ICI Pakistan continues on its profitability path
MG News | April 27, 2021 at 05:29 PM GMT+05:00
April 27, 2021 (MLN): ICI Pakistan has shown outstanding growth in its consolidated profits for the nine months ended March 31, 2021, surging by 86.4% YoY to stand at Rs 4.32 billion against the net profits of Rs 2.32 billion reported in the same period last year.
This has translated earnings per share which increased by 92% to Rs 49.58 per share from Rs 25.81 in the corresponding period last year.
These improved results were driven by operational excellence across all businesses, lower finance cost due to lower interest rates and debt levels, and a stable exchange rate as compared to SPLY.
As per the financial report sent to PSX, on a consolidated basis (including the results of the Company's subsidiaries: ICI Pakistan PowerGen Limited and NutriCo Morinaga (Private) Limited), net turnover stood at Rs 48.09 billion, an 8% increase over the same period last year (SPLY).
The operating result clocked in at 6.45 billion i.e., 28% higher in comparison to SPLY. The strong results were mainly driven by the Polyester, Pharmaceuticals and Animal Health businesses.
Moreover, the company recognized Rs 402 million as a share of profit from its Associate - NutriCo Pakistan (Private) Limited.
|
Consolidated Profit and Loss Account for the Nine Months Ended March 31st, 2021 (Rs'000) |
|||
|---|---|---|---|
|
|
March-21 |
March-20 |
% Change |
|
Net Turnover |
48,085,326 |
44,545,885 |
7.9% |
|
Cost of sales |
(36,927,480) |
(35,475,823) |
4.1% |
|
Gross profit |
11,157,846 |
9,070,062 |
23.0% |
|
Selling and distribution expenses |
(3,297,485) |
(2,903,978) |
13.6% |
|
Administrative and general expenses |
(1,411,066) |
(1,125,486) |
25.4% |
|
Operating result |
6,449,295 |
5,040,598 |
27.9% |
|
Finance costs |
(694,303) |
(1,442,836) |
-51.9% |
|
Exchange gain/loss |
42,839 |
(344,994) |
- |
|
Workers' profit participation fund |
(331,284) |
(209,079) |
58.4% |
|
Workers' welfare fund |
(129,232) |
(65,498) |
97.3% |
|
Other charges |
(31,696) |
(38,495) |
-17.7% |
|
Total charges |
(1,143,676) |
(2,100,902) |
-45.6% |
|
Other income |
171,955 |
113,674 |
51.3% |
|
Share of Profit from an associate |
401,896 |
342,558 |
17.3% |
|
Profit before taxation |
5,879,470 |
3,395,928 |
73.1% |
|
Taxation |
(1,560,927) |
(1,078,887) |
44.7% |
|
Profit after taxation |
4,318,543 |
2,317,041 |
86.4% |
|
EPS |
49.58 |
25.81 |
92.1% |
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