ICI observes 23% deterioration in its yearly profits

MG News | July 26, 2019 at 10:53 AM GMT+05:00

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July 26, 2019 (MLN): ICI Pakistan Limited has announced its financial results for the year ended on June 30, 2019 wherein the company’s profit-after-tax logged in at Rs.2.537 billion thus marking a decline of over 23% compared to earnings in the same period last year.

The decline in company’s profits were primarily driven by increased financing cost owing to higher interest rates and higher debt due to shift in the Company’s payment policy from Usance LCs to Sight LCs to minimize foreign exchange losses, and higher effective tax rate due to non-availability of tax credits which were available during the same period last year on account of Light Soda Ash expansion project.

The company’s Earnings per share (EPS) for the aforementioned period stood at Rs. 27.34, as compared to Rs.35.51 recorded in the corresponding period last year.

Profit and Loss Account - For the Year Ended June 30th 2019 (Rs'000)
	June 30th, 2019	June 30th, 2018	% Change
Turnover	59,382,411	49,992,068	18.8%
Cost of sales	(49,637,402)	(41,005,429)	21.1%
Gross profit	9,745,009	8,986,639	8.4%
Selling and distribution expenses	(3,344,129)	(3,103,257)	7.8%
Administrative and general expenses	(1,457,445)	(1,281,172)	13.8%
Operating result	4,943,435	4,602,210	7.4%
Other charges	(273,180)	(326,091)	-16.2%
Finance costs	(1,485,754)	(654,094)	127.1%
Exchange loss	(437,615)	(430,706)	1.6%
	(2,196,549)	(1,410,891)	55.7%
Other income	131,305	156,355	-16.0%
Share of Profit from an associate	525,769	585,968	-10.3%
Profit before taxation	3,403,960	3,933,642	-13.5%
Taxation	(867,330)	(635,988)	36.4%
Profit after taxation	2,536,630	3,297,654	-23.1%
EPS	27.34	35.51	-23.0%

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