Engro Holdings Limited, previously Dawood Hercules Corporation Limited (PSX: ENGROH), announced its financial results for the nine months ended September 30, 2025.
Overview of Financial Performance
For the nine months ended September 30, 2025, the Company’s consolidated Profit-After-Tax (PAT) stood at PKR 86,152 million (PAT attributable to shareholders: PKR 42,017 million) with an EPS of PKR 34.89 in 2025 vs PKR 13.21 in 2024. The increase primarily arises from reversal of previously recognized impairment during 2023 and 2024, linked to the thermal energy assets, which were previously classified as “held for sale”. Excluding this one-off impact, consolidated PAT attributable to shareholders stood at PKR 15,156 million.
On a standalone basis, the Company reported PAT of PKR 370 million against PKR 6,114 million in the same period last year, translating into an EPS of PKR 0.31 versus 12.70 in 2024. The decline is primarily due the transfer of income-generating investments to DH Partners under the Scheme of Arrangement that became effective on January 1, 2025, coupled with reduction in dividends from Engro Corp as it retains its earnings to fund the towers transaction.
Major Accounting Adjustments
The financial results for the period continued to reflect the accounting impacts of three key events: the creation of Engro Holdings, the termination of SPAs related to thermal energy assets, and the consolidation of Deodar Towers. Shareholders are advised that movements in reported EPS and PAT largely stem from structural changes and a one-time impairment reversal, rather than any shift in the underlying strength of the businesses.
Distribution to Shareholders
Your Board has chosen not to declare an interim dividend for 2025, reflecting a consistent and deliberate choice about where your capital creates the most value. Our immediate priority remains to fund the remaining requirements of the towers’ transaction. We continue to believe this is one of the most important investments in Engro’s history, with the potential to generate durable cashflows for years to come. Retaining earnings to support this investment is, in our view, the best way to build long-term value for shareholders.
