January 28, 2021 (MLN): ICI Pakistan Limited (ICI) has announced 1HFY21 results today, as per which the company posted consolidated profits of Rs 2.43 billion with earnings per share (EPS) of Rs 28.34, as opposed to the profits of Rs 1.84 billion (EPS: Rs 20.05) in the same period of last year, showing a growth of 32% YoY.
Alongside results, the Board of Directors of the company has approved an interim cash dividend in respect of the financial year ending June 30, 2021, at the rate of 200% i.e. Rs 20 per share of PKR 10/- each to be payable to the shareholders.
The increase in ICI’s profitability was driven mainly through operational excellence across all businesses and lower finance cost which went down by 47% YoY compared to the same period last year, backed by improved cash generation resulting in significantly reduced debt levels and lower interest rates.
The Company also recognized Rs 215 million as a share of profit from its associate – NutriCo Pakistan (Private) Limited which further boosted the company’s profitability.
Among other major heads, FFC’s distribution cost jumped by 16% YoY, admin expenses increased by 21% YoY and other income witnessed a growth of 163 YoY.
The company booked an effective tax rate of 27% against 30% in the corresponding period last year.
|
Consolidated Profit and Loss Account for the six months ended December 31, 2020 ('000 Rupees) |
|||
|---|---|---|---|
|
|
December-20 |
December-19 |
% Change |
|
Net Turnover |
30,402,987 |
29,744,738 |
2.2% |
|
Cost of sales |
(23,705,348) |
(23,782,770) |
-0.3% |
|
Gross profit |
6,697,639 |
5,961,968 |
12.3% |
|
Selling and distribution expenses |
(2,102,060) |
(1,810,889) |
16.1% |
|
Administrative and general expenses |
(839,530) |
(693,205) |
21.1% |
|
Operating result |
3,756,049 |
3,457,874 |
8.6% |
|
Finance costs |
(506,197) |
(957,282) |
-47.1% |
|
Exchange gain/loss |
18,449 |
28,116 |
-34.4% |
|
Workers' profit particiaption fund |
(195,409) |
(152,319) |
28.3% |
|
Workers' welfare fund |
(82,628) |
(47,523) |
73.9% |
|
Other charges |
(20,899) |
(29,213) |
-28.5% |
|
Total charges |
(786,684) |
(1,158,221) |
-32.1% |
|
Other income |
138,328 |
52,492 |
163.5% |
|
Share of Profit from an associate |
215,033 |
285,943 |
-24.8% |
|
Profit before taxation |
3,322,726 |
2,638,088 |
26.0% |
|
Taxation |
(888,220) |
(792,344) |
12.1% |
|
Profit after taxation |
2,434,506 |
1,845,744 |
31.9% |
|
EPS |
28.34 |
20.05 |
41.3% |
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