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

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 30^th 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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