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Time of India
21-05-2025
- Time of India
2 retired agri officials booked for corruption
Trichy: Directorate of vigilance and anti-corruption (DVAC) has booked two retired officials of the agriculture department on charges of corruption. They allegedly procured low-quality machines and farm inputs from a few companies and misappropriated funds allocated for various schemes when they were in charge. Tired of too many ads? go ad free now , former joint director in Trichy, and , also a former joint director of the department (state scheme), have been named in the FIR registered by DVAC on Monday. The two came under DVAC scanner after M Abdullah, president of a farmers' association based in Manapparai, wrote to top officials about the alleged scam in Nov 2023. He alleged that the two had procured substandard farm machinery and farm inputs from a few companies for distribution to farmers under 14 special schemes, including National Agricultural Development Programme (NADP), Agricultural Technology Management Agency (ATMA), and National Food Security Mission (NFSM). The farmer leader alleged that the officials violated the norms of District Level Agricultural Procurement Committee (DLAPC). The machinery and inputs were bought from a few companies that served their interests, he added. During investigation, DVAC found that the officials did not convene DLAPC meetings and procured machinery and inputs for around Rs2.25 crore for distribution under State Agriculture Development Scheme. DVAC also observed that the officials did not follow Tamil Nadu Transparency in Tender Rules. They noted that the officials did not distribute the items to beneficiaries but falsely registered that they had. Both officials retired from service around last year. After confirming the allegations, DVAC registered a case under Prevention of Corruption Act and sections 409 (criminal breach of trust by public servants) and 420 (cheating). Investigation is still in progress.
Business Recorder
22-04-2025
- Business
- Business Recorder
Engro Fertilizers profit plunges 63% to Rs2.9bn in Jan-Mar 2025
Engro Fertilizers Limited posted a profit after tax (PAT) of Rs2.90 billion for the quarter ended March 31, 2025, a massive decrease of 63% as compared to Rs7.76 billion recorded in the same period last year, showed the company's consolidated financial results posted at the Pakistan Stock Exchange (PSX) on Tuesday. The company declared a cash dividend of Rs2.25/share for 1QCY25. The earnings per share stood at Rs2.17 for the said quarter, against Rs5.81 in the same period last year. Engro Fertilizer posts Rs28.3bn profit in 2024 Net sales of the company stood at Rs30.29 billion in 1QCY25, down by 58%, against Rs73.78 billion recorded in the same period last year. The cost of sales was recorded at Rs19.60 billion, down by 65% against Rs56.59 billion recorded in Jan-Mar of 2024. Resultantly, the company's gross profit stood at Rs10.68 billion in 1QCY25, against Rs17.20 billion recorded in the same period the previous year. Engro Fertilizers' selling and distribution expenses stood at Rs3.22 billion, against Rs4.39 billion recorded in the same period last year. The company's administrative expensive were recorded at Rs1.24 billion in 1QCY25, against Rs1.10 billion in 1QCY24. The finance cost increased massively by 580% to Rs1.09 billion in Jan-Mar of 2025, against Rs160.5 million in Jan-Mar of 2024. The company's profit before tax stood at Rs4.9 billion in 1QCY25, against Rs12.11 billion posted in 1QCY24.
