Engro Corporation – Pakistan Tech News

Nutshell Group to host 6th Edition of ‘The Future Summit’

Nutshell Group will host the 6th Edition of Pakistan’s largest corporate event, The Future Summit, in the commercial capital of Pakistan, Karachi, on February 15-16, 2023.

The theme for this year is ‘Prepare for Disruption,’ which aims to explore emerging business opportunities amid challenges at local and global levels, disruption by technology, and innovation in businesses. The Summit will highlight core issues that businesses and economies are facing, and will deliberate upon strategies to resolve those issues and chalk out the best way forward into the future

Senator Sherry Rahman, Federal Minister for Climate Change; Senator Dr Musadik Malik, Minister of State for Petroleum; Dr Shamshad Akhtar, Chairperson Pakistan Stock Exchange, SSGC & Karandaaz; Muhammad Aurangzeb, CEO and President, HBL, Chairman Pakistan Banks’ Association and Chairman Pakistan Business Council; Ghias Khan, CEO, Engro Corporation; Farrukh Amin, CEO, Unity Food Limited, and many national and international experts will express their views on the thought provoking sessions lined up for the 2-day conference.

Nutshell Group customarily partners with leading companies across a variety of sectors including Healthcare, Information Technology, Banking, Engineering, Energy & Power, etc. for this Summit. Nutshell Group would like to extend their heartfelt gratitude to the Summit co-host Engro Corporation, the platinum partner HBL, the headline sponsor Unity Foods Limited, and distinguished sponsors and partners including SAP, K-Electric, Faysal Bank Limited, PTCL, Abacus Consulting Technology Limited, Al Meezan Investment Management Ltd, NBP Funds, Hilton Pharma, S&P Global, OICCI, CORPORATE PAKISTAN GROUP, Institute of Business Management, and ACCA.

The Future Summit (TFS) is an annual event, bringing together the most influential and forward-thinking corporate leaders and senior management from Pakistan and abroad, to highlight and discuss local and global challenges in an ever-evolving world, and their solutions through collaborative thinking. TFS is a flagship brand of the Nutshell Group that attracts distinguished speakers and audiences from a multitude of industries and focuses on sustainable business strategies for the future.

This initiative of Nutshell Group of holding business summits over the years, covering a variety of domains and sectors, has received immense appreciation from the government, corporate, private, and public sectors, as well as the civil society. The Nutshell Group aims to expand the scope of this conference at the regional level in coming years.

Complete list of speakers is given below:
Ghias Khan, CEO, Engro Corporation; Muhammad Aurangzeb, CEO and President HBL, Chairman, Pakistan Banks’ Association and Chairman Pakistan Business Council; Farrukh Amin, Chief Executive Officer, Unity Foods Limited; Aamir Ibrahim, CEO and President, Jazz and Chairman Mobilink Microfinance Bank; Jimmy Nguyen, Chief Executive Officer, Blockchain for All; Dana Al Salem, Global Tech Entrepreneur, Investor & Innovation Expert; Ahmed Al-Faifi, Senior Vice President Middle East & Africa North, SAP; William Bao Bean, General Partner, SOSV and Managing Director, Orbit Startups; Sajjeed Aslam, Regional Lead Public Affairs, Asia Pacific, ACCA; Yousaf Hussain, President & CEO, Faysal Bank Limited; Shazad Dada, President & CEO, United Bank Limited; Amir Paracha, Chairman & CEO, Unilever Pakistan Limited; Zeeshan Sheikh, Country Manager Pakistan & Afghanistan, International Finance Corporation; Maheen Rahman, Chief Executive Officer, InfraZamin Pakistan; Farrukh Khan, CEO & Managing Director, Pakistan Stock Exchange; Dr Shamshad Akhtar, Chairperson, Pakistan Stock Exchange, SSGC & Karandaaz; ACM Sohail Aman (Rtd), Chief Executive Strategic Engagements, Nutshell Group & Pakistan’s Chief of Air Staff (2015- 2018); Adam Weinstein, Research Fellow, Quincy Institute for Responsible Statecraft; Syed Moonis Abdullah Alvi, Chief Executive Officer, K-Electric Limited; Naeem Zamindar, Founder, Neem & Former Minister of State; Muhammad Tariq Malik, SI, Chairman, NADRA; Saeed Mohammed AlHebsi, Advisor in AI, Ministry of Human Resources and Emiratisation, UAE; Asif Peer, Chief Executive Officer, Systems Limited; Dr Shahid Mahmud, Chairman & CEO, Interactive Group of Companies; Ammara Masood, Chief Executive Officer, NdcTech; Mujeeb Zahur, Managing Director, S&P Global; Saquib Ahmad, Country Managing Director, SAP Pakistan; Adil Farhat, Chief Executive Officer, Procter & Gamble Pakistan; Ahmed Khan Bozai, Managing Director & City Country Officer, Citibank; Naz Khan, Principal Country Officer, International Finance Corporation Pakistan; Javed Ghulam Mohammad, Group Managing Director & CEO, Martin Dow Group; Steve Lee, Regional Head of Employer Relations & Market Development, Asia Pacific, ACCA; Paul Keijzer, Co-Founder & CEO, The Talent Games and Founder & CEO, Engage Consulting; Fatima Asad-Said, Chief Executive Officer, Abacus Consulting Technology Limited; Michael Hartmann, Chief Business Officer, Fintech Galaxy; Anna Tutova, CEO, Coinstelegram, Public Speaker, Fortune Media Journalist; Dereck Hoogenkamp, Chairman, Yalla Limited and Partner, Aeroverse; Dr. Rehan Al Taji, Founder & CEO, PXDX FZ LLC, UAE and Partner & Head of Projects, Gabriel Jobs, KSA; Vasilisa Marinchuk, Director of International Relations, Centre Blockchain of Catalonia; Muhammad Zeeshan Abid, Partner Advisory, Parker Russell AJS & Board Member, InvoiceMate, UAE; Neil Ford, Director of Growth, Big Dog Mining, USA; Muhammad Salman Anjum, Founder & CEO, InvoiceMate, UAE; Mohamed Abdel Razek, Chief Technology & Operations Officer, Middle East & Africa, Standard Chartered Bank; Najy Benhassine, Country Director Pakistan, The World Bank; Maroof A. Syed, President & CEO, CERP and Fellow, Julis-Rabinowitz Center for Public Policy & Finance, Princeton University; Dr Amjad Waheed, Chief Executive Officer, NBP Funds; Ali Khizar, Head of Research, Business Recorder; Mohammad Shoaib, CFA, Chief Executive Officer, Al Meezan Investment Management Limited; Zarrar Hasham Khan, Group Chief Business Solutions Officer, PTCL; Dato Merina Abu Tahir, Council Member, ACCA; Director, Tenaga Nasional Berhad and SP Setia Berhad, Malaysia; Wafa Makhlouf, Executive Director, CEED Tunisia; Saira Awan Malik, President, TCS Private Limited; Mujeeb Zahur, Managing Director, S&P Global; Tanzeela Hussain, Global HR Business Partner, British Council; James Michael Lafferty, CEO & Board Member, Fine Hygienic Holding; Olympic Coach, Speaker & Corporate Trainer.

Engro and Excelerate Energy Sign MoU to Develop Private RLNG Sector in Pakistan

Engro Eximp FZE, a subsidiary of Engro Corporation, announced today that it has entered into a Memorandum of Understanding (“MOU”) with Excelerate Energy, Inc. (NYSE: EE) (Excelerate), a leading provider of flexible LNG infrastructure solutions around the world, related to the development of a private sector gas marketing business in Pakistan.

Under this MOU, both partners will jointly evaluate the possibility of establishing a regasified LNG (RLNG) marketing business with maximum participation from the country’s private sector. This initiative has the potential to increase private company participation in Pakistan’s LNG sector and enhance Pakistan’s energy security by opening up new RLNG supply avenues for businesses and consumers. This endeavor comes at a point when the need for energy security has become a critical issue globally, and particularly for Pakistan, against the backdrop of current geopolitical dynamics.

Ghias Khan, President & CEO – Engro Corporation stated, “I am delighted that Engro’s collaboration with Excelerate Energy has been strengthened through this agreement, which will help Pakistan meet its energy needs. As a pioneer in Pakistan’s LNG sector, we understand the importance of enhancing energy security; an imperative for Pakistan to ensure economic growth while providing consumers access to adequate, reliable, and affordable supplies of energy.”

“We value our collaboration with Engro and take great pride in having partnered with them to build Pakistan’s first LNG import terminal in 2015,” said Mr. Steven Kobos, President & Chief Executive Officer of Excelerate. “This agreement builds on the momentum we have established by extending our reach downstream of our existing terminal to key regasified LNG markets in Pakistan. We remain committed to meeting Pakistan’s growing energy security needs and look forward to expanding our collaboration with Engro in this pivotal market.”

Since 2015, Engro and Excelerate together have played a key role in strengthening energy security of Pakistan through continuous operations of Pakistan’s first LNG import terminal which utilizes a floating storage and regasification unit provided under a long-term charter by Excelerate. The terminal currently fulfills as much as 15 percent of Pakistan’s natural gas requirements and is recognized as the most utilized FSRU worldwide.

Engro Corporation becomes lead partner of art-tech themed Karachi Biennale to celebrate 75 years of Pakistan

Karachi, June 17: Karachi Biennale Trust (KBT) has announced Engro Corporation as the lead partner for the upcoming third Karachi Biennale (KB22) in October 2022.

On the momentous occasion of 75th anniversary of Pakistan, Engro and Karachi Biennale will pool their resources, experience and network, to expand their audience reach, particularly amongst the youth that constitutes a large part of the population. As the lead partner, Engro is contributing Rs 75 million for Karachi Biennale 2022.

Linking history with the future, the Karachi Biennale 2022 will take place from October this year at 8 venues in different parts of Karachi that are accessible to public audiences. The Biennale has invited local and international artists from 11 countries selected by the curator Faisal Anwar and his team. These artists will engage with heritage sites and explore the physical and cultural legacy of the city, with the latest and most innovative technology. Some of the venues are heritage sites that will open their doors for the first time.

Entrance to Karachi Biennale is free for the general public as the event looks forward to welcoming visitors for two weeks, packed with art exhibitions, performative works, guided tours, artist’s talks and workshops. With these immersive visual art experiences, the Biennale visitors will embark on a journey into tomorrow without losing sight of the past and present.

Expressing her thoughts about the partnership at the signing ceremony, Umber T. Ansari – Head of Marketing and Corporate Communications, Engro Corporation, said that, “The partnership between Engro and Karachi Biennale is based on a shared vision of creating unforgettable experiences for the citizens of Karachi. The Biennale exhibition is about connecting with public and heritage spaces, providing an impetus to arts and culture, and a creative exchange of ideas by some of the best local and global talent. As we celebrate the 75th anniversary of Pakistan, we truly hope that the world-class interplay of arts and technology at the Karachi Biennale inspires positive energy and collective action from all citizens for a more prosperous Pakistan.”

According to Niilofur Farrukh, the Managing Trustee of Karachi Biennale Trust, “We are delighted to have this partnership with Engro Corporation as we share a strong belief in creating cultural opportunities for people. Public exhibitions of the Karachi Biennale connect art, the city and its people and this edition, with its focus on the works of leading national and international artists working with art and technology, is designed to engage the audience with futuristic ideas and innovation to celebrate 75th anniversary of Pakistan. Engro Corporation joins us to present a spectacular Third Karachi Biennale in October/ November 2022.”

As a purpose-driven organization committed to helping solve some of the most pressing issues of Pakistan, Engro Corporation recognizes the positive role of arts, culture and sports in shaping the society. For more than 50 years, the Group has been actively involved in community impact projects that promote youth development, excellence in sports, education and health.

Engro Corporation sets up a trading subsidiary in UAE

Engro Corporation, Pakistan’s premier business conglomerate, has commenced office operations of its wholly owned subsidiary, Engro Eximp FZE, in the Jebel Ali Free Zone, Emirate of Dubai.

Engro Eximp FZE will explore potential trading opportunities in the energy, fertilizers, petrochemicals and food & agriculture sectors.

According to Ghias Khan, President & CEO of Engro Corporation, “With a vision to expand the Group’s footprint outside Pakistan, we have opened our trading company in Dubai. Through its trading activities, Engro Eximp FZE will aim to create more export engines for sustainable economic growth.”

He added that this business will help leverage the enormous supply potential of Pakistan to tap the rising GCC demand. The Group’s strategic partnerships and global alliances provide Engro Eximp FZE the foundation to grow and establish its brand internationally.

Engro Corporation announces FY 2021 Results

Karachi, February 17, 2022: Pakistan’s premier conglomerate, Engro Corporation (PSX: ENGRO) announced its financial results for the year ended December 31, 2021.

Overview of Financial Performance

During 2021, Engro Corporation’s standalone revenue increased from PKR 15.00 billion in 2020 to PKR 20.68 billion in 2021, exhibiting a substantial growth of 38%. Higher revenue was primarily due to higher dividends received from Engro Polymer & Chemicals Limited (EPCL) and Engro Fertilizers Limited (EFERT), which in turn were driven by strong underlying business performance. Resultantly, the company achieved a 14% higher PAT of PKR 18.52 billion in 2021 against PKR 16.30 billion in 2020, translating into an EPS of PKR 32.14 per share (2020: PKR 28.29 per share).

On a consolidated basis, Engro Corporation’s revenue grew by 25% to PKR 311.59 billion in 2021 from PKR 248.82 billion in 2020. The Company posted a PAT of PKR 52.61 billion in 2021, which is 19% higher than PKR 44.11 billion in 2020, translating to an EPS of PKR 48.50 per share (2020: PKR 43.57 per share).

Engro Corporation announced a final cash dividend of PKR 1/- per share for the year. This is in addition to the PKR 24/- per share dividend that has already been announced during the financial year, bringing the cumulative payout to PKR 25/- per share.

Portfolio Performance Review

Fertilizers: Domestic market witnessed strong agricultural sector performance in 2021. Resultantly, EFERT achieved a historical milestone of highest ever urea sales of 2,295 KT in 2021 against 2,057 KT in 2020. Due to the turnaround of Base and Enven plant, urea production during the year reduced from 2,264 KT in 2020 to 2,105 KT in 2021.

Phosphates sales stood at 366 KT whereby a steep rise in international prices dampened local demand. On an overall basis, EFERT achieved its highest ever PAT of PKR 21.09 billion in 2021, demonstrating a growth of 16% from 18.13 billion in 2020.

Petrochemicals: EPCL announced commercial operations of its new PVC plant and VCM debottlenecking during March and June 2021, respectively. PVC capacity increased by 100 KT to 295 KT per annum while VCM capacity increased by 50 KT to 245 KT per annum. These initiatives enabled EPCL to achieve record domestic PVC sales of 207 KT alongside highest ever PVC exports of 19 KT translating into an export value of USD 28 million. During the year, international PVC prices increased significantly due to supply disruptions, however, supplies to domestic PVC downstream market continued uninterrupted due to EPCL’s steady production.

EPCL recorded sales of PKR 70.02 billion as compared to PKR 35.33 billion in 2020. PAT increased from PKR 5.73 billion in 2020 to PKR 15.06 billion in 2021 showing an increase of 163% attributable to increased volumetric sales, efficient operations and higher international prices.

Telecommunication Infrastructure: During the year, Engro Corporation formed a dedicated platform for connectivity and telecom infrastructure initiatives by the name of Engro Connect (Pvt.) Limited (EConnect). EConnect is a wholly owned subsidiary of Engro and now holds complete ownership of Engro Enfrashare (Pvt.) Limited (Enfrashare), which is Pakistan’s largest independent telecom tower company.

Enfrashare continued to expand its national footprint and achieved a scale of 2,246 operational B2S towers with a 1.1x tenancy ratio while catering to all four Mobile Network Operators in Pakistan. Enfrashare built over 75% of the total new B2S towers that were deployed in the country during the year 2021. This increase in the portfolio led to a growth of 3x in the revenue in comparison with last year. The business has secured orders to reach a scale of 3,300+ sites by the end of 2022.

Foods & Rice: FrieslandCampina Engro Pakistan Limited (FCEPL) demonstrated a topline growth of 18%, recording sales of PKR 52.09 billion as compared to PKR 44.16 billion in 2020. The gross margin increased to 16% from 12% last year, translating into an increase in PAT from PKR 0.18 billion in 2020 to PKR 1.80 billion in 2021.

The business demonstrated an overall increase of 10x in the profitability driven by cost saving initiatives, leveraging e-commerce channels, improved reach / route to markets, increased marketing spend and market penetration to enhance brand equity.

Engro Eximp Agriproducts (EEAP) surpassed industry growth of 16% in the brown rice segment and recorded 21% growth versus last year. As a key contributor to foreign reserves, the business continued its focus towards exports, generating a revenue of USD 18.8 million through international sale of 24 KT rice against 28 KT last year. Given the supply chain constraints in the international market, the business pivoted its supply to the local market and increased domestic sales by 39% to 13 KT during 2021.

Energy & Power: Sindh Engro Coal Mining Company (SECMC) supplied 3.8 million tons of coal to Engro Powergen Thar Limited (EPTL) during the year. EPTL achieved an availability of 83% with a load factor of 80% and dispatched 4,225 GwH to the national grid during the year.

The Phase II expansion of SECMC’s mine to 7.6 million tons per annum is underway with 71% of the overburden removed from the site. Phase III expansion of the mine to 12.2 million tons per annum has also been approved during the year.

Engro Powergen Qadirpur Limited (EPQL) plant dispatched a Net Electrical Output of 851 GwH to the national grid with a load factor of 46% compared to 30% last year due to higher offtake from the Power Purchaser. EPQL’s revenue increased by 26% due to higher dispatch and load factor which was offset by the absence of long-term debt servicing component. The business posted a PAT of PKR 1.59 billion for the current period as compared to PKR 2.08 billion for 2020.

Terminals: Engro Elengy Terminal (Pvt.) Limited (EETL) successfully completed Pakistan’s first-ever Dry-Docking activity of FSRU Exquisite at Qatar dockyard with minimum outage during the switchover between the two FSRUs. During the Dry-Docking period, FSRU Sequoia enabled gas supply continuity ensuring national energy security.

The LNG terminal handled 72 vessels during 2021, in line with last year, delivering 216.2 bcf re-gasified LNG into the SSGC network with an availability factor of 96.5%. The terminal contributed 15% towards Pakistan’s total gas supply during the year.

The chemicals terminal throughput volumes normalized to 1,280 KT against 1,142 KT last year which was offset by lower LPG volumes. Overall, profitability of both the LNG and chemical storage terminals business remained stable during 2021.

Ghias Khan elected President of OICCI – the largest business Chamber in Pakistan based on economic contribution

Karachi, January 31: Mr Ghias Khan, President & Chief Executive Officer, Engro Corporation Limited has taken over as the President of the Overseas Investors Chamber of Commerce and Industry (OICCI) for the 2022 term.

This was announced at the 162nd Annual General Meeting of the OICCI held at the Chamber on Monday, January 31, 2022. Mr. Amir Rasool Paracha, Chairman & Chief Executive Officer, Unilever Pakistan Limited, was elected as the Vice President.

The other elected members of the OICCI Managing Committee for 2022 are MR. AHMED ZAHID ZAHEER, CHEVRON PAKISTAN LUBRICANTS (PVT) LIMITED, MR. ALI AHMED KHAN, FRIESLANDCAMPINA ENGRO PAKISTAN LIMITED, MS. ERUM SHAKIR RAHIM, GLAXOSMITHKLINE PAKISTAN LIMITED, MR. ALI ASGHAR JAMALI, INDUS MOTOR COMPANY LIMITED, MR. SAMER CHEDID, NESTLE PAKISTAN LIMITED, MR. WAQAR IRSHAD SIDDIQUI, SHELL PAKISTAN LIMITED, MR. MARKUS STROHMEIER, SIEMENS PAKISTAN ENGINEERING COMPANY LIMITED and MR. REHAN MUHAMMAD SHAIKH, STANDARD CHARTERED BANK (PAKISTAN) LIMITED.

In his message to the members, Incoming President Ghias Khan said he strongly believes that Pakistan offers considerable growth potential for existing and new foreign investors. He lauded OICCI’s role in promoting Pakistan to potential foreign investors. He further appreciated the quality of OICCI Business surveys and the Chamber’s focused and continuing advocacy efforts for streamlining the taxation system, pragmatic policy input for increasing the efficiency of energy sector, initiatives on women empowerment, gender equality, climate and sustainability, and the Chamber’s role in pursuing an effective Intellectual Property Rights regime in Pakistan.

Ghias Khan holds an MBA from the Institute of Business Administration, Karachi and also serves as Chairman on the Boards of Engro Fertilizers Limited, Engro Polymer & Chemicals Limited, Engro Enfrashare (Pvt) Limited, and Engro Energy Limited.