 of the situation in a notice on Wednesday){kind=link}
A subsidiary of Engro Corporation named Engro Polymer and Chemicals Limited (EPCL) announced on Wednesday that it has renewed its gas supply agreement with Sui Southern Gas Company Limited (SSGC) until mid-October.
EPCL extends gas supply deal: The company informed the Pakistan Stock Exchange (PSX) of the situation in a notice on Wednesday.
The announcement stated, “EPCL and SSGC have agreed to extend the term for the supply of gas until October 15, 2023.”
The corporation stated that EPCL will use the gas for its captive power generation plant in Karachi’s Port Qasim Industrial Zone on an “as and when” basis (Plot No. EZ/1P-II-I).
The company’s operations would continue undisturbed thanks to this, it was said.
Back in August, EPCL and SSGC engaged into an addition contract for the provision of gas from August 1 through September 30, 2023.
According to the company’s most recent financial reports, its profit-after-tax decreased to Rs1.56 billion for the quarter ending June 30, 2023, a decrease of more than 33% from the profit of Rs2.34 billion during the same time last year.
In the quarter, EPCL’s gross profit decreased by roughly 28% to Rs5.45 billion from Rs7.53 billion.
Net sales fell from Rs22.27 billion the year before to Rs19.04 billion, a reduction of over 15%. In comparison to the Rs14.75 billion registered during the same time previous year, cost of sales decreased to Rs13.59 billion.
Caustic soda, vinyl chloride monomer, poly vinyl chloride, and other chemicals are all produced by EPCL. The business also supplies Engro Fertilisers Limited with excess energy produced by its power facilities.
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