Engro Fertilizers (Urdu: اینگرو فرٹیلائزرز) is a publicly listed Pakistani chemical company.[2] It is one of the leading national industrial manufacturing companies, specialising in the production of urea and phosphatic fertilisers.[3] The company also provides agricultural services and is a supplier of agricultural inputs.[4]
 | |
| Company type | Public |
|---|---|
| PSX: EFERT KSE 100 component KSE 30 component | |
| Industry | Fertilizer |
| Founded | 2010 |
| Headquarters | Karachi, 75600, Pakistan |
Key people | Ali Rathore (CEO) |
| Products | Zarkhez, Zingro, Zorawar, Zoron |
| Revenue |  Rs. 223.704 billion (US$770 million) (2023) |
| Rs. 55.691 billion (US$190 million) (2023) | |
| Rs. 26.191 billion (US$91 million) (2023) | |
| Total assets | Rs. 160.843 billion (US$560 million) (2023) |
| Total equity | Rs. 47.903 billion (US$170 million) (2023) |
| Owner | Engro Corporation (56.45%) |
Number of employees | 1,214 (2023) |
| Parent | Engro Corporation |
| Website | engrofertilizers |
| Footnotes / references Financials as of 31 December 2023[update] [1] | |
The origins can be traced back to 1965 to the establishment of its manufacturing plant in Daharki by Esso.[5] Headquartered in Karachi, Engro Fertilizers' majority stakeholder is Engro Corporation. Engro Fertilizers employs approximately 1,200 people and reported a revenue of around Rs. 223.704 billion (US$770 million) in 2023.[1] The company is a component of the KSE 30 and KSE 100 stock market indices at the Karachi Stock Exchange.[6]
Operations
editThe original manufacturing plant in Daharki, Sindh, initially focused on producing urea has since undergone multiple expansions to enhance its production capacity.[7] Today, the factory has an annual production capacity of 1.3 million tons.[8]
Additionally, the company operates a production facility at Port Bin Qasim, on the outskirts of Karachi.[9]
History
edit1950s -1990s
editIn 1957, the Esso/Mobil joint venture, Pak Stanvac, discovered the Mari gas field near Daharki. Esso proposed building a urea plant at the site, which the Government of Pakistan approved in 1964. Construction began the following year, and production started in 1968. At $43 million, the project was the largest foreign direct investment by a multinational corporation in Pakistan at that time.[5] Its marketing organization played a key role in modernizing traditional farming practices and uplifting farming profits through increased fertilizer consumption. The name of the company's branded urea was "Engro" - short for "Energy for Growth".[10] In 1978, Esso became Exxon, and the company was renamed Exxon Chemical Pakistan Limited. Thirteen years later, Exxon decided to divest its global fertilizer business. [10]
1990s - 2020s
editIn 1991, a group of Pakistani Investors, along with the company's management, bought the company's shares from Exxon, leading to the birth of Engro Chemical Pakistan Limited. The company was renamed Engro Fertilizers Limited after the demerger of its fertiliser business in 2010, separating it from Engro Corporation's other business ventures.[11]
In June 2011, the company expanded its Daharki plant in response to Pakistan's 2001 Fertilizer Policy.[12][13] Since December 2013, Engro Fertilizers has been listed on the Karachi Stock Exchange.[14][15] In 2016, Engro Corporation sold 28% of its stake in Engro Fertilizers to private investors.[16][17]
References
edit- ^ a b "Engro Fertilizers Annual Report 2023" (PDF). Retrieved 18 May 2024.
- ^ Seyyed, Fazal Jawad; Ashfaq, Hafsa (December 2019). "Engro Fertilizers Limited: Cost of Capital and Valuation". Asian Case Research Journal. 23 (02): 313–330. doi:10.1142/S0218927519500123. ISSN 0218-9275. Retrieved 7 July 2020.
- ^ Hussain, Dilawar (15 May 2017). "Fertiliser industry faces up to tough times". Dawn. Retrieved 18 June 2021.
- ^ "Engro Fertilizers launches free mobile soil testing laboratory for farmers in Sindh". Daily Times. 19 August 2020. Retrieved 17 August 2024.
- ^ a b "Engro" (PDF). Invest Pakistan. Prime Minister Office, Board of Investment. March 2018. Retrieved 16 January 2020.
- ^ Seyyed, Fazal Jawad; Ashfaq, Hafsa (6 December 2019). "Engro Fertilizers Limited: Cost of Capital and Valuation". Asian Case Research Journal. 23 (02): 313–330. doi:10.1142/S0218927519500123 – via worldscientific.com (Atypon).
- ^ Hassan, Syed Faaiz (13 May 1999). Case 16: Pak-Saudi Fertilisers (A), in: Corporate finance in Pakistan : case studies from an emerging market (Lahore University of Management Sciences ed.). Karachi: Oxford University Press. ISBN 978-0-19-579147-1. Retrieved 25 June 2011 – via Internet Archive.
- ^ "EnVen Plant maintenance completed with investment of $50m". Business Recorder. 22 June 2024. Retrieved 17 August 2024.
- ^ "50 years of accomplishment-Engro turns 50". Business Recorder. 27 May 2016. Retrieved 3 March 2022.
- ^ a b "Engro makes a splash". Profit by Pakistan Today. Pakistan Today. 14 March 2021. Retrieved 30 September 2022.
- ^ Mariam Ali Baig (July–August 2018). "Pressing reset on agricultural productivity". Dawn. Pakistan. Retrieved 17 June 2021.
- ^ "Engro EnVen urea plant announces COD". Business Recorder. 25 June 2011. Retrieved 16 August 2024.
- ^ Farhan, Zaheer; Tirmizi, Farooq (27 June 2011). "Blue-chip woes: Was Enven a strategic mistake?". The Express Tribune. Retrieved 16 August 2023.
- ^ Alam, Kazim (21 November 2013). "Engro Fertilizers conducts first phase of IPO successfully". The Express Tribune. Retrieved 7 November 2021.
- ^ Hussain, Dilawar (15 December 2013). "Engro Fertiliser IPO at Rs28.25 per share". Dawn. Retrieved 7 November 2021.
- ^ Tirmizi, Farooq (26 December 2016). "Return of the Billion-Dollar Gamble". Profit by Pakistan Today. Pakistan Today. Retrieved 17 December 2018.
- ^ Tirmizi, Farooq (17 December 2018). "Engro's Rs60 billion question". Profit by Pakistan Today. Pakistan Today. Retrieved 6 September 2022.
