ICI Pakistan profits increase by 9.48% to Rs. 1.629 billion

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MG News | January 24, 2018 at 03:25 PM GMT+05:00

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ICI Pakistan today released financial results for the six months and quarter ending December, 2017. Company reported an increase of 19.77% in net turnover for the second half of year 2017. The total led to an increase of 20.59% in Gross Profit to clock in at 4.431 billion against 3.674 last year.

Company Administrative & General Expenses and Other charges increased by 65.45% and 42.26% respectively. ICI’s other income also clocked in at 63.56 million up by more than 70%.

Taxation for the period declined by 48.11%, resulting in an increase of 9.48% in profit after tax. ICI bottom-line profits totaled Rs. 1.629 billion against Rs. 1.488 billion during the same period last year.

Company management increased the EPS from Rs. 17.56 per share to Rs. 16.11 per share, up by 9%. The Company Board approved an interim cash dividend of at the rate of 80% i.e. Rs. 8/- share of Rs. 10/- each to be payable to the members.

Comparison of Key Financials

Unconsolidated Profit and Loss Account - For the Half Year Ended, December 30th 2017

Key Financials

2017

2016

% Change

 

Amounts in PKR ‘000

Turnover

26,936,985

22,657,497

18.89%

Sales Tax

1,408,150

1,304,803

7.92%

Commission and discounts

2,008,882

1,715,175

17.12%

Net turnover

23,519,953

19,637,519

19.77%

Cost of sales

19,088,696

15,962,808

19.58%

Gross profit

4,431,257

3,674,711

20.59%

Selling and distribution expenses

1,480,327

1,216,581

21.68%

Administration and general expenses

806,632

487,525

65.45%

Operating result

2,144,298

1,970,605

8.81%

Finance costs

214,150

195,443

9.57%

Exchange(loss)/gain

(238,202)

5,966

 

Other charges

23,493

16,514

42.26%

Other income

63,564

37,343

70.22%

Share of profit from associate

279,038

321,667

-13.25%

Profit before taxation

1,881,053

1,973,333

-4.68%

Taxation

251,767

485,168

-48.11%

Profit after taxation

1,629,286

1,488,165

9.48%

EPS - Basic and diluted

17.56

16.11

9.00%

Company release on Earnings Report can be accessed here.

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