This article includes a list of references, related reading or external links, but its sources remain unclear because it lacks inline citations. (July 2013) (Learn how and when to remove this template message)
|Founded||Basic Foundation: 1957 as Esso/Mobil Joint Venture, Company Incorporated 1965 as Esso Pakistan Fertilizer Company Limited|
(President) and (CEO)
Omore Ice Cream
Engro Rupiya Certificate
|Revenue||PKR 157.208 Billion (2016)|
|PKR 69.107 Billion (2016)|
|PKR 290.333 Billion (2016)|
|PKR 169.091 Billion (2016)|
Number of employees
|3,768 (December 2016)|
It's major subsidiaries include Engro Fertilizers - which is one of the largest fertilizer manufacturers of the world, Engro Foods which manufactures, processes and markets dairy products, frozen desserts, faizan steels and fruit drinks including the ice cream brand of OMORÉ. Other major subsidiaries include Sindh Engro Coal Mining Company, Engro Powergen Limited and Engro Polymer & Chemicals Limited
It was 1957 when in search for oil by Pak Stanvac, an Esso/Mobil joint venture led to the discovery of the Mari Gas field near Daharki Pakistan. Esso proposed the establishment of a urea plant in that area which led to a fertilizer plant agreement signed in 1964. In the subsequent year, Esso Pakistan Fertilizer Company Limited was incorporated, with 75% of the shares owned by Esso and 25% by the general public.
The construction of a urea plant commenced at Daharki in 1966 and production began in 1968. At US $43 million with an annual production capacity of 173,000 tons, it was the single largest foreign investment by a multinational corporation in Pakistan at the time.
In 1978, it was decided to rename the company from Esso Fertilizer Company Limited to Exxon Chemical Pakistan Limited.
In 1991, Exxon decided to divest its fertilizer business on a global basis. The employees of Exxon Chemical Pakistan Limited, in partnership with leading international and local financial institutions, bought out Exxon's 75% equity. This was at the time and perhaps still is the most successful employee buy-out in the corporate history of Pakistan. Renamed as Engro Chemical Pakistan Limited, the Company has gone from strength to strength, reflected in its consistent financial performance, growth of the core fertilizer business, and diversification into other businesses.
It was year 1997 when Engro Chemical Pakistan limited decided to establish Engro Vopak Terminal Limited on 50/50 partnership basis between Engro and Royal Vopack of Netherlands, for handling bulk liquid chemical storage at Port Qasim Karachi. In that same year Engro Asahi polymer Chemicals limited was established in a result of joint venture between Mitsubishi Corporation and Asahi for the manufacturing and marketing of PVC resin.
Engro company was established in 2003, after which in 2005 Engro decided to diversify their business more by venturing into the food business by establishing Engro Foods Limited.
Engro also ventured into the power generation business by setting up Engro Energy Limited in 2006, which later on was renamed as "Engro Powergen Limited" in 2008. It was established with the basic aim to play Engro's part to tackle the energy crisis in the country.
In year 2007, Engro Asahi polymer divested its share in joint venture with Mitsubishi and the company renamed as Engro Polymer and Chemicals Limited.
In 2010, keeping in view the immense diversification of Engro Chemical Pakistan Limited, it was decided to rename the company as Engro Corporation as the holding company.
Engro sold 22% of its shares in Engro Fertilizer in 2016 to local and international investors via an accelerated book build. The partial disposal reduces Engro Corporation's holding to 57%, with the money raised being allocated to its energy business.
In the year 2011, Engro Corporation had a major global diversification with the acquisition of US-based company, Al Safa Halal. This new business venture comes under Engro Foods Canada Ltd and its subsidiary Engro Foods USA, LLC. Al Safa Halal targets 7 million population of Muslims in North America.
Apart from the chairmanship, Asad Umar held the position of CEO & President at Engro Corporation from 2004-2012.
Muhammad Aliuddin Ansari then served as the CEO & President of Engro Corporation from 2012-2015. With Ali Ansari's departure, Khalid Siraj Subhani took over as CEO and President. After his retirement in 2016, Ghias Khan was appointed as the new President and CEO effective 1 December, 2016.
Engro Corporation (Engro) 9MCY14: Food Drag Profitability - Azee Research http://wishstocks.com/2014/12/03/engro-corporation-engro-9mcy14-food-drag-profitability-azee-research/