Earnings surge on impairment reversal; no interim dividend announced amid tower investment funding.
Engro Holdings Limited (PSX: ENGROH), formerly Dawood Hercules Corporation Limited, reported a consolidated profit-after-tax (PAT) of Rs86.15 billion for the nine months ended September 30, 2025, compared to Rs32.6 billion a year earlier.
Profit attributable to shareholders stood at Rs42.02 billion, translating into earnings per share (EPS) of Rs34.89, versus Rs13.21 in the same period last year, the company said in its filing to the Pakistan Stock Exchange on Thursday.SSGC Board rejects Engro bigger FSRU
The sharp rise in profitability primarily stemmed from a one-off reversal of impairment losses previously recognized in 2023 and 2024 on thermal energy assets that had been classified as “held for sale.” Excluding this non-recurring item, consolidated PAT attributable to shareholders was Rs15.16 billion, reflecting the underlying performance of the company’s portfolio.
On a standalone basis, Engro Holdings reported a PAT of Rs370 million, down sharply from Rs6.11 billion in the same period last year, with EPS at Rs0.31 compared to Rs12.70 in 2024. The decline was attributed to the transfer of income-generating investments to DH Partners under a Scheme of Arrangement that became effective on January 1, 2025, along with lower dividends from Engro Corporation as it retains earnings to finance its towers transaction.
The company’s financial statements reflected accounting impacts from three major developments: the formation of Engro Holdings as a new structure, the termination of share purchase agreements related to thermal energy assets, and the consolidation of Deodar Towers. Management emphasized that fluctuations in EPS and PAT were largely the result of structural and accounting adjustments rather than operational changes.
Engro Holdings’ board opted not to declare an interim dividend for 2025, citing the need to retain capital to support the ongoing towers acquisition. The company described the project as a transformative investment expected to generate sustainable long-term cash flows. “Retaining earnings to support this investment is, in our view, the best way to build long-term value for shareholders,” the board stated.
Engro Holdings remains among Pakistan’s leading conglomerate investment platforms, with strategic interests in energy, infrastructure, and telecommunications. The company said it would continue to prioritize capital allocation toward ventures with strong and recurring cash flow potential, aligning with its long-term value creation strategy.
