ICI Pakistan continues on its profitability path

MG News | April 27, 2021 at 05:29 PM GMT+05:00

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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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