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Engro

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Engro Corporation
FormerlyEsso Fertilizer Limited (1965–1978)
Exxon Chemical Pakistan Limited (1978–1991)
Engro Chemicals Pakistan Limited (1991–2010)
Company typePublic
PSX: ENGRO
KSE 100 component
KSE 30 component
ISINPK0012101017
IndustryConglomerate
Founded1965; 59 years ago (1965)
HeadquartersHarbour Front Building, Clifton, Karachi-75600
Area served
Pakistan
Key people
Hussain Dawood (chairman)
Ahsan Zafar Syed (CEO)
ProductsZabardast Urea, SABZ (PVC), Think PVC, etc.
RevenueIncrease Rs. 482.488 billion (US$1.7 billion) (2023)
Increase Rs. 146.410 billion (US$510 million) (2023)
Decrease Rs. 21.020 billion (US$73 million) (2023)
Total assetsIncrease Rs. 802.4 billion (US$2.8 billion) (2023)
Total equityIncrease Rs. 223.1 billion (US$770 million) (2023)
OwnerDawood Hercules[1] (39.97%)
Number of employees
3,510 (2023)
SubsidiariesEngro Energy
Engro Enfrashare
Engro Elengy
Engro Eximp FZE
Engro Fertilizers (56.45%)
Engro Polymer (56.19%)
Engro Vopak Terminals
FrieslandCampina Engro Pakistan (40%)
Websiteengro.com
Footnotes / references
Financials as of 31 December 2023 [2]

Engro Corporation Limited (Urdu: اینگرو کارپوریشن) is a Pakistani conglomerate headquartered in Karachi.[3] Its businesses include energy, petrochemicals, fertilizers, port terminals, and telecommunications towers.[4]

Engro was founded as Esso Fertilizer in 1965. Its subsidiaries include Engro Energy, Engro Enfrashare, Engro Elengy Terminal, Engro Eximp FZE, Engro Eximp Agriproducts, Engro Fertilizers, Engro Polymer & Chemicals, and Engro Vopak Terminal. It is listed on the Pakistan Stock Exchange.

History

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In 1957, Esso-Mobil discovered the region's largest gas reserves near Daharki, Ghotki District, Sindh.[5] Esso Pakistan Fertilizer Company was incorporated in 1965 as a fertiliser business by American company Esso. A total of 75% of the shares were owned by Esso and 25% by the general public.[6] Construction of the urea plant commenced in Daharki in 1966 and production began in 1968.[5] At US $43 million, with an annual production capacity of 173,000 tons, it was the single largest foreign investment by any multinational corporation in Pakistan at the time.[5]

In 1978, following Esso's global name change to Exxon, Esso Fertilizer was renamed as Exxon Chemical Pakistan in 1978.[7]

In 1991, Exxon divested its fertilizer business globally. The employees of Exxon Chemical Pakistan, in partnership with leading international and local financial institutions, bought out Exxon's 75 percent equity, thereby forming Engro Chemical Pakistan.[6] In 2010, Engro Chemical Pakistan renamed itself Engro Corporation and also adopted a new logo to reflect a uniform brand identity across its diverse businesses.[8]

In 2015, the National Accountability Bureau (NAB) initiated a case against Engro and several other parties, alleging that the contract for the import and distribution of Liquefied natural gas (LNG) awarded to Elengy Terminal in 2013, violated the rules of the Public Procurement Regulatory Authority (PPRA). NAB also accused the then Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi of abusing his authority, which they claimed could result in a potential loss of $2 billion to the national exchequer.[9] Although the case was closed by NAB in 2016, it was reopened in 2018.[10]

Engro was the first Pakistani company to become a signatory of the UN Global Compact (UNGC) and adopt the Global Reporting Initiative (GRI) framework for measuring and reporting corporate performance on economic, social, and environmental parameters.[11]

Subsidiaries

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Engro Fertilizers

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Engro Fertilizers is the second-largest fertilizer manufacturer in Pakistan, after Fauji Fertilizer Company.[12] It commissioned EnVen, the world's largest single-train urea plant, in 2011, marking one of Pakistan's largest private sector industrial investments.[5][13]

Engro Energy

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Engro Energy Limited owns and operates Engro Powergen Qadirpur Limited, a 217-megawatt power plant.[14][15] Engro Energy also holds Engro Powergen Thar, Engro Energy Services, and Sindh Engro Coal Mining Company.[16]

Engro Polymer

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Engro Polymer was established as a joint venture with Mitsubishi to produce PVC and other Chlor Alkali products like Caustic Soda, Sodium Hypochlorite, and Hydrochloric Acid.[17]

Engro Enfrashare

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Established in 2018, Engro Enfrashare operates more than 3,950 telecommunication towers in Pakistan.[18]

Engro Eximp

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Engro Eximp Agriproducts was founded in 2011.[3] It operates a plant for processing and finishing rice.[3]

Engro Eximp FZE, a wholly owned subsidiary of Engro Eximp Agriproducts, started its operations in 2022 in the Jebel Ali Free Zone of Dubai. It facilitates global trading opportunities in energy, petrochemicals, and other sectors.[19]

Joint ventures

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Engro Vopak

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Engro Vopak Terminal provides storage for bulk liquid chemicals and Liquefied petroleum gas (LPG), with an expanded capacity of 82,400 cubic meters.[20] It is a joint venture with Royal Vopak of the Netherlands.[21]

Engro Elengy Terminal

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Engro Elengy Terminal is a joint venture between Engro Corporation and Royal Vopak of the Netherlands, is the first LNG terminal of Pakistan that started operations in March 2015.[22][21]

FrieslandCampina Engro Pakistan

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Established in 2006, FrieslandCampina Engro is a joint venture with Royal FrieslandCampina.[13] Its brands include Tarang, Olpers, Omung, and Omoré.[23]

Philanthropy

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Main article: Engro Foundation

Engro's social investment programs are managed by Engro Foundation.[24]

In 2012, Engro Foundation launched I Am The Change Awards to recognize individuals who are working for the betterment of people and hard-hit communities.[25] In 2020, the Foundation also signed a three-year memorandum of cooperation with the Bill and Melinda Gates Foundation to promote the well-being of vulnerable and marginalised segments of society.[26]

Leadership

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List of chief executive officers

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Board of directors

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Engro's Board of Directors includes one executive director, five independent directors, and four non-executive directors.[30] Hussain Dawood has been the Engro Corporation Chairman since 2006.[31]

References

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  1. ^ "ENGRO - Engro Corporation Limited". Pakistan Stock Exchange (PSX). Retrieved 1 July 2023.
  2. ^ "Annual Report 2023" (PDF). Engro Cooperation Limited. 23 February 2024. p. 382. Retrieved 23 May 2024.
  3. ^ a b c "Company case studies - Engro Corporation Ltd" (PDF). Deutsche Investition- und Entwicklungsgesellschaft (DEG). Retrieved 2 July 2023.
  4. ^ a b Jamal, Nasir (8 July 2019). "Engro's big dreams". Dawn. Retrieved 1 July 2023.
  5. ^ a b c d "Engro Fertilizers". Manufacturing Today. 18 August 2016. Retrieved 1 July 2023.
  6. ^ a b "Engro Corporation Limited". Business Recorder. 28 December 2016. Retrieved 2 July 2023.
  7. ^ "Engro makes a splash". PT Profit, Pakistan Today (magazine). 14 March 2021. Retrieved 17 May 2021.
  8. ^ "Engro Chemical to turn into corporation". Dawn. 11 December 2009. Retrieved 1 July 2023.
  9. ^ Reporter, The Newspaper's Staff (31 July 2017). "Khaqan Abbasi faces NAB inquiry over LNG contract". DAWN.COM.
  10. ^ Report, Staff (3 December 2019). "NAB files reference against Abbasi, Miftah in LNG import case". Profit by Pakistan Today. Retrieved 22 May 2024.
  11. ^ Ashique Ali Jhatial; Nelarine Cornelius; James Wallace (2014). "Corporate Social Responsibility in Pakistan: Corporate Engagements in the Local Community and their Social Impact". In Fukukawa, Kyoko (ed.). Corporate social responsibility and local community in Asia. London, New York: Routledge. p. 118. ISBN 978-0-415-62765-8.
  12. ^ "FFC – Pakistan's market leader in fertilizer manufacturing and marketing". Pakistan & Gulf Economist. 27 December 2020. Retrieved 20 June 2023.
  13. ^ a b Niazi, Abdullah (20 April 2023). "Engro announces massive Rs23bn in dividends. But is this a good thing?". Profit by Pakistan Today. Retrieved 1 July 2023.
  14. ^ "Engro Powergen Qadirpur Limited". Business Recorder. 26 June 2019. Retrieved 2 July 2023.
  15. ^ "On energy innovation". Business Recorder. 29 November 2022. Retrieved 18 July 2023.
  16. ^ Proctor, Darrell (2 August 2021). "Cause for Celebration–Plant Provides Power, Economic Boost to Pakistan". POWER Magazine. Retrieved 2 July 2023.
  17. ^ "Engro Polymer & Chemicals Limited". Business Recorder. 10 February 2023. Retrieved 2 July 2023.
  18. ^ Siddiqui, Salman (6 December 2020). "Pakistan boosts work on transmission towers". The Express Tribune. Retrieved 2 July 2023.
  19. ^ Ahmed, Khurshid (28 February 2022). "Subsidiary of Pakistani conglomerate Engro Corporation starts UAE operations". Arab News PK. Retrieved 8 July 2023.
  20. ^ "EVTL Expansion". International Finance Cooperation (IFC). Retrieved 2 July 2023.
  21. ^ a b "Engro Corporation, Royal Vopak celebrate 25 years of strategic partnership for value creation in Pakistan". Profit by Pakistan Today. 12 January 2023. Retrieved 2 July 2023.
  22. ^ Henderson, James; Gomes, Ieda; Sharples, Jack; Mike, Fulwood; Lambert, Martin (1 September 2020). "Pakistan - Emerging Asia LNG demand". Research Report. Oxford Institute for Energy Studies: 86–100.
  23. ^ "Friesland Campina profit rises 37 percent in 2022". The News International. Retrieved 2 July 2023.
  24. ^ Eweje, Gabriel, ed. (2014). Corporate social responsibility and sustainability: emerging trends in developing economies. Bingley: Emerald Publishing. p. 179. ISBN 9781784411510.
  25. ^ "The award winners!". The News International.
  26. ^ "Engro, Gates Foundation to protect vulnerable groups". Dawn. 25 April 2020. Retrieved 18 May 2021.
  27. ^ "Oxford University Press launches Shaukat Mirza's book". Brecorder. 9 February 2005.
  28. ^ Tirmizi, Farooq (16 April 2012). "Corporate titan: After 27 years at Engro, Asad Umar calls it a day". The Express Tribune. Retrieved 1 July 2023.
  29. ^ a b "New boss: Game of CEOs subsides as Engro Corp announces new chief". The Express Tribune. 13 May 2015. Retrieved 1 July 2023.
  30. ^ "Board of Directors & Committees". Engro Corporation Limited. 9 August 2018. Retrieved 1 July 2023.
  31. ^ "Hussain Dawood, Chairman, Non-Executive Director". Engro Corporation Limited. Retrieved 1 July 2023.

Further reading

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  • Mirza, Shaukat Raza (2005) From Exxon to Engro. Oxford: Oxford University Press. ISBN 9780195977080. OCLC 57282994
  • Saeed, Mawal Sara (2012). Yes Engro – There is Hope: An analysis of Capital Structure of Engro. Lap Lambert Academic Publishing, ISBN 978-3846580196.

Articles

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  • Khurshid, Anwar; Chaudary, Muddassir Shafique (September 2010). "Engro Chemical Pakistan Limited—Restructuring the Marketing Division". Asian Journal of Management Cases. 7 (2): 135–155. OCLC 1017718782
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