Engro Polymer & Chemical

Formerly	Engro Asahi Polymer Chemical Limited (1997–2006)
Company type	Public
Traded as	PSX: EPCL
Industry	Chemical
Founded	1997; 27 years ago (1997)
Headquarters	Harbour Front Building, Clifton, Karachi-75600, Pakistan
Key people	Abdul Qayoom (CEO)
Revenue	Rs. 81.270 billion (US$280 million) (2023)
Operating income	Rs. 18.294 billion (US$63 million) (2023)
Net income	Rs. 9.230 billion (US$32 million) (2023)
Total assets	Rs. 90.598 billion (US$310 million) (2023)
Total equity	Rs. 28.592 billion (US$99 million) (2023)
Owner	Engro Corporation (56.19%)[1] Mitsubishi Corporation (10.24%)[2]
Number of employees	596 (2023)
Parent	Engro Corporation
Subsidiaries	Think Pvc Engro Plastisizer Engro Peroxide
Website	engropolymer.com
Footnotes / references Financials As of 31 December 2023[update] [3]

Engro Polymer & Chemical Limited (EPCL) (Urdu: اینگرو پولیمر) is a Pakistani polymer manufacturing company based in Karachi, Pakistan.^[4] It is a subsidiary of conglomerate the Engro Corporation.^[5] The company has more than 70 percent local market share.^[6]

History

Engro Polymer & Chemicals was founded in 1997 as part of Engro Chemical Pakistan.^[7]

In November 1997, the company entered into a joint venture agreement with Mitsubishi Corporation and Asahi Glass Company to build a polyvinyl chloride (PVC) manufacturing plant.^[7] The $80 million project was financed with $37 million in equity and $39 million in long-term debt.^[8] Engro contributed 50 percent of the equity ($18.5 million), Asahi 30 percent ($11.1 million), and Mitsubishi 20 percent ($7.4 million).^[8] Foreign currency debt of $28.5 million came from the International Finance Corporation and CDC, while local currency debt of $10.5 million and working capital of $4 million were provided by various Pakistani and international banks.^[8] The facility was constructed at Port Qasim, in close proximity to the city of Karachi.^[7] The plant was engineered to produce 100,000 tonnes of suspension grade PVC resin per year.^[7] The production of PVC at the facility began in 1999.^[7]

In 2006, Engro Polymer commissioned a chlor vinyl complex, allowing for in-house production of intermediaries such as vinyl chloride monomer with a capacity of 204,000 tpa and chlorine with a capacity of 94,200 tpa.^[9] The expansion project cost approximately $250 million, which included $30 million loan and $20 million equity investment from the International Finance Corporation.^[9] It increased its PVC production capacity to 150,000 tons.^[10] In the same year, the company was renamed to Engro Polymer & Chemicals Limited after Engro Corporation acquired Asahi Glass stake.^[10]

In 2008, Engro Polymer was listed on the Karachi Stock Exchange, following an initial public offering at a strike price of PKR 18.^[11][12]

In August 2018, Engro Polymer announced that the company would set up a new plant to expand the production of PVC and caustic soda. Along with an efficiency project such as de-super heating quenches at EDC/VCM plant.^[6]

References

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