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