of the Company in their meeting held on June 26,
2024. Subsequently, the Islamabad High Court (IHC) has also sanctioned the Scheme vide its order dated
July 18, 2024. Under the Scheme, the name of the Parent Company shall be rebranded to Engro Holdings
Limited.
2, BASIS OF PREPARATION
2.1 These unconsolidated condensed interim financial statements have been prepared in accordance with the
accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting
and reporting standards as applicable in Pakistan for interim financial reporting comprise of:
- International Accounting Standard 34, 'Interim Financial Reporting' (IAS 34), issued by the International
Accounting Standards Board (IASB) as notified under the Companies Act, 2017 (the Act); and
- Provisions of and directives issued under the Act.
Where the provisions of and directives issued under the Act differ with the requirements of IAS 34, the
provisions of and directives issued under the Act have been followed.
2.2 These unconsolidated condensed interim financial statements represent the condensed interim financial
statements of the Company on a standalone basis. The consolidated condensed interim financial
statements of the Company and its subsidiary companies are presented separately. These unconsolidated
condensed interim financial statements do not include all the information required for annual financial
statements and therefore should be read in conjunction with the annual audited financial statements of the
Company for the year ended December 31, 2023.
2.3 The preparation of these unconsolidated condensed interim financial statements in conformity with the
accounting and reporting standards applicable in Pakistan requires the use of certain critical accounting
estimates. It also requires management to exercise its judgement in the process of applying the Company's
accounting policies. Estimates. and judgement are continually evaluated and are based on historical
experience and other factors, including expectation of future events that are believed to be reasonable
under the circumstances. Actual results may differ from these estimates.
During the preparation of these unconsolidated condensed interim financial statements, the significant
judgement made by the management in applying the Company's accounting policies and the key sources of
estimation and uncertainty are ti1e same as those that were applied to the annual audited financial
statements of the Company for the year ended December 31, 2023.
3. MATERIAL ACCOUNTING POLICY INFORMATION

3.1 The material accounting policies and the methods of computation adopted in the preparation of these
unconsolidated condensed interim financial statements are consistent with those applied in the preparation
of the annual audited financial statements of the Company for the year ended December 31, 2023.
3.2 Initial application of a standard, amendment or an interpretation to an existing standard

a) Standards and amendments to published accounting and reporting standards and interpretations
that are effective during the period
There were certain amendments to accounting and reporting standards which became effective during
the current period. However, these do not have any significant impact on the Company's financial
reporting and, therefore, have not been disclosed in these unconsolidated condensed interim financial
statements.
b) Standards and amendments to published accounting and reporting standards and interpretations
that are not yet effective and have not been early adopted by the Company
There are certain standards and amendments to accounting and reporting standards that are not yet
effective and are considered either not to be relevant or to have any significant impact on t11e Company's
financial reporting and, therefore, have not been disclosed in these unconsolidated condensed interim
financial statements.
3.3 Taxes on income in the interim periods are accrued using the effective tax rate that would be applicable to
expected total annual profit or loss of the Company.
(Unaudited) (Audited)
2024 2023
( p )
•-------•---------- Ru ees -------------------
4. PROPERTY, PLANT AND EQUIPMENT
Operating assets (notes 4.1 and 4.2) 1,112,642 1,004,333

Capital work-in-progress (note 4.3) 719,542 785,904
1,832,184 1,790,237
4.1 Following additions, being transfers from CWI P, were made to

operating assets during the period / year:
Furniture, fixtures and equipment 248,370 85,918
Vehicles 247,465 662,192
495,835 748,110
4.2 Operating assets costing Rs. 263,121 (December 31, 2023: Rs. 132,848) having a net book value of
Rs. 114,448 (December 31, 2023: Rs. 87,491), were disposed off during the period / year for
Rs. 158,880 (December 31, 2023: Rs. 99,116).
7. RECEIVABLES
This includes amount due from subsidiary companies, joint venture and associated companies aggregating
to Rs. 4,161,581 (December 31, 2023: Rs. 1,974,957) on account of amounts charged by the Company in
accordance with the expense sharing agreements and dividend receivable.
2024 2023
........... •····•··(Rupe es)···•········.......
8. SHORT TERM INVESTMENTS
Fair value through other comprehensive income
- Pakistan Investment Bonds (notes 8.1 and note 8.2) 12,622,770 10,572,006
Fair value through profit or loss
- Mutual fund units (note 8.3) 9,438,352 4,503,419
Amortized cost
- Treasury bills (note 8.4) 4,003,276 3,970,085

- Fixed income placements (note 8.5) 5,771,456 4,824,603
9,774,732 8,794,688
31,835,854
8.1 These bonds carry yield of 12.75% to 13.40% (December 31, 2023: 12.75% to 13.40%) per annum and
have maturity terms ranging between 5 to 10 years.
8.2 This amount is net of loss on remeasurement of Pakistan Investment Bonds amounting to Rs. 5,823
(December 31, 2023: Rs. 1,388,624).
8.3 This represents investment in units of various Mutual Funds having cost amounting to Rs. 9,328,430
(December 31, 2023: Rs. 4,490,'917).
8.4 These bills carry yield of 18.90% to 20.14% (December 31, 2023: 21.60% to 22.50%) per annum and having
maturity of one to four months.
8.5 These represent placements with banks and carry interest at rates ranging from 18.10% to 18.65%
(December 31, 2023: 21.88% to 22.35%) per annum and having maturity in October 2024 (December 31,
2023: having maturity in January 2024).
9. SHARE CAPITAL
9.1 Authorized capital
(Unaudited) (Audited) (Unaudited) (Audited}

September 30, December 31, September 30, December 31,
2024 2023 2024 2023
•··········•-(Number of shares)------------· ----------------------(Ru pees) ---------------------
700,000,000 700,000,000 Ordinary shares of Rs. 10 each 7,000,000 7,000,000

_ (Amounts in thousand)
9.2 Issued, subscribed and paid-up capital
(Unaudited) (Audited) (Unaudited) (Audited)

2024 2023 2024 2023
-·· • ---------(Number of sh a res)···•••······· -•··-···-·-·--··••••--(Rupe es)---------------·······
Ordinary shares of Rs. 10 each

197,869,803 197,869,803 fully paid in cash 1,978,699 1,978,699
378,293,427 378,293,427 issued as fully paid bonus shares 3,782,934 3,782,934
(39,536,762) (39,536,762) purchased and cancelled (395,368) (395,368)
536,626,468 536,626,468 5,366,265 5,366,265
10. CONTINGENCIES AND COMMITMENTS
Contingencies
10.1 As at September 30, 2024, there is no material change in the status of matters reported as contingencies in
note 18 of the annual audited financial statements of the Company for the year ended December 31, 2023,
except as follows:
10.1.1 Following are the details of securities pledged by the Company in favour of Engro Energy Limited (EEL):
- Standby Letters of Credit {Equity SBLC) have been provided by EEL, a wholly owned subsidiary, through
National Bank of Pakistan amounting to US Dollars 2,606 (December 31, 2023: US Dollars 2,606) for its
equity commitments related to Sindh Engro Coal Mining Company Limited (SECMC), its associated
company in favour of the lntercreditor Agent (Habib Bank Limited) and the Project Company (i.e.
SECMC). Equity SBLC will expire on earlier of (i) October 31, 2024; or (ii) fulfilment of sponsor
obligations under Sponsor Support Agreements. This has been secured by the Company by pledging
Treasury Bills.
- Standby Letter of Credit (Put Option SBLC) has been provided by EEL, a wholly owned subsidiary
company, through Allied Bank Limited amounting to US Dollars 21,070 (December 31, 2023: US Dollars
21,070) in favour of the Put Option Fronting Bank (Habib Bank Limited). The Put Option SBLC has been
furnished to meet sponsor obligations under Sponsor Support Agreement (Put Option SSA) and expires
on earlier of (i) January 31, 2029; or (ii) fulfilment of sponsor obligations pursuant to Put Option SSA.
This was secured by pledging Company's shares of Engro Fertilizers Limited (EFERT) and
FrieslandCampina Engro Pakistan Limited (FCEPL) of quantities 50,925,728 and 58, 941176
respectively.
10.1.2 On March 28, 2022, and as supplemented from time-to-time, Allied Bank Limited and Fays al Bank Limited
have committed to provide Payment Service Reserve Account (PSRA) SBLCs amounting to US Dollars
23,316 and Rs. 1,029,044, respectively, on behalf of EEL, a wholly owned subsidiary, for its PSRA
commitments related to Engro Powergen Thar (Private) Limited in favour of their project lenders. These
SBLCs are secured by pledging 42,466,536, 117,904,251, 56,000,000 and 51,686,592 shares of EFERT,
EPCL, FCEPL and Engro Powergen Qadirpur Limited (EPQL), respectively.
10.2 Updates in respect of tax related matters are disclosed in note 12.
2024 2023
·-----··-·-·· •·----(Rupees)·············-----·
10.3 Commitments
Commitments in respect of capital expenditure 578 592 397 723

Unaudited
Seotember 30. Seotember 30. Seotember 30. Seotember 30,
2024 2023 2024 2023
•---------------------------------------------Ru pees---------------------------------------------
11. OTHER INCOME
Financial assets
Income on bank deposits
and other financial
assets (note 11.1) 1,665,224 1,310,629 4,549,725 4,795.332
Non-financial assets
Gain on disposal of property,
plant and equipment
Others 2
a 526
II (220)
4
._____�2:_64_0_. �---�<1_0_0�) _ �. ___7�4, II 4, 099
II
9,�86_0_._ .__ _____,_1,_05_7___,_
432
I
------ 31,166 (320 ) 124,2 92 5,156
1 696 390 1 310 309 4 674 017 4 800 488
11.1 Includes Rs. 831,467 (September 30, 2023: Rs. 1,149,558) in respect of profit earned on loans to subsidiary
companies.
Unaudited
2024 2023 2024 2023
-----------------------------------Ru pees-----------------------------------
12. TAXATION
Current
- for the period 1,066,360 877,499 5,143,004 3,821,713
- for prior period (105,038) 785,972
1,066,360 772,461 5,143,004 4,607,685
Deferred 201,660 (51,551) 70,291 (29,882)
1,268,020 720,910 5,213,295 ,577,803
4
12.1 As at September 30, 2024, following are the updates to taxation matters from those reported in note 25 to the
annual audited financial statements of the Company for the year ended December 31, 2023:
12.1.1 During the period, in respect of the matter disclosed in note 25.2 of the annual audited financial statements of
the Company for the year ended December 31, 2023, the IHC in its judgement dated March 15, 2024,
decided the matter in favor of the Company in respect of retrospective application of section 4C, as amended
by Finance Act 2023, to tax year 2023. Additionally, the IHC also ruled that super tax under section 4C of the
Income Tax Ordinance, 2001 (the Ordinance) is not applicable on incomes subject to final tax under other
provisions of the Ordinance. The tax department has filled an intra court appeal against this matter, which is
currently pending adjudication. Being prudent, the Company is carrying provision against the matter in these
unconsolidated condensed interim financial statements.
13. EARNINGS PER SHARE
As at September 30, 2024, there is no dilutive effect on the basic earnings per share of the Company, which
is based on the following:
Unaudited
2024 2023 2024 2023
·· ····•·················•··· • ----• •·· • •···-·--Ru pees•··•··••·· -•-········· .......................
•··························••Number of shares (in thousand)····························
Weighted average number

of ordinary shares 536,626 536,626 536,626 547,288
Unaudited
Nine months ended
September 30, September 30,
2024 2023
•···········•····--·•Rupees••·······-··········
14. CASH UTILIZED IN OPERATIONS
Profit before taxation 23,078,389 17,722,129

Adjustment for non-cash charges and other items:
Depreciation 273,078 178,504
Amortization 65,945 27,089
Depreciation on right-of-use assets 242,575 240,393
Provision for retirement and other service benefits 57,787 53,177
Dividend income (19,174,358) (14,881,340)
Royalty income (1,736,709) (1,614,247)
Income on bank deposits and other financial assets (4,549,725) (4,795,332)
Gain on disposal of property, plant and equipment (44,432) (4,099)
Finance cost 137,005 146,783
Working capital changes (note 14.1) (514,209) {1,399,866)
(2,164,654) (4,326,809)
Unaudited
Nine months ended
2024 2023
•--------------------Rupees--------------------
14.1 Working capital changes
Increase/ (decrease) in current assets

- Loans, advances, deposits and prepayments 7,439 201,656
- Receivables (net) 383,970 (130,868)
391,409 70,788
Decrease in current liabilities
- Trade and other payables including other
service benefits (net) (905,618) (1,470,654)
(514,209) (1,399,866)
15. CASH AND CASH EQUIVALENTS
Short term investments 9,419,376 1,234,984

Cash and bank balances 26,264 5j, 180
9,445,640 1,286,164
15.1 On May 29, 2024, the Company has obtained a Syndicated working capital facility amounting to Rs.
10,000,000 (December 31, 2023: Rs. 10,000,000) from a commercial bank. This has been secured by
pledging the Company's shares of Engro Fertilizers Limited, Engro Polymer and Chemicals Limited and
Friesland Campina Engro Pakistan Limited of quantities 33,068,783, 120,250,120 and 73,486,185,
respectively. The facility carries mark-up at the rate of 1 month KISOR plus 0.5% per annum and is unutilised
as at September 30, 2024.
16. FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
16.1 Financial risk factors

The Company's activities expose it to a variety of financial risks: market risk (including currency risk, interest
rate risk and other price risk), credit risk and liquidity risk.
There have been no changes in the financial risk management policies of the Company during· the period,
consequently these unconsolidated condensed interim financial statements do not include all the financial
risk management information and disclosures required in the annual financial statements.
16.2 Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction in the principal (or most advantageous) market at the measurement date under current market
conditions (i.e. an exit price) regardless of whether that price is directly observable or estimated using
another valuation technique.
The table below analyses financial instruments carried at fair value using the fair value measurement method
in accordance with IFRS 13. The different levels have been defined as follows:
- Quoted prices (unadjusted) in active markets for identical assets or liabilities (level1);
- Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices) (level 2); and
- Inputs for the asset or liability that are not based on observable market data (level 3).
Level 1 Level 2 Level 3 Total

• --------------------------------------Ru pees--------------------------------------·
As at September 30, 2024 (Unaudited)
Financial assets at fair value

through other comprehensive income
- Pakistan Investment Bonds 12,622,770 12,622,770

through profit or loss
- Mutual funds units 9,438,352 9,438,352
As at December 31, 2023 (Audited)

through other comprehensive income

- Mutual funds units 4,503,419 4,503,419
16.3 Valuation techniques used to determine fair values
Level 2 fair values have been determined using PKRV rates and closing Net Asset Values for government
securities and mutual fund units, respectively.
There were no transfers amongst the levels of hierarchy during the period. Further, there were no changes
in the valuation techniques during the period.
16.4 Fair value of financial assets and liabilities
The carrying value of all other financial assets and liabilities reflected in these unconsolrdated condensed
interim financial statements approximate their fair values.
(Amounts In thousand)
17. TRANSACTIONS WITH RELATED PARTIES

Unaudited
Nine months ended
2024 2023
. -------------------(Rupees}--------------------
Parent Company
Dividend paid 4,503,866 9,222,202

Purchase of goods and services 32,799 86,100
Reimbursements to 9,832 7,584
Reimbursements from 1,154
Subsidiary companies
Mark-up from subsidiaries 831,467 1,149,558

Disbursement of loan 4,131,049 5,050,000
Repayment of loan 6,131,049 3,050,000
Dividend income 18,611,858 14,003,840
Royalty income 1,736,709 1,614,247
Reimbursements from 4,534,789 3,470,219
Investment made 3,000,000
Tax loss surrendered to EPCL 373,489
Associated companies
Purchases and services 291,814 171,765

Contribution for Corporate Social Responsibility 165,000 275,000
D ividend paid 326,949 662,180
Re i mbursements from 37,307 58,435
Joint venture company
D iv idend income 562,500 877,500

Reimbursements from 284,183 145,014
Others
Remuneration of key management personnel 852,200 428,808

Contribution to staff retirement benefit funds 216,465 201,582
Advisory fee 55,224
Dividend paid to directors, KM P and others 697,103 1,648,335
Directors' fee 78,830 59,845
18. NON-ADJUSTING EVENTS AFTER REPORTING DATE
18.1 The Board of Directors of Engro Fertilizers Limited, a subsidiary company, in its meeting held on October
14, 2024 has proposed an interim cash dividend of Rs. 2.50 per share for the year ending December 31,
2024, amounting to Rs. 3,338,248 of which the proportionate share of the Company amounts to
Rs. 1,878,280.
18.2 The Board of Directors of Engro Vopak Terminal Limited, a joint venture company, in its meeting held on
October 21, 2024 has proposed an interim cash dividend of Rs. 7.25 per share for the year ending
December 31, 2024, amounting to Rs. 652,500 of which the proportionate share of the Company amounts
to Rs. 326,250.
These unconsolidated condensed interim financial statements do not include the effects of the
aforementioned dividend income.
18.3 The Board of Directors of the Company in its meeting held on October 28, 2024 has proposed an interim
cash dividend of Rs. 5 per share for the year ending December 31, 2024 amounting to
Rs. 2,683,132. These unconsolidated condensed interim financial statements do not reflect the effect of
such dividend payable.
19. CORRESPONDING FIGURES
19.1 Corresponding figures have been rearranged and reclassified for better presentation, wherever considered
necessary, the effect of which is not material.
19.2 In order to comply with the requirements of IAS 34, the balances of unconsolidated condensed interim
statement of financial position have been compared with the balances of annual audited financial
statements of the preceding financial year, whereas the amounts in unconsolidated condensed interim
statement of profit or loss, unconsolidated condensed interim statement of comprehensive income,
unconsolidated condensed interim statement of changes in equity and unconsolidated condensed interim
statement of cash flows have been compared with the balances / amounts of comparable period of
immediately preceding financial year.
20. DATE OF AUTHORIZATION FOR ISSUE
These unconsolidated condensed interim financial statements were authorized for

October 28, 2024 by the Board of Directors of the Company.

Director
( .
• I
· '.
t'
I•

CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS (UNAUDITED)
I
.r'

CONSOLIDATED CONDENSED INTERIM STATEMENT
OF FINANCIAL POSITION
AS AT SEPTEMBER 30, 2024
(Amounts in thousand) Restated

(Unaudited} (Audited)
Note September 30, December 31,
2024 2023
•··················•Rupe es---··· ••.•.•.••.••.•
ASSETS
Non-current assets
Property, plant and equipment 6 194,014,448 339,278,737

Right-of-use assets 12,503,185 13,119,197
Intangible assets 1,529,071 2,030,544
Long term investments 7 30,303,973 34,485,322
Financial assets at amortized cost 4,421,527 1,051,611
Derivative financial instruments 607,908 963,207
Net investment in leases 49,850,802 56,961,334
Long term loans, advances, deposits and other receivables 5,425,780 4,925,619
298,656,694 452,815,571
Current assets
Stores, spares and loose tools 13,426,811 12,939,358

Stock-in-trade 8 61,428,360 33,736,767
Trade debts 14,195,068 75,497,556
Loans, advances, deposits and prepayments 19,310,790 9,558,431
Other receivables 21,745,288 50,086,058
Accrued income 174,590 4,393,755
Contract assets 16,880,213
Current portion of net investment in leases 8,321,962 7,887,464
Short term investments 57,501,601 70,080,028
Cash and bank balances 19,395,571 67,095,680
215,500,041 348,155,310
Assets classified as held for sale 9 276,555,682 1,525,396
TOTAL ASSETS 790,712,417 802,496,277

(Amounts in thousand) Restated
Note September 30, December 31,
2024 2023
•··················•Rupees---·················
EQUITY AND LIABILITIES
Equity
Share capital 10 5,366,264 5,366,264
Share premium 13,068,232 13,068,232
Capital re-purchase reserve account 395,368 395,368
Revaluation reserve on business combination 2,678 2,678
Maintenance reserve 652,945 652,945
Exchange revaluation reserve 2,250,459 2,304,181
Hedging reserve 573,158 928,458
General reserve 4,429,240 4,429,240
Remeasurement of investments (34,988) (1,423,039)
Remeasurement of post-employment benefits (170,256) (170,256)
Unappropriated profit 116,012,908 120,802,757
137,179,744 140,990,564
142,546,008 146,356,828
Non-controlling interest 69,400,899 78,832,521
Total equity 211,946,907 225,189,349

Liabilities
Non-current liabillties
Borrowings 11 61,544.780 162,072,043
Government grant 1,613,068 2,020,187
Lease liabilities 62,515,804 66,777,290
Deferred taxation 3,383,377 16,596,262
Deferred liabilities 986,699 4,452,879
130,043,728 251,918,661
Current liabilities
Trade and other payables 111,148,964 182,855,508
Contract liabilities 14,427,927
Accrued interest I mark-up 2,909,069 2,807,643
Current portion of:
- borrowings 11 11,364,197 28,580,236
- government grant 452,651 452,387
- lease liabilities 10,790,120 10,617,201
- deferred liabilities 575,190 626,493
Provisions 26,802,595 27,153,499
Short term borrowings 48,059,095 31,639,719
Taxation - provision less payments 12,142,207 13,390,978
Dividend payable 876,524 12,836,676
225,120,612 325,388,267
Liabilities classified as held for sale 9 223,601,170
Total liabilllies 578,765,510 577,306,928

TOTAL EQUITY AND LIABILITIES 790,712,417 802,496,277
Contingencies and commitments 12
The oooe,ed fo,m '" ;oteg,al part of these coosoi;dated condeesed ;nte,;m f;naacial statemeots.
�.�
�
-+---'...+--+---------
Shabbi r Hussain Hashmi
Director
l=NGRO CORPORATION LIMITED
OF PROFIT OR LOSS (UNAUDITED)
(Amounts in thousand except for earnings per share)

Restated Restated
Note September 30, September 30, September 30, September 30,
2024 2023 2024 2023
-----------------------Rupees----------------------- -----------------------Rupees ---····················

CONTINUING OPERATIONS
Revenue 13 100,129,634 102,694,456 279,018,279 249,855,626
Cost of revenue (75,660,701) (71,566,138) (219,267,350) (179,636,339)
Gross profit 24,468,933 31,128,318 59,750,929 70,219,287
Selling and distribution expenses (1,446,718) (2,786,520) (6,564,868) (6,821,711)

Administrative expenses (3,160,760) (2,445,795) (10,409,855) (7,849,938)
Other income 3,016,030 2,274,870 10,220,927 8,413,798
Other operating expenses (1,325,353) (2,391,971) (3,577,724) (6,097,150)
Other gains I (losses):

- Gain I (loss) allowance on subsidy receivable from GoP 464,412 1,264 699,703 (503,081)
Operating profit 22,016,544 25,780,166 50,119,112 57,361,205

Finance cost (5,668,233) (4,020,517) (15,195,254) (12,137,982)
Share of income from joint venture
and associates 591,237 577,798 1,859,339 1,648,528
Profit before Income tax, minimum tax and final tax 16,939,548 22,337,447 36,783,197 46,871,751
Minimum tax and final tax 14 (1,065,758) (1,032,810) (3,028,986) (2,906,133)
Profit before Income tax 15,873,790 21,304,637 33,754,211 43,965,618
Taxation 15 (6,341,336) (8,636,677) {14,637,373) (23,714,613)
Profit from continuing operations 9,532,454 12,667,960 19,116,838 20,251,005
DISCONTINUED OPERATIONS
Profit from discontinued operations 9 848,045 9,770,479 3,701,888 24,072,136

Profit attributable to:
- Owners of the Holding Company 5,722,172 12,198,494 11,983,042 23,002,367

- Non-controlling interest 4,658,327 10,239,945 10,835,684 21,320,774
10,380,499 22,438,439 22,818,726 44,323,141
Earnings per s hare - basic and clllutecl
- Continuing operations 16 10.64 16.82 19.73 18.13

- Discontinued operations 16 0.02 5.91 2.60
16 10.66 22.73 22.33
The '°"'�d ootes '" lotegral part of lh,se coosoHdated coodeosed lole,im fioaoclal stat,meo
/
�:
-----,V----+---------
Sha bbi r Hussain Hashmi
Director
·'.
OF COMPREHENSIVE INCOME (UNAUDITED)
(Amounts in thousand) Quarter ended Nine months ended

Restated Restated
2024 2023 2024 2023
•·····················•Rupees••····················· •·····················•Rupees••·····················

Other comprehensive income:
Items that may be reclassified subsequently

to profit or loss
Hedging reserve - cash flow hedges
Loss/ (profit) arising during the period (125,541) 188,259 (355,300) 517,561
Revaluation reserve on business combination

Exchange differences on translation of
foreign operations (8,016) (4,307) (53,722) 798,132
Continuing operations' gain/ (loss) on remeasurement of long•term
investments classified at fair value through other comprehensive income 1,151,003 (750,133) 1,382,801 (1.477,041)
items that will not be reclassified subsequently

to profit or loss
Gain/ (loss) on remeasurement of long •term investments classified

at fair value through other comprehensive income 19,166 (7,500) 5,250 (21,999)
Other comprehensive income/ (loss)

for the period, net of tax 1,036,612 (573,681) 979,029 (183,347)
Total comprehensive income for the period 11,417,111 21,864,758 23,797,755 44,139,794
Total comprehensive income attributable to:

- Owners of the Holding Company 6,758,784 11,624,813 12,962,071 22,819,020
- Non·controlling interest 4,658,327 10,239,945 10,835,684 21,320,774
11,417,111 21,864,758 23,797,755 44,139,794
Total comprehensive income attributable to:

- Continuing operations 10,569,066 12,094,279 20,095,867
- Discontinued operations 848,045 9,770,479 3,701,888
11,417,111 21,864,758 23,797,755
The annexed notes from 1 to 25 form an integral part of these consolidated condensed interim financial statements.
�\\l\.
�/
Director
CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUllY
----------------------------R cse rves----------------------------
Capital resorvos Re�nue rcst-rves- Non-controlling;

Tobi
Rovaluation Romeasurement intorest
capitol rq M.alntenance Elc:change
Sharo Share reserve on Hedging General R�moa:.uromont Ul"l.appropr�ted Of pO$t
purch.1se roserve re�rve rev:aluatlon Sub total
"3pltol premium buslnoH, reoerve reserve of lnvostmonts proflt omploymcmt
account reserve
combination benefit$
---------------------------------------«,upoos----------------------------
Balance as at January 1, 2023 (Auditod) • as previously stated 5,7 61, 632 13,068,232 2,676 156,301 1, 615,497 702,570 4,429,240 (866,814) 14 2.1 28,4S3 (176.248) 161,059,939 73,762,386 240,583,957
Effect of retrospective applicaUon of change in
aa.ounting policy- notes 4.2 and 4.3 866,664 866,664 680,950 1,547,614
�lance as :.t January 1, .2023 - �estated 5,761.632 13,068.232 2,678 156,301 1,615,497 702,570 4,429,240 (866,814) 142,995,147 (176,248) 161,926,603 74,443.336 24V31,571
Tot.31 comprohonsivo lncomo for tho nine
. I . 11 : II : II : II II II . I, II I II
month$ en<te� Scpti>m.bor 30, 20Z3
-
�111
Profit for the period - rest::1;ted 23. 002,�6 7 23,002,367 21, 320,�74 44, 323 . "14 ,
Other comprenens,ve incomo / (loss) 798,;32 517,�1 "'SS
(l. 40 163 347 {183 347)I
798,132 517,561 (1,499.040) 23,002,367 22,819,020 21,320,774 44,139,794
ONn �hares ;,urch.Jse-d for eanceltatlon (395.368) 395,368 (11.629,302) (11,233,934) (11,629,302)
Trans.actions wlth owners:
Dividend by subsidiaries allocable to
Non-controllinQ interest (9,663,563) (9,663,563)
Fin.at cash dividend for the year ended
December 31, 2022@ Rs. 1.00 per share (546,244 (546.244) (546,244)
)1
1st tn1erirn cash dividond for the �ar onded
December 31, 2023@ Rs. 40.00 per share (21,4ss.059> I (21,465,059) (21,465,0sSJ
2nd Interim cash dividend for tho year ended
December 31, 202 3 @ Rs.2.00 per share (1,073,253)1 {1,073.253) {1,073,253)
(23.064,556) (23,084.556) (9,663,563) (32,748,119)
&lance a$ at Soptombcn' 30, 202:3 {Un.:iudttod) -Rcsbtod 5,366,264 13.068.232 395,368 2.678 156,301 2,413,629 1,220,131 4,429,240 (2,365,854) 131,28 3,656 (176,248) 150,42 7,133 BG,100.547 241.893,944
11
Total comprohcnslve Income for the
)11
thrOQ month$ ,ondod Doeomber 31, 20Z3
II II II II )11 II
Profi1 for the period - restated (1, SW,�07) (1,696.907) (6,022, 166) {7,719,093)
Othor comprehensive income I {lo:s.s} 1109,�8 1291 -�73 9 42, 15 5,; 92] 547,686 11,354 559,040
11 � 11
(109,448) (291, 673) 942,815 (1,596,907) 5.992 (1,149,221) (6,010, 832) (7.160,053)
DC□□□□□□□ . □□ □
Adjustment for aflocatlon of proflt from
Owners 10 NCI for prcfrenee dividend sh3.res: (6,140,842) (6,140.842) 6,140.842
Trans.actions with owners:

Dividend by subsidiaries arlocaOle to
Non-controlling intere!:t 398. 036 ) (7,398,036)1
Interim cash dividends for the ye3r ended
December 31, 2023:
- 3rd interim@ Rs. 4.00 par share • • • - • - - • (2,146,506) - (2,148,50 6) • (2.146,506)1
Transfer from unappropri.11ed profit
to mail"l1ainoanee reserve • • • 496.644 • - • • /496 644\ - • u- • -
496,644 (2,643,150) (2,146,506} (7,398.036) (9,544,542)
---------------
B.t.'lncc as at Oqcember 31. 2023 (AudiWd) - Rtstatod 5.366.<64 13,068.:132 _ --- 395,368 2,678 652.945 2,30<,181 928.458 4,429,2 40 (1.423,039 ) 120,802,757 (170.256) 140 990.564 78,832.521 225,189 349
'-:'

CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
----------------------------Rcs.crves ----------------------------
Capiul tesorves Revonue teso�s

Non-controlling
Total
RovalU3tion Reme.:isuremcnt intotost
Capital re- Maintcmance Exchange
Sh3to Share tesorvo on Hedging Gonetal Romoasuromcnt Uruppropri.atod of post
purc:ha$C roscrvo rcscrvo revaluation Sub tobl
C3pit3.I promlum business reserve tesorvo of In vestments profit employment
account ,o�rvo
combirnition benefits
tupec·
□DI lI□DW�C]
8al3ncc as at January 1, 2024 {Audited) -Rosbtod 5,366.264 13.068.232 3 95.368 2,678 652.945 2,304,181 928,458 4,429,240 (1,423.039) 120,802,757 (170.256) 140,990,564 78,632,521 225,189,349
I I
Total comprohensivo income for tho
nine months ondod Scptombor JO, 2024
Profit for the period 11,963, 2 11,963,042 10,835,684 22,818,726

� 1
1
Othet comprehensive (loss)/ income 1. 388 .�51 1 9 79,029 7 ,029
9 9
1
(53,722) ( 355,300) 1,388,051 11,963,042 12,962,071 10,835,684 23,797,755
Adjustment for .:illocation of profit from

Owners to NCI for prefrence dividend shares (5,50 3,7 35) (5,50 3,7 35) 5,503,735
Tr:ans:u:tions with ownor:;:
Dividend by subsidi.:iries allocable to

Non-controlling interest (25,771,041) (25,771,041)

December 31, 2023 @ Rs. 2.00 per share . {1,073,253) (1,073,253) . (1,073,253)
1st interim c;ish dividend for the ye.:ir ending
December 31, 2024@ Rs. 11.00 per �h.:ire (5,902, 891) (5,902,891) . (5,902,891)
2nd lntonm c.:ish dividend for the year ending

December 31, 2024@ Rs. 6.00 per shore (4,293,012) {4,293,012) (4,293,012)
{11,269,156) (11,26 9,156) (25,771,041) ( 37,040,197)
Balance as .3t September JO, 2024 (Um1uditcd) 5,366,264 13,068,232 395. 368 2 67 8 652,945 2,250.459 57 3,158 4,429,240 (34,9 88) 116,012,908
The annexed notes from 1 to 25 form an integral part of these consolidated condensed interim fin
Q1L__
Director
,··
·. ENGRO CORPORATION LIMITED
OF CASH FLOWS (UNAUDITED)
Nine months ended
Restated
Note September 30, September 30,
2024 2023
•····················•Rupees••···················
Cash flows from operating activities
Cash generated from operations 17 46,803,082 119,649,032

Retirement and other service benefits paid • net (138,267) (169,135)
Proceeds from net investment in lease 6,762,932 5,238,495
Finance income received on net investment in lease 5,328,903 5,756,625
Deferred incentive {53,934) 439,058
Financial charges paid (27,923,989) (23,933,902)
Taxes paid (32,397,626) (25,084,853)
Bank balance held under lien {1,053,243)
Long term loans and advances · net 308,470 90,763
Net cash (utilized in)/ generated from operating activities (1,310,429) 80,932,840
Cash flows from investing activities
Purchases of property, plant and equipment and intangible assets (18,514,722) (25,685,609)
Sale proceeds on disposal of property, plant and equipment 3,185,626 293,158
Investments redeemed during the period • net 12,192,049 27,198,239
Income on deposits/ other financial assets 16,479,127 13,155,968
Dividends received 908,782 1,554,786
Net cash generated from investing activities 14,250,862 16,516,542
Cash flows from financing activities
Borrowings• net (3,896,762) (12,885,002)

Payment for own shares purchased and cancelled (11,629,302)
Repayment of lease liability (3,766,942) (5,730,205)
Finance cost paid on lease liability (3,456,824) (4,189,504)
Dividends paid (43,106,450) (30,687,920)
Net cash utilized in financing activities (54,226,978) (65,121,933)
Net (decrease)/ increase in cash and cash equivalents (41,286,545) 32,327,449
Effect of exchange rate changes on cash and cash equivalents (246,251) 3,074,282
Cash and cash equivalents at beginning of the period 46,709,851 25,366,691
Cash and cash equivalents at end of the period 18 5,177,055
The annexed notes from 1 to 25 form an integral of these consolidated condensed interim financial statem
Shabbir Hussain Hashmi Fa

Director Chief Oi-1-u..s::.J_ l P Chief Executive
NOTES TO THE CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS (UNAUDITED)
1. LEGAL STATUS AND OPERATIONS
1.1 Engro Corporation Limited (the Holding Company) is a public listed company incorporated in Pakistan and its
shares are quoted on Pakistan Stock Exchange Limited (PSX). The Holding Company is a subsidiary of Dawood
Hercules Corporation Limited (the Parent Company). The principal activity of the Holding Company is to manage
investments in subsidiary companies, associated companies and joint venture, engaged in fertilizers, PVC resin
manufacturing and marketing, food, energy, LNG terminals, telecommunications infrastructure and chemical
terminal and storage businesses. The Holding Company's head / registered office is situated at 19th floor, The
Harbour Front Building, Plot Number HC # 3, Marine Drive, Block 4, Clifton, Karachi.
1.1.1 During the period, as notified to PSX on April 4, 2024. Engro Energy Limited (EEL), a wholly owned subsidiary of
the Holding Company, has entered into definitive agreements with Liberty Power Holding (Pvt.) Limited and other
parties acting in concert (Acquirers) for the sale of its entire shareholding in Engro Powergen Qadirpur Limited
(EPQL), Engro Powergen Thar (Private) Limited (EPTL) and Sindh Engro Coal Mining Company Limited (SECMC)
(thermal assets portfolio) with a transaction value of Rs. 7,500,000, Rs. 21,040,000 and Rs. 6,210,000,
respectively, subject to certain adjustments as agreed in the definitive agreements. Completion of the Transaction
is subject to receipt of corporate/ regulatory approvals and lender consents.
Furthermore, as at the reporting date, the proposed divestment meets the classification criteria of International
Financial Reporting Standard 5 - "Non-Current Assets Held for Sale and Discontinued Operations". Accordingly,
assets and liabilities of the thermal assets portfolio have been classified as assets and liabilities attributable to
discontinued operations in these consolidated condensed interim financial statements (refer note 9).
1.1.2 As already notified to PSX through notifications dated May 06, 2024, May 17, 2024, June 26, 2024 and
July 24, 2024, the Parent Company and the Holding Company have entered into a Scheme of Arrangement (the
Scheme) through which the Holding Company's shares held by existing shareholders (other than the Parent
Company) shall be vested into the Parent Company and such existing shareholders will be issued shares of the
Parent Company. Resultantly, the Holding Company will become the wholly owned subsidiary of the Parent
Company from January 01, 2025 (the' effective date) and shall cease to be listed on the PSX. The Scheme has
been approved by the shareholders and creditors of the Holding Company in their meeting held on June 26, 2024.
Subsequently, the Islamabad High Court (IHC) has also sanctioned the Scheme vide its order dated July 18, 2024.
Under the Scheme, the name of the Parent Company shall be rebranded to Engro Holdings Limited.
1.2 The "Group" consists of:
Holding Company: Engro Corporation Limited
Associated Companies: Associated companies are entities over which the Group has significant influence but
not control.
Subsidiary Companies: Companies in which the Holding Company owns over 50% of voting rights, or companies
directly controlled by the Holding Company.
Percentage of direct shareholding

(%)
2024 2023
- Engro Energy Limited 100 100

- Engro Eximp Agriproducts (Private) Limited 100 100
- Engro Connect {Private} Limited (note 1.3) 100 100
- Engro lnfiniti (Private) Limited (note 1.3) 100
- Engro Eximp FZE 100 100
- Engro Fertilizers Limited 56.27 56.27
- Engro Polymer and Chemicals Limited 56.19 56.19
- Elengy Terminal Pakistan Limited 56 56
- Thermal Vision (Private) limited 100 100
Joint Venture Company:
- Engro Vopak Terminal limited 50 50
Associated Company:
- FrieslandCampina Engro Pakistan Limited 39.9 39.9
1.3 On December 29, 2023, the Board of Directors of Engro lnfiniti (Private) Limited (Elnfiniti) and Engro Connect
(Private) Limited (EConnect} in their meeting decided to amalgamate Elnfiniti with EConnect as a result of which
El nfiniti shares were cancelled and dissolution came into effect without winding up, in accordance with the Scheme
of Amalgamation with effect from the close of business on December 31, 2023. The scheme has been approved by
the Securities and Exchange Commission of Pakistan (SECP} on March 13, 2024.
2. BASIS OF PREPARATION
2.1 Statement of compliance
These consolidated condensed interim financial statements have been prepared in accordance with the accounting
and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting
standards applicable in Pakistan for interim financial reporting comprise of:
- International Accounting Standard 34, 'Interim Financial Reporting' {IAS 34}, issued by the International
Accounting Standards Board (IASB) as notified under the Companies Act, 2017 (the Act); and
- Provisions of and directives issued under the Act.
Where the provisions of and directives issued under the Act differ with the requirements of 1AS 34, the provisions of
and directives issued under the Act have been followed.
2.2 These consolidated condensed interim financial statements do not include all the information and disclosures
required for annual financial statements and should be read in conjunction with the annual audited consolidated
financial statements of the Holding Company for the year ended December 31, 2023.
2.3 The Group has elected to disclose a single amount of profit after tax from discontinued operations in the
consolidated condensed interim statement of profit or loss and the consolidated condensed interim statement of
comprehensive income, and has analyzed that single amount into revenue, operating profit and profit or loss in
note 9. As a result of the aforementioned, the consolidated condensed interim statement of profit or loss and
consolidated condensed interim statement of comprehensive income are not comparable.
3. BASIS OF CONSOLIDATION
3.1 The condensed interim financial statements/ information of the subsidiary companies have been consolidated on a
line by line basis. The carrying value of investments held by the Holding Company is eliminated against the
subsidiaries' share capital and pre-acquisition reserves (if any).
3.2 Non-controlling interest has been presented as a separate line item in these consolidated condensed interim
financial statements. All intercompany balances and transactions have been eliminated.
3.3 The Group's interest in joint venture and associated company has been accounted for using the equity method of
accounting.
4. MATERIAL ACCOUNTING POLICY INFORMATION AND CHANGES THEREIN
4.1 The material accounting policies and the methods of computation adopted in the preparation of these consolidated
condensed interim financial statements are consistent with those applied in the preparation of the annual audited
consolidated financial statements of the Holding Company for the year ended December 31, 2023, except for the
change in accounting policy as explained in notes 4.2 and 4.3.
4.2 During the period, the Institute of Chartered Accountants of Pakistan (ICAP) has withdrawn Technical Release 27
'IAS 12, Income Taxes (Revised 2012)' and issued the 'IAS 12 Application Guidance on Accounting for Minimum
Taxes and Final Taxes' (the Guidance), vide its circular No. 07/2024 dated May 15, 2024, whereby unrecoupable
minimum taxes in excess of normal tax liability and tax deducted at source under final tax regime are out of scope
of IAS 12 'Income Taxes' and fall in the ambit of IFRIC 21 'Levies' and IAS 37 'Provisions, Contingent Liabilities and
Contingent Assets'. Accordingly, no deferred taxation is to be recognized on unrecoupable minimum tax.
Accordingly, effective from January 1, 2024, the Group has changed its accounting policy to recognise such taxes
as 'levies' which were previously being recognized as 'income tax' and reversed the deferred tax liability on
minimum tax recognized in ETPL. This change has been accounted for retrospectively in line with the requirements
of IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors" and the corresponding figures and
balances have been restated in the consolidated condensed interim financial statements.
4.3 The effects of change in accounting policy are as follows:
Had there been Impact of change After incorporating

no change in in accounting effects of change in
accounting policy policy accounting policy
R
----------------------------------- upe es -----------------------------------
Effect on consolidated condensed interim
statement of financial position
As at September 30, 2024

Deferred tax liability 5,585,217 (2,201,840) 3,383,377
Unappropriated profit 114,779,878 1,233,030 116,012,908
Non-controlling interest 68,432,089 968,810 69,400,899
As at December 31, 2023

Unappropriated profit 119,650,995 1,151,762 120,802,757
Non-controlling interest 77,927,566 904.955 78,832,521
As at December 31, 2022

Unappropriated profit 142,128,483 866,664 142,995,147
Non-controlling interest 73,762,386 680,950 74,443,336
·'
Had there been Impact of change After incorporating

no change in in accounting effects of change in
accounting policy policy accounting policy
----------------------------------- Rupe es -----------------------------------
Effect on consolidated condensed interim
statement statement of profit or loss
For the quarter ended September 30, 2024

Minimum tax and final tax (1,065,758) (1,065,758)
Profit before income tax 16,939,548 (1,065,758) 15,873,790
Income tax (7,407,094) 1,065,758 (6,341,336)
For the quarter ended September 30, 2023

Income tax (9,669,487) 1,032,810 (8,636,677)
For the nine months ended September 30, 2024

Income tax (17,666,359) 3,028,986 (14,637,373)
For the nine months ended September 30, 2023

Income tax (26,620,746) 2,906,133 (23,714,613)
The related changes to the consolidated condensed interim statement of cash flows with respect to the amount of
profit before taxation have been made as well.
4.4 Initial application of a standard, amendment or an interpretation to an existing standard
a) Standards and amendments to published accounting and reporting standards and interpretations that
are effective during the period
There were certain amendments to accounting and reporting standards which became effective during the
current period. However, these do not have any significant impact on the Holding Company's financial
reporting and, therefore, have not been disclosed in these consolidated condensed interim financial
statements.
b) Standards and amendments to published accounting and reporting standards and interpretations that
are not yet effective and have not been early adopted by the Holding Company
There are certain standards and amendments to accounting and reporting standards that are not yet effective
and are considered either not to be relevant or to have any significant impact on the Holding Company's
financial reporting and, therefore, have not been disclosed in these consolidated condensed interim financial
statements.
4.5 Taxes on income in the interim periods are accrued using the effective tax rate that would be applicable to
expected total annual profit or loss of the Group.
5. ACCOUNTING ESTIMATES
5.1 The preparation of these consolidated condensed interim financial statements in conformity with the approved
accounting and reporting standards applicable in Pakistan requires the use of certain critical accounting estimates.
It also requires management to exercise its judgement in the process of applying the Group's accounting policies.
Estimates and judgements are continually evaluated and are based on historical experience and other factors,
including expectation of future events that are believed to be reasonable under the circumstances. Actual results
may differ from these estimates.
5.2 During the preparation of these consolidated condensed interim financial statements, the significant judgements
made by management in applying the Group's accounting policies and the key sources of estimation uncertainty
are the same as those that were applied to the annual audited consolidated financial statements of the Holding
Company for the year ended December 31, 2023.
2024 2023
•··················(Rupees)··•···············
6. PROPERTY, PLANT AND EQUIPMENT
Operating assets, at net book value (notes 6.1, 6.2 and 6.4) 153,689,287 301,798,619
Capital work in progress (CWIP)
• Expansion and other
projects (notes 6.3 and 6.4) 38,170,596 33,110,396
Capital spares and standby equipment 2,154,565 4,369,722
194,014,448 339,278,737
6.1 Following additions, including transfers from CWIP, were made to operating assets during the period/ year:
2024 2023
•··················(Rupees)····•·············
Land 23,000
Building 3,226,846 3,647,845
Plant and machinery 7,823,595 9,462,582
Furniture, fixtures and equipment 486,268 6,275,290
Vehicles 985,526 1,776,889
Catalyst 886,638
Aircraft 595,315
Dredging 245,630
12,522,235 22,913,189
6.2 Operating assets costing Rs. 785,857 (December 31, 2023: Rs. 929,729), having net book value of Rs. 350,572
(December 31, 2023: Rs. 391,158) were disposed off during the period / year for Rs. 486,232 (December 31, 2023:
Rs. 483,936).
2024 2023
•------------------(Ru pees)------------------
6.3 Capital work in progress - Expansion and other projects
Balance at beginning of the period / year 33,110,396 24,839,815

Additions during the period/ year 18,514,722 30,376,896
Transferred to:
- operating assets (12,432,786) (21,911,821)
- intangible assets (158,884) (194,494)
- assets classified as held for sale (note 6.4) (862, 852 ) -----
Balance at end of the period / year (note 6.5) 38, 170,596 33,110,396
6.4 Property plant and equipment having a net book value of Rs. 125,855,931 (December 31, 2023: Nit) have been
classsified as held for sale (refer note 9.1.2).
6.5 Includes Rs. 2,002,728 (December 31, 2023: Rs. 1,299,378) representing EFERT's share in respect of a joint
operation arrangement related to Pressure Enhancement Facility (PEF) project being undertaken to ensure
sustainable gas supplies and enhancement of delivery pressures at one of the gas supply sites. All amounts
charged to EFERT in respect of PEF project have been paid as at September 30, 2024.
2024 2023
•··· ------------ , --(Rupe es)------------------
7. LONG TERM INVESTMENTS
Balance at beginning of the period / year 34,485,322 36,081,246
Add I (less):
- Share of profit/ (loss) and other comprehensive income
for the period / year (note 7.1) 2,690,905 547,624
- Provision adjustment against tax contingency (491,439) (79,422)
- Revaluation loss on investments and others 5,250 (21,740)
- Dividend received during the period / year (908,782) (2,042,286)
- Investment disposed during the year (100)
- Investment classified as held for sale (note 9.1.2) (5,477,283)
Balance at end of the period I year (note 7.2) 30,303,973 34,485,322
2024 2023
..... -···· ..... ----(Rupe es)------------------
7.1 Details of share of profit/ (loss} and other comprehensive income
for the period / year are as follows:
- Sindh Engro Coal Mining Company Limited (SECMC) 831,565 (1,489,853)

- FrieslandCampina Engro Pakistan Limited (FCEPL) 805,401 593,055
- Engro Vopak Terminal Limited (EVTL) 1,053,939 1,444,422
2,690,905 547,624
7.2 This mainly represents carrying value of the Holding Company's investment in joint venture and associate
company.
8. STOCK-IN-TRADE
Raw and packaging materials (note 8.1) 27,164,950 15,931,461

Fuel stock 703,111
Work-in-process 672,890 711,227
Finished goods:
- own manufactured products 19,653,040 6,648,552
- purchased and packaged products (note 8.1) 14,064,975 9,885,568
33,718,015 16,534,120
Less: Provision for impairment against stock-in-trade (127,495) (143,152)
61,428,360 33,736,767
8.1 Includes stock-in-transit amounting to Rs. 17,700,400 (December 31, 2023: Rs. 11,713,186).
9. ASSETS CLASSIFIED AS HELD FOR SALE AND DISCONTINUED OPERATIONS

9.1 As stated in note 1.1.1, EEL has entered into definitive agreements with Liberty Power Holding (Private) Limited
and other parties for the sale of its entire shareholding in EPQL, EPTL and SECMC (thermal assets portfolio). As a
result, assets and liabilities of these thermal assets portfolio have been classified as assets and liabilities
attributable to discontinued operations, a summary of which is as follows:
,'
Unaudited
2024 2023 2024 2023
•················· •···············•·······(Rupees)•·················•···•···················
9.1.1 PROFIT FROM DISCONTINUED OPERATIONS
Revenue 32,169,481 34,122,159 101,536,562 89,442,961
Operating profit before adjustment 20,031,642 19,104,823 56,644,629 48,187,582
Profit after tax from discontinued operations

before adjustment in respect of carrying value of
thermal assets portfolio 11,461,481 9,770,479 33,628,324 24,072,136
Profit after tax from discontinued operations

after adjustment in respect of carrying value of
thermal assets portfolio (note 9.1.4) 848,045 9,770,479 3,701,888 24,072,136
(Unaudited)
September 30,
2024
(Rupees)
9.1.2 Assets and liabilities of thermal assEits portfolio classified as held for sale
ASSETS
Property, plant and equipment 125,854,931
Intangible assets 291,279
Long-term investments 5,477,283
Long-term loans, advances, deposits and other receivables 14,202
Stores, spares and loose tools 537,253
Stock-in-trade 1,323,528
Trade debts 56,841,666
Loans, advances, deposits and prepayments 2,302,011
Other receivables 36,470,393
Accrued income 1,419,471
Short term investments 49,997
Cash and bank balances 45,973,668
276,555,682
LIABILITIES
Borrowings 118,653,108
Deferred taxation 994,037
Trade and other payables 65,434,003
Contract liabilities 6,714,980
Accrued interest/ mark-up 5,181,164
Taxation - provision less payments 284,507
Dividend payable 5,893,899
Short term borrowings 20,445,472
223,601,170
NET ASSETS - attributable to discontinued operations 52,954,512
1Amounts in thousand}
Unaudited
2024 2023
···············(Rupees)-··············
9.1.3 Net cash flows for the period relating to discontinued operations:
Net cash generated from operating activities 37,520,545 40,493,364
Net cash generated from investing activities 6,284,148 2,228,023
Net cash utilized in financing activities (52,142,996) (19,673,077)
9. 1 .4 As more fully explained in note 1.1.1 to these consolidated condensed interim financial statements, due to
execution of definitive sale purchase agreements, profit from discontinued operations for the period has been
adjusted by Rs. 29,926,436 from carrying value of thermal assets portfolio in these consolidated condensed interim
financial statements. The recoverable amount of thermal assets portfolio was based on fair value less cost of
disposal.
9.2 Certain assets of EFERT had been classified as held for sale as at December 31, 2023, due to the decision of the
d i rectors of EFERT to sell its E-Logistics business (previously classified under vehicles in operating assets) and
EFERT being in the process of finalization of deal. During the period, EFERT entered into an agreement with
Hamdard Laboratories (Waqf) Pakistan in respect of sale of its entire fleet of vehicles and office equipment. The
transaction has been completed on May 20, 2024 at a sale price of Rs. 1,550,000.
10. SHARE CAPITAL
10.1 Authorized capital
(Unaudited) (Audited) (Unaudited) (Audited)

2024 2023 2024 2023
•·············•(Number of shares)····-· •· • •·-···--· •-·--·----(Rupees)•·-··•·········••····
700,000,000 700,000,000 Ordinary shares of Rs. 10 each 7,000,000 7,000,000
10.2 Issued, subscribed and paid-up capital
(Unaudited) (Aud ited} (Unaudited} (Audited)

e
S ptember 3 , 0 December 31, Septembe 30, r December 31,
2024 2023 2024 2023
•···-·-----(Number of shares)-------·-·· •·······•·········••··(Rupees)----------•----------

197,869, 804 197, 869, 804 fully paid in cash 1,978,699 1,978,699
378,293, 426 378,293,426 issued as fully paid bonus shares 3,782,933 3, 782,933

(39 536,762)
(39,536,762) , purchased and cancelled (395,368)
------
(395,368)
536,626,468 536,626,468 5,366,264 5,366,264
·'
11. BORROWINGS
As at September 30, 2024, there is no material change in the status of borrowings reported in note 24 of the annual
audited consolidated financial statements of the Holding Company for the year ended December 31, 2023, except
as follows:
Engro Fertilizers Limited (EFERT)
11.1 During the period, EFERT made principal repayments of long term finances to Allied Bank Limited, MCB Bank
Limited amounting to Rs. 635,340 and Rs. 416,667 respectively.
11.2 During the period, EFERT has entered into Diminishing Musharkah arrangement with Habib Bank Limited
amounting to Rs.5,000,000 and 3,000,000 to finance its capital expenditure for a period of 5 years (including 2 year
grace period) and 2 years (including 1 year grace period) respectively. These are secured by way of first pari-passu
hypothecation charge over fixed assets of EFERT (including land and building) with 20% margin.
11.3 During the period, EFERT repaid "Temporary Economic Refinance Facility" (TERF) loans to Habib Bank Limited,
Allied Bank Limited and MCB Bank Limited amounting to Rs. 50,017, Rs. 66,610 and Rs. 131,968, respectively.
These borrowings have the same charge as the borrowings from other Senior Lenders on operating assets. Mark
up is chargeable at concessional rates ranging from 1.50% to 2.00% per annum and is payable in quarterly or semi•
annual installment starting from January 2022.
Engro Polymer and Chemicals Limited (EPCL)
11.4 During the period, the outstanding amounts pertaining to International Finance Corporation and Bilateral Loan I
amounting to Rs. 1,645,647 and Rs. 903,584, respectively, were repaid in entirety on the expiry of its contractual
term and accordingly hypothecation charge on EPCL's assets were released.
11.5 During the period, EPCL entered into a Musharaka agreement with Dubai Islamic Bank Pakistan Limited (DIBPL)
for a loan facility amounting to Rs. 2,000,000. The borrowing is secured by way of hypothecation charge of present
and future fixed assets of EPCL (except land and building) to the extent of Rs. 2,500,000, ranking subordinate and
subservient to the charges created in favour of the existing creditors of EPCL.
Elengy Terminal Pakistan Limited (ETPL)
11.6 During the period, Engro Elengy Terminal (Private) Limited (ETPL's subsidiary company) made principal repayment
of long term finances to Allied Bank Limited amounting to Rs. 608,780.
11. 7 During the period, ETPL has recognized exchange loss on revaluation of foreign currency borrowing amounting to
Rs. 12,628 (December 31, 2023: Rs. 503,173).
Engro Enfrashare (Private) Limited (Enfrashare)
11.8 In April 2024, Enfrashare entered into a secured long term diminshing musharika agreement and secured facility
extended by Faysal Bank Limited for an amount up to Rs. 1,500,000. Facility availed as at September 30, 2024 is
Rs. 1,500,000. The facility carries interest at the rate of three - month KIBOR plus 0.50% per annum and payable
on quarterly basis in arrears. The total tenor of loan is ten years from the date of disbursement of finance with 3
years grace period for principal portion.
11.9 In May 2024, Enfrashare entered into a secured term finance agreement and secured facility extended by Habib
Bank Limited for an amount up to Rs. 1,500,000. Facility availed as at September 30, 2024 is Rs.1,500,000. The
facility carries interest at the rate of three - month KIBOR plus 0.50% per annum and payable on quarterly basis in
arrears. The total tenor of loan is ten years from the date of disbursement of finance with 4 years grace period for
principal portion.
12. CONTINGENCIES ANO COMMITMENTS
12.1 Contingencies
As at September 30, 2024, there is no material change in the status of matters reported as contingencies in note
34 of the annual audited consolidated financial statements of the Holding Company for the year ended December
31, 2023, except for the below:
The Holding Company

12.1.1 Standby Letters of Credit (Equity SBLC) have been provided by EEL, a wholly owned subsidiary, through National
Bank of Pakistan amounting to US Dollars 2,606 (December 31, 2023: US Dollars 2,606) for its equity
commitments related to Sindh Engro Coal Mining Company Limited (SECMC), its associated company in favour of
the lntercreditor Agent (Habib Bank Limited) and the Project Company (i.e. SECMC). Equity SBLC will expire on
earlier of (i) October 31, 2024; or (ii) fulfilment of sponsor obligations under Sponsor Support Agreements. This has
been secured by the Company by pledging Treasury Bills.
12.1.2 Standby Letter of Credit (Put Option SBLC) has been provided by EEL, a wholly owned subsidiary company,
through Allied Bank Limited amounting to US Dollars 21,070 (December 31, 2023: US Dollars 21,070} in favour of
the Put Option Fronting Bank (Habib Bank Limited). The Put Option SBLC has been furnished to meet sponsor
obligations under Sponsor Support Agreement (Put Option SSA) and expires on earlier of (i) January 31, 2029; or
(ii) fulfilment of sponsor obligations pursuant to Put Option SSA This was secured by pledging the Holding
Company's shares of Engro Fertilizers Limited (EFERT) and Friesland Campina Engro Pakistan Limited (FCEPL)
of quantities 50,925,728 and 58,941176 respectively.
12.1.3 On March 28, 2022, and as supplemented from time-to-time, Allied Bank Limited and Faysal Bank Limited have
committed to provide Payment Service Reserve Account (PSRA) SBLCs amounting to US Dollars 23,316 and Rs.
1,029,044, respectively, on behalf of EEL, a wholly owned subsidiary, for its PSRA commitments related to Engro
Powergen Thar (Private) Limited in favour of their project lenders. These SBLCs are secured by pledging
42,466,536, 117,904,251, 56,000,000 and 51,686,592 shares of EFERT, EPCL, FCEPL and Engro Powergen
Qadirpur Limited (EPQL), respectively.
12.1.4 EEL had sought adjournment from Assistant Commissioner SRB against the notice dated November 8, 2023
pursuant to which the department issued an order on May 10, 2024 raising a demand (inclusive of default
surcharge and penalty) of Rs. 2,509, 177. EEL appealed against the order and was granted a conditional stay order
upon payment of 10% of the adjudged demand. The date of hearing was set for September 30, 2024. However, an
appeal was filed for extension and a new date of hearing is yet to be set.
Based on the views of legal advisor of EEL, EEL's management believes that it has a good case on merits and
expects a favorable outcome. Accordingly, no provision has been made in respect of the aforementioned demand
in these consolidated condensed interim financial statements.
12.1.5 Updates in respect of tax related matters are disclosed in note 15.
12.2 Commitments
12.2.1 Commitments in respect of capital and operational expenditure contracted but not incurred amount to
Rs. 56,526,197 {December 31, 2023: Rs. 77,623,023).
12.2.2 The aggregate facilities for issuance of performance guarantees by the banks on behalf of EPCL as at September
30, 2024 amount to Rs. 10,772,000 (December 31, 2023: Rs. 7,300,000). The amount utilized thereagainst as at
September 30, 2024 is Rs. 8,088,942 (December 31, 2023: Rs. 6,391,001).
The performance guarantees of Rs. 102,180 and Rs. 286,682 have been given in respect of Sindh Development
and Maintenance of Infrastructure Cess (SIDC) and greenfield application status of Engro Peroxide (Private)
Limited (EPPL), respectively. With regard to greenfield status, EPCL is of the view that if payment on account of
sales tax and income tax amounting to Rs. 149,620 is required to be made to the Government authorities, the
same will be recoupabte in its tax returns for future periods. Accordingly, no provision has been recognized in this
respect.
12.2.3 The facility for opening letter of credits as at June 30, 2024 for EPCL and its subsidiary companies aggregates to
Rs. 35,948,000 (December 31, 2023: Rs. 36,237,214) out of which Rs. 14,315,657 (December 31, 2023:
Rs. 7,707,035) have been utilized.
12.2.4 Commitments of EPCL in respect of rentals of storage tanks at EVTL for the handling of (i) Ethylene aggregate to
USO 4,413 valid till March 31, 2026 (December 31, 2023: USO 10,584), (ii) Ethylene Di Chloride (EDC) aggregate
to USO 2,721 valid till December 31, 2028 (December 31, 2023: USO 4,770) and (iii) Vinyl Chloride Monomer
(VCM} aggregate to USO 184 valid till December 31, 2024 (December 31, 2023: USO 667).
12.2.5 Commitments in respect of EFERT's gas supply arrangement amounting to Rs. 1,462,531 (December 31, 2023:
Rs. 7,776,485).
12.2.6 EFERT has issued bank guarantees amounting to Rs. 9,940,538 (December 31, 2023: Rs. 8,444,554) in favour of
third parties.
·· (Amounts in thousand)
12.2.7 EETPL has provided a Letter of Guarantee through National Bank of Pakistan amounting to USO 5,000
(December 31, 2023: USO 5,000) and USO 10,000 (December 31, 2023: USO 10,000) in favour of SSGCL to
guarantee performance of its obligations under the LNG Operations and Services Agreement (LSA). The
aforementioned guarantee is secured against project assets of EETPL and the Holding Company's corporate
guarantee. Both of the guarantees in favour of SSGCL are valid till April 30, 2025 and are renewable annually.
12.2.8 EETPL under the Time Charter Party and LNG Storage and Re-gasification Agreement (Agreement) with
Excelerate Energy Middle East, LLC (EE) has furnished Standby Letter of Credit (SBLC) through United Bank
Limited amounting to USO 22,500 (2023: USO 22,500) to EE. This SBLC is valid till March 8, 2025 and is
renewable annually. The aforementioned guarantee is secured against Holding Company's shares in EFERT
and EPCL and a corporate guarantee and project assets of EETPL.
12.2.9 EETPL has provided bank guarantee amounting to Rs. 1,003,810 (December 31, 2023: Rs. 886,053) from MCB
Bank Limited and Rs.1,536,743 (December 31, 2023: Rs.1,536,743) from Bank Alfalah Limited, in favour of
Nazir of the Court to comply with the interim orders of the Court. During the year, EETPL filed application to the
Court to adjust payment of advance tax against the bank guarantee provided above which was duly allowed by
the Court. These guarantees have been secured against bank balances and short term investments of EETPL.
12.2.10 Enfrashare has obtained a letter of credit facility aggregating to Rs 2,000,000 (December 31, 2023:
Rs. 2,000,000) from MCB Bank Limited. The amount availed on the facility as at September 30, 2024 is Rs. Nil
(December 31, 2023: Rs 1,368,000).
12.2.11 In August 2024, Enfrashare entered into a Running Finance (RF) facility extended by Askari Bank Limited for an
amount up to Rs 1,500,000. Facility availed as at September 30, 2024 is Rs 1,000,000 (December 31, 2023:
Rs. nil). The facility carries interest at the rate of three - month Kl BOR, which is reset on monthly basis one
business day prior to the commencement of each quarter, plus 0.50% per annum and payable on quarterly basis
in arrears. RF facility is secured against First Pari Passu charge over all present and future current and movable
fixed assets (excluding land and building) in favour of the bank.
12.2.12 Commitments given by associated companies and joint venture in respect of capital and operational expenditure
including bank guarantees amount to Rs. 3,101,561 (December 31, 2023: Rs. 3,706,665).
Unaudited
2024 2023 2024 2023
------..... -------------•··· -•· --------· ..... ----(Ru pees)•·•· --·--•••• ------------··· -•·· ----•··-••••• -----···
13. REVENUE
Own manufactured products 25,719,654 61,096,269 105,412,110 139,877, 172
Less:
- Sales tax {5,442,507) (9,396,725) (15,144,782) (20,417,531)
- Discounts (260,048) (671,238) (1,285,393} (1,489,871)
20,017,099 51,028,306 88,981,935 117,969,770
Purchased and packaged products 72,622,486 44,297,679 167,165,385 106,995,015

Services rendered 10,231,430 10,920,461 30,598,986 31,881,141
82,853,916 55,218,140 197,764,371 138,876,156
Less: Sales tax (2,622,517) (3,360,629) (7,603,897) (6,487,014}

Less: Discounts (118,864) (191,361) (124,130) (503,286)
(2,741,381) (3,551,990) (7,728,027) (6,990,300)
100,129,634 102,694,456 279,018,279 249,855,626
-·. (Amounts in thousand)
14. MINIMUM TAX AND FINAL TAX

This represents final and minimum taxes charged under section 5, section 8, section 153 and section 113 (in
respect of non recoupable minim\,lm tax) of the Ordinance, representing levy in terms of requirements of
IFRIC 21 / IAS 37 as detailed in note 4.2 to the consolidated interim financial statements
15. TAXATION
As at September 30, 2024, following are the updates to taxation matfers from those reported in note 43 to the
audited annual consolidated financial statements of the Holding Company for the year ended December 31,
2023:
15.1 During the period, in respect of the matter disclosed in note 43.2 of the annual audited consolidated financial
statements of the Holding Company for the year ended December 31, 2023, the Islamabad High Court (IHC) in
its judgement dated March 15, 2024, decided the matter in favor of the Holding Company and other group
companies in respect of retrospective application of section 4C, as amended by the Finance Act 2023, to tax
year 2023. Additionally, the IHC also ruled that super tax under section 4C of the Ordinance is not applicable on
incomes subject to final tax under other provisions of the Ordinance. The tax department has filled an intera
court appeal against this matter, which is currently pending adjudication. Being prudent, the Group is carrying
provision against the matter in these consolidated condensed interim financial statements.
15.2 Engro Fertilizers Limited (EFERT)
15.2.1 In 2023, EFERT received an order from the Deputy Commissioner Inland Revenue (DCIR), in respect of tax
year 2022, amending the Group return filed to make disallowances having a tax impact of Rs. 3,718,104.
EFERT filed an appeal before the CIR(A) against this order. During the period, hearing was held and appellate
order was passed by the CIR(A). Subsequently, the tax department passed an appeal effect order based on
CIR(A)'s decision, reducing the aggregate demand to Rs. 3,173,104.
15.2.2 During the period, EFERT received an order from the ACIR, in respect of tax year 2023, amending the Group
return filed to make disallowances having a tax impact of Rs. 4,603,257. These pertain to disallowance of
provisions made for Sindh Infrastructure Development Cess (SIDC) accruals, provision for gas pricing under the
Gas Supply and Purchase Agreement, provision for impairment against trade debts, loss on disposal of
operating assets and WPPF. EFERT filed an appeal before the CIR(A) which was heard and an appellate order
was passed. Subsequently, the tax department passed an appeal effect order based on CIR(A)'s decision,
reducing the aggregate demand to Rs. 4,206,070.
15.2.3 In 2023, EFERT received an order from the ACIR creating a demand of Rs. 494,108 in respect of tax year 2017.
EFERT filed an appeal before the CIR(A) against this order. During the period, hearing was held and appellate
order was passed by the CIR(A) where certain issues were remanded back and certain issues were allowed.
Subsequently, the tax department passed an appeal effect order based on CIR(A)'s favorable decision on the
matter of amortisation on intangibles while appeal effect on remaining issues is yet to be issued. Remand back
proceedings are also yet to be concluded.
15.2.4 In 2023, EFERT received an amendment order in respect of tax year 2021, creating disallowances having a tax
impact of Rs. 916,584. EFERT had filed an appeal before the CIR(A) in respect of this order. During the period,
hearing was held and appellate order was passed by the CIR(A), wherein certain issues have been remanded
back for re-verification, certain issues have been allowed in the favour of EFERT whereas certain disallowances
have been confirmed. EFERT intends to file a rectification application to address errors in the appellate order.
Further, the tax department is yet to conclude remand back proceedings in respect of this tax year.
15.2.5 In 2022, in respect of tax year 2018, EFERT received an order from the Additional Comissioner Inland Revenue
{ACIR) restricting brought forward losses having a tax impact of Rs. 580,910. This disallowance had been made
in the assessment orders relating to prior years which are pending in appeals. EFERT filed an appeal before the
Commssioner Inland Revenue Appeals [CIR{A)] against this order. During the period, hearing was held and
appellate order was passed by the Cl R(A) confirming certain additions, certain issues were remanded back
whereas certain issues were allowed. An appeal effect in this respect is yet to be issued. EFERT has filed an
appeal before the Appellate Tribunal Inland Revenue (ATIR) against the order of the CIR(A). Accordingly, no
provision has been made in respect of the aforementioned demand in these consolidated condensed interim
financial statements.
15.2.6 Adequate provision is maintained in these consolidated condensed interim financial statements in respect of
these tax years.
15.3 Engro Polymer and Chemicals (EPCL)
15.3.1 In repsect of matter stated in note 43.6.4 of the audited annual consolidated financial statements, during the
period, EPCL has further paid demand amounting to Rs. 200,000 to the FBR under protest. However, based on
the advice of its legal advisor, EPCL is still confident of a favourable outcome, accordingly, no provision in this
respect has been recognized in these consolidated condensed interim financial statements.
15.3.2 During the period, the income tax department has ammended the assesrnent filed by EPCL for tax year 2022.
EPCL has preferred an appeal thereagainst before the CIR(A) related to the disallowances mainly pertaining to
adjustment in respect of exchange gain / loss that resulted in excess demand of Rs. 500,000, which has been
paid by EPCL under protest. However, as EPCL based on the advice of its legal advisor is confident of a
favourable outcome, accordingly, no provision in this respect has been recognized in these consolidated
condensed interim financial statements.
Associated Company and Joint venture

15.4 FrieslandCampina Engro Pakistan Limited (FCEPL)
15.4.1 On May 29, 2024, the Additional Commissioner (ADC) raised tax demand of Rs. 348,855 for the tax year 2022
by restricting adjustment of minimum. tax credit brought forward from prior years against the tax liability. FCEPL
has filed an appeal before the ATIR against the order, which is pending adjudication. FCEPL has also obtained
stay from the SHC against the demand. FCEPL, based on the opinion of its legal advisor, is confident for
favorable outcome of the appeal, and accordingly taxes recoverable have not been reduced by the effect of the
aforementioned amount.
15.4.2 On December 29, 2023, the ACIR issued refund order under section 170(4) of the Ordinance for Rs. 388,936 for
tax year 2022. During the period, CIR (A) issued an order and remanded back proceedings to DCIR for further
verification of Rs. 214,947 for the credits disallowed I short allowed against aforementioned refund order passed
by the DCIR. The DCIR has not yet initiated the remand back proceedings. FCEPL, based on the opinion of its
legal advisor, is confident of a favorable outcome of the appeal, and accordingly taxes recoverable have not
been reduced by the effect of the aforementioned disallowances.
{Amounts in thousand)
15.4.3 The Customs Department issued various orders alleging that FCEPL has misdeclared Harmonized System (HS)
code on certain raw materials imported and is therefore, required to pay additional duties and taxes creating total
demands of Rs. 579,761. FCEPL being aggrieved with the said demands has filed appeals before Collector of
Customs (Appeal) 'CCA'. During the period, CCA decided majority of the appeals appeals having total demand
of Rs. 226,492 (included in the above). CCA in the decision has set aside the orders of the Customs Department
with the direction to the Department to refer the cases to the Classification Committee and decide the case
according to the findings of the Committee. Department has not yet referred the cases to the Committee.
During the period, the appellate tribunal decided appeals against FCEPL wherein the total demand of Rs.
314,771 (included in above) had been challenged. FCEPL has filed an appeal against the aforesaid decisions in
the Sindh High Court.
FCEPL, based on the opinion of its legal consultant, is confident of a favorable outcome of the appeals and,
therefore, has not recognised the provision in the condensed interim financial statements.
16. EARNINGS PER SHARE - BASIC AND DILUTED
There is no dllutive effect on the basic earnings per share of the Group, which is based on the following:
Unaudited
2024 2023 2024 2023
.................... ---·· ---..... -······· -·-(Rupees)----------·----------------•····· ---·· -·· ---
Profit/ (loss) for the period,
attributable to Owners of the
Holding Company from:
- Continuing operations 5,711,569 9,028,238 10,587,618 9,922,972
- Discontinued operations 10,603 3,170,256 1,395,424 13,079,395
5,722,172 12,198,494 11,983,042 23,002,367
•········-·--·-······-·········-- Number of shares (in thousand) ----------- 0·········-·
Weighted average number of

ordinary shares 536,626 536,626 536,626 547,288
Earnings per share --------···· --··· -------------•··-· ---•·-·--(Rupees)----- · --···· -···· -·· •· •·· -------·----····· -·
basic and diluted
- Continuing operations 10.64 16.82 19.73 18.13
- Discontinued operations 0.02 5.91 2.60 23.90
10.66 22.73 22.33 42.03
': (Amounts in thousand)
(Unaudited)
Nine months ended
Restated
2024 2023
•------------------Rupees------------------·
17. CASH GENERATED FROM OPERATIONS
Profit before taxation from:
- continuing operations 33,754,211 43,965,618
- discontinued operations 5,250,043 25,910,707
39,004,254 69,876,325
Adjustment for non-cash charges and other items:
Depreciation and amortization 7,530,121 15,101,780
Loss/ (gain) on disposal/ write-off of property, plant and equipment 185,789 (63,801)
Provisions - net (4,654,506) 726,553
Provision for retirement and other service benefits 137,051 122,467
Finance cost 33,206,580 29,021,599
Stock-in-trade / stores and spares written-off 208,846
Adjustment in respect of carrying amount of thermal assets 29,926,436
Finance income on net investment in lease (5,886,002) (5,756,625)
Finance cost on lease liability 3,456,824 4,189,504
Income on deposits/ other financial assets (13,679,433) (13,228,509)
Share of income from joint ventur� and associate (2,690,905) (3,085,277)
Exchange (gain) / loss on lease liability (873,915) 14,815,181
Exchange loss / (gain) on net investment in lease 470,201 (15,479,997)
Foreign currency translations 18,435 2,109,143
Minimum tax and final tax levies 3,028,986 2,906,133
Working capital changes (note 17.1) (42,376,834) 18,185,710
46,803,082 119,649,032
(Unaudited)
Nine months ended
2024 2023
•------------------Ru pees---------------· •-·
17.1 Working capital changes
(Increase)/ decrease in current assets

- Stores, spares and loose tools (1,024,706) (2,263,483)
- Stock-in-trade (29,015,121) 6,350,052
- Trade debts and contract assets 21,341,035 (4,816,851)
- Loans, advances, deposits and prepayments (12,054,370) (3,980,983)
- Other receivables - net (8,129,623) (6,211,011)
(28,882,785) (10,922,276)
(Decrease) I increase in current liabilities
- Trade and other payables and provisions (13,494,049) 29,107,986
(42,376,834) 18,185,710
(Unaudited)
Nine months ended
2024 2023
•------------------Rupe es-------•··-· -···--·
18. CASH AND CASH EQUIVALENTS
Attributable to continiuing operations:

Cash and bank balances 20,456,320 77,881,399
Short term investments - with original maturity less than 3 months 12,504,410 8,928,987
Bank balances held under lien (2,733,897) (2,282,601}
Short term borrowings (50,577,974) (23,759,363)
(20,351,141) 60,768,422
:I
Attributable to discontinued operations:
Cashandbankba�nces 45,973,668
Short term borrowings (20,445,472)
25,528,196
5,177,055 60,768,422
18.1 On May 29, 2024, the Holding Company has obtained a Syndicated working capital facility amounting to
Rs. 10,000,000 (December 31, 2023: Rs. 10,000,000) from a commercial bank. This has been secured by
pledging the Holding Company's shares of EFERT, EPCL and FCEPL of quantities 33,068,783, 120,250,120
and 73,486,185, respectively. The facility carries mark-up at the rate of 1 month KIBOR plus 0.5% per annum
and is unutilized as at September 30, 2024.
19. FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS

19.1 Financial risk factors
The Group's activities expose it to a variety of financial risks: market risk {including currency risk, interest rate
risk and other price risk), credit risk and liquidity risk.
There have been no changes in the financial risk management policies of the Group during the period.
Consequently, these consolidated condensed interim financial statements do not include all the financial risk
management information and disclosures required in the annual financial statements.
19.2 Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
in the principal (or most advantageous) market at the measurement date under current market conditions (i.e.
an exit price) regardless of whether that price is directly observable or estimated using another valuation
technique.
The table below analyses financial instruments carried at fair value using the fair value measurement method in
accordance with IFRS 13. The different levels have been defined as follows:
- Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1 );
- Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices) (level 2); and
- Inputs for the asset or liability that are not based on observable market data (level 3).
Level1 Level2 Level3 Total

•·············································· Rupees •····················································
As at September 30, 2024 (Unaudited)

- Mutual fund units 12,132,756 12,132,756
Financial assets at falr value

through other comprehensive
income
- Derivative financial instruments 607,908 607,908
• Pakistan Investment Bonds 13,593,903 13,593,903
- Other investments 70,831 5,000 75,831
70,831 14,206,811 14,277,642
As at December 31, 2023 (Audited)

• Mutual fund units 31,047,655 31,047,655
- Special Sharikah Certificates 969,712 969,712
32,017,367 32,017,367

through other comprehensive
income
- Derivative financial instruments 963,207 963,207
- Other investments 65,580 5,000 70,580
65,580 11,540,213 11,605,793
19.3 Valuation techniques used to determine fair values
Level 1 fair values have been determined using price quoted on PSX.
Level 2 fair values have been determined on the basis of PKRV rates and closing net asset values for
government securities and mutual funds units, respectively.
There were no transfers amongst the levels of hierarchy during the period. Further, there were no changes in the
valuation techniques during the period.
19.4 Fair value of financial assets and liabilities
The carrying value of all other financial assets and liabilities reflected in these consolidated condensed interim
financial statements approximate their fair values.
20. TRANSACTIONS WITH RELATED PARTIES
Related parties comprise of the Parent Company, joint venture company, associated companies, retirement
benefit funds, directors and key management personnel. Details of transactions with related parties during the
period, other than those which have been disclosed elsewhere in these consolidated condensed interim financial
statements, are as follows:
' ,
..- (Amounts in thousand)
(Unaudited )
Nine months ended
2024 2023
------------------(Rupees)-----------------·
Parent Company
Dividend paid 4,503,866 9,222,202
Reimbursements from 1,154
Purchases and services 32,799 86,100
Associated companies and joint venture
Purchases and services 48,195,822 46,665,395
Sale of goods and services 3,868,764
Dividend received/ receivable 562,500 1,554,786
Dividend paid/ payable 20,032,618 3,355,718
Donations 390,568 511,838
Reimbursements from 983,767 504,552
Utilization of overdraft facility 2,100,456
Loans repaid 3,172,887 62,840
Finance costs 4,634,964 4,215,692
Directors
Dividend paid 696,334 1,616,310
Directors' fees 78,830 59,845
Advisory fee 55,224
Others
Remuneration paid to key management personnel 2,477,512 1,778,857
Dividend paid to key management personnel 770 32,025
Reimbursement of expenses 126 243
Contribution to retirement benefit funds 944,326 933,287
21. SEGMENT REPORTING
21.1 A business segment is a group of assets and operations engaged in providing products that are subject to risks
and returns that are different from those of other business segments. The management has determined the
operating segments based on the information that is presented to the Board of Directors of the Holding
Company for allocation of resources and assessment of performance. Based on internal management reporting
structure and products produced and sold, the Group is organized into the following operating segments:
Type of Nature of business

segments
Fertilizer This part of the business manufactures, purchases and markets fertilizers. The operations of
this segment include a wide range of fertilizer brands, besides urea, which primarily comprise of
Engro Zarkhez, Zingro, and Engro OAP optimized for local cultivation needs and demand.
Further, the segment is a leading importer and seller of phosphate products which are
marketed extensively across Pakistan as phosphatic fertilizers. The Company carrying on the
fertilizer business is listed on Islamic Index.
...... ,
·' (Amounts in thousand)
Polymer This part of the business manufactures, markets and sells Poly Vinyl Chloride (PVC}, PVC
compounds, Caustic soda and related chemicals in Pakistan and internationally. The Company
carrying on the polymer business is listed on Islamic Index.
Terminal This part of the business includes operating and maintaining integrated liquid chemical terminal
and storage farm and LNG terminal for receipt, storage and regasification of LNG.
Power and This part of the business includes power generation, distribution, transmission and sale of
mining electricity in Pakistan. This also includes investment made in coal mining business.
Connectivity This part of the business includes buying, building, maintaining and operating
and telecom telecommunications infrastructure and anciliary products and services.
Other It includes investments made in foods, dairy and commodities trading businesses.
operations
Management monitors the operating results of the abovementioned segments separately for the purpose of
making decisions about resources to be allocated and for assessing performance. Segment performance is
evaluated based on operating profit or loss which in certain respects is measured differently from profit or loss in
the consolidated condensed interim financial statements. Segment results and assets include items directly
attributable to a segment.
21.2 Information regarding the Group's operating segments is as follows:

(Unaudited)
Restated Restated
2024 2023 2024 2023
--- ----- - ---- ---( Rupe es )-------- -------- -------- --------(Rupees)----------------
Revenue
- At a point in time 90,814,927 93,604,252 251,323,927 223,292,147
- Over time 41,484,188 43,212,363 129,230,914 116,006,440
132,299,115 136,816,615 380,554,841 339,298,587
Segment wise break-up is
as follows:
Fertilizer 58,640,620 66,164,543 171,844,834 148,530,719
Polymer 20,067,017 25,015,742 54,451,693 62,038,106
Terminal 5,049,019 5,422,403 15,174,194 16,292,632
Power and mining 32,166,079 34,332,473 101,905,574 90,051,054
Connectivity and telecom 4,216,228 3,418,078 11,986,921 9,558,308
Other operations 58,989,826 30,367,953 132,149,788 88,834,628
Elimination - net (46,829,674) (27,904,577) (106,958,163) (76,006,860)
Consolidated 132,299,115 136,816,615 380,554,841 339,298,587
Less: Discontinued operations (32,169,481) (34,122,159) (101,536,562) (89,442,961)
Continuing operations 100,129,634 102,694,456 279,018,279 249,855,626
'
I ,
' (Amounts in thousand)

Restated Restated
2024 2023 2024 2023
................ (Ru pees)·---------······ •···········-···(Rupees)··-····-·-··-··-
Profit/ (loss) before tax for the period
Fertilizer 14,029,543 15,785,188 28,695,429 29,703,784
Polymer (1,458,554) 4,372,672 (4,100,515) 9,226,276
Terminal 1,383,021 1,624,882 5,071,498 4,153,034
Power and mining 2,521,334 10,350,653 4,886,516 24,752,388
Connectivity and telecom (435,567) (972,061) (1,660,800) (1,812,294}
Other operations 5,568,786 4,854,510 24,479,220 18,119,045
Elimination - net (3, 124,570) (4,039,141) (18,367,094) (14,265,908)
Consolidated 18,483,993 31,976,703 39,004,254 69,876,325
Less: Discontinued operations (2,610,203) (10,672,066) (5,250,043) (25,910,707)
Continuing operations 15,873,790 21,304,637 33,754,211 43,965,618
2024 2023
. -----·-·•··-·(Ru pees)·······----· --
Assets
Fertilizer 188,496,307 160,842,670
Polymer 97,220,156 90,597,810
Terminal 78,261,689 83,026,306
Power and mining (note 21.2.1} 287,727,545 331,476,813
Connectivity and telecom 69,516,187 69,097,845
Other operations 143,802,289 123,470,747
Elimination - net (74,311,756) (56,015,914)
Consolidated 790,712,417 802,496,277
Liabilities
Fertilizer 147,984,018 112,939,915

Polymer 72,026,114 62,005,725
Terminal 65,214,106 71,477,402
Power and mining (note 21.2.1) 237,148,904 263,093,522
Connectivity and telecom 49,961,339 50,989,467
Other operations 56,302,865 44,813,609
Elimination - net (49,871,836) (28,012,712)
Consolidated 578,765,510 577,306,928
21.2.1 This includes assets and liabilities of thermal assets portfolio classified as held for sale amounting to
Rs. 276,555,682 (December 31, 2023: Nil) and Rs. 223,601,170 (December 31, 2023: Nit) respectively.
/ I
22. NON-ADJUSTING EVENTS AFTER THE REPORTING DATE
22.1 The Board of Directors of the Holding Company in its meeting held on October 28, 2024 has approved an
interim cash dividend of Rs. 5 per share for the year ending December 31, 2024 amounting to Rs. 2,683,132.
These consolidated condensed interim financial statements do not reflect the effect of dividend payable.
22.2 The Board of Directors of Engro Vopak Terminal Limited, a joint venture company, in its meeting held on
October 21, 2024 has proposed an interim cash dividend of Rs. 7.25 per share for the year ending December
31, 2024, amounting to Rs. 652,500 of which the proportionate share of the Holding Company amounts to Rs.
326,250.
23. SEASONALITY
23.1 The Group's fertilizer business is subject to seasonal fluctuations as a result of two different farming seasons
viz, Rabi (from October to March) and Kharif (from April to September). On an average, fertilizer sales are more
tilted towards Rabi season. The Group manages seasonality in business through appropriate inventory
management.
23.2 The Group's agri business is subject to seasonal fluctutation as majority of paddy/ unprocessed rice is procured
during the last quarter of the year which is the harvesting period for all rice varieties grown in Pakistan. However,
rice is sold evenly throughout the year. EEAPL manages seasonality in the business through appropriate
inventory management.
24. CORRESPONDING FIGURES
In order to comply with the requirements of IAS 34, the balances of consolidated condensed interim statement of
financial position have been compared with the balances of annual audited consolidated financial statements of
the preceding financial year, whereas the amounts in consolidated condensed interim statement of profit or loss,
consolidated condensed interim statement of comprehensive income, consolidated condensed interim
statement of changes in equity and consolidated condensed interim statement of cash flows have been
compared with the balances/ amounts comparable period of immediately preceding financial year.
25. DATE OF AUTHORIZATION FOR ISSUE
These consolidated condensed interim financial statements were authorized for issue on October 28, 2024 by
the Board of Directors of the Holding Company.
Shabbir Hussain Hashmi rooq Barkat Ali r Syed

Director Chie inancial Officer p ief Executive
 
     9  2024 30       
 
  
     
      
         
     
          

   
          
               

             
  bps 450 2024      


             
      7
               
   
 
               



 

      
  
           
 
   PAT     17,86513,144  
    24.02   EPS  33.29
       
  
249,856 279,018 12%2024
 10,588  19,117(PAT)  
   9,922 20,251 
  19.73
    18.132023
   
44,323  11,983  22,819 

  42.032023    EPS 22.33  23,002 
 ICD     

      
                    
   
       
             
         
 
      

 
      

    
        
 
                 
 
   5,943  316   2024   

           5,530  293 2024 
    
 26%     4,350 2024 30   
 
 
   
148,531  171,84516 YTD   
  
    PAT  17,98015,045  
   
   1321 KT 1,726 KT
       
 247 KT 215 KT

5,387 62,038  54,554 

 PVC    2,288 

 
       23KT   146KT
   

 

   
 
    MNOs     
 4,143(Tenancy Ratio)     1.25        
     52(ITC)    

  (Colocation tenants) 217
 36    
          

 
       Hedging)     

  
    

    
    
  
           

  III   11.2
      2,574GWH2,617 GWH  



      C      82%    

       649GWH    
 708 GWH  
      

   

   11.8  82,51273,819   
 

     2,0191,575


 
   


    
     163.5bcf 

 SSGC  55  
  929KT679 KT 15

           
   
    2022     Eximp FZE   
     245      397   
     
    FZE
 
    2024 30         
 5 
       2024   19  
   24   2024 31
 
             

 
2.42024 2.8 2025    
        
     
        
  
      
      

 
             
 
           
UgAi             

  
   AI       

     
  
   PVC       
     
   

 

   
 
  34  MNO       Enfrashare 
  MNOs            
 
    
     (ITC)    

 

                  
      97 
         
   
        

     
    
    
  
    
        

  

     18%
     UHT
      
   
     
     
       150   
   
   
  (Commodity) Eximp FZE      
  
         
 
  
 
            
 
         
   
    
       

      HSE    

             
  

 
              


   
(DE&I)    
         
    
        
      
     
  
   
    
 
       
  
 
   
    
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Ecorp q3 2024 Report

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enabling Pakistan

chief executive officer chief financial officer company secretary

bankers shares registrar

engro corporation limited

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

EQUITY AND LIABILITIES

Shabblr Hussain Hashmi

(Amounts In thousand except for earnings per share)

Quarter ended Nine months ended

Dividend income 3,447,047 3,598,739 19,174,358 14,881,340

Royalty income 625,302 711,959 1,736,709 1,614,247

Total revenue 4,072,349 4,310,698 20,911,067 16,495,587

Administrative expenses (666,170) (958,056) (1,948,766) (2,727,915)

3,406,179 3,352,642 18,962,301 13,767,672

Other income 11 1,696,390 1,310,309 4,674,017 4,800,488

Other operating expenses (115,903) (193,523) (420,923) (699,248)

Operating profit 4,986,666 4,469,428 23,215,395 17,868,912

Finance cost (50,022) (54,742) (137,006) (146,783)

Profit before tax 4,936,644 4,414,686 23,078,389 17,722,129

Taxation 12 (1,268,020) (720,910) (5,213,295) (4,577,803)

Profit for the period 3,668,624 3,693,776 17,865,094 13,144,326

Earnings per share - basic and diluted 13 6.84 6.88 33.29

Shabbir Hussain Hashmi

Quarter ended Nine months ended

Profit for the period 3,668,624 3,693,776 17,865,094 13,144,326

Other comprehensive Income I (loss)

Items that will be reclassified to profit or loss

• Remeasurement of investments 1,151,003 (750,133) 1,382,801 (1,477,041)

Shabblr Hussain Hashmi

Pror• ror the period

13,144,326 11,667,285 11,667,285

First Interim cash dividend for the year ended

Second Interim cash dividend for the year ended

(23,034,556) (23,084,556) (23,084,556)

Proflt tor the period 4.421 . 4 ,421,909 4,42 1,909

334 943,398 4,421,909 5,365,641 5,365,641

. 3rd Interim@Rs. 4.00 per share

Tr,nncllons with owners:

FIISI rnlerim cash dividend tor the year ending

Second Interim cash dividend for the year ending

Shabbir Hussain Hashmi n Zalar Syed

Cash utilized in operations 14 (2 ,16 4,654) (4,326 ,809)

Net cash utilized in operating activities (1,051 ,334) (6 ,959,076 )

CASH FLOWS FROM INVESTING ACTIVITIES

Dividends received 16 ,6 54,846 1 1,552,6 01

CASH FLOWS FROM FINANCING ACTIVITIES

Finance cost paid (11 ,6 46 ) (7,02 5)

Net cash utilized In financing activities (11 ,6 45,539) (35,02 4,708)

Cash and cash equivalents at beginning of the period 8,344,497 2 ,850,332

1. LEGAL STATUS AND OPERATIONS

3. MATERIAL ACCOUNTING POLICY INFORMATION

3.2 Initial application of a standard, amendment or an interpretation to an existing standard

Operating assets (notes 4.1 and 4.2) 1,112,642 1,004,333

4.1 Following additions, being transfers from CWI P, were made to

8. SHORT TERM INVESTMENTS

Fair value through other comprehensive income

Fair value through profit or loss

- Mutual fund units (note 8.3) 9,438,352 4,503,419

- Treasury bills (note 8.4) 4,003,276 3,970,085

9.1 Authorized capital