Karachi: Engro Corporation (ENGRO) reported consolidated earnings from continued operations amounting to Rs2.24 billion (EPS: Rs1.6) for the second quarter of the 2024 fiscal year. This performance is part of a broader restructuring and divestment strategy, which includes the pending sale of its thermal energy assets.

According to JS Global, ENGRO has restated its previous financials to include profits from discontinued operations, particularly its thermal energy assets. The company announced a dividend per share (DPS) of Rs8 for the second quarter, bringing the total DPS for the first half of the year to Rs19. The divestment process for ENGRO’s thermal assets portfolio, managed under Engro Energy Ltd., is underway, pending regulatory approvals. The portfolio includes Engro Powergen Qadirpur Ltd, Engro Powergen Thar Ltd, and Sindh Engro Coal Mining Co. Ltd, with the transaction valued at Rs34.75 billion.

The restructuring efforts received a significant boost as the scheme of arrangement proposed by ENGRO, Dawood Hercules Corporation (DAWH), and DH Partners Limited was approved by the Islamabad High Court. This scheme is set to take effect starting January 1, 2025, marking a strategic shift in ENGRO’s operational focus and asset management.