ICI Pakistan’s net profitability surges by 2.23x YoY to Rs 1.8 bln

MG News | January 28, 2020 at 02:33 PM GMT+05:00

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January 28, 2020 (MLN): ICI Pakistan has shown significant progress over the period as its net turnover for the six months ended on December 31, 2019, stood at PKR 29,745 million, showing an increase of 5% in a corresponding period last year.

The net turnover includes the results of the company’s subsidiaries: ICI Pakistan PowerGen Limited, Cirin Pharmaceuticals (Private) Limited and NutriCo Morinaga (Private) Limited.

During the period, the operating results stood at PKR 3,458 million was higher by 77% in comparison to the same period last year.

The net profitability for the six months period under review was PKR 1,846 million which is 2.23 times higher than the corresponding period of last year, whereas EPS attributable to the owners of the holding company at PKR 20.05 is 2.27 times higher than the SPLY.

Despite higher interest expense during the period under review as compared to the SPLY, these improved results were driven mainly by operational excellence and a stable exchange rate in comparison to the SPLY. The Company recognized PKR 286 million as share of profit from NutriCo Pakistan (Private) Limited.

Other than this, the Board has approved interim cash dividend in respect of the financial year ending June 30, 2020, at the rate of 110% i.e. PKR 11 per share of PKR 10/- each to be payable to members.

Profit and Loss Account for the Six Months Ended December 31st 2019 (Rs'000)
	December-19	December-18	% Change
Net Turnover	29,744,738	28,407,645	4.7%
Cost of sales	(23,782,770)	(24,066,680)	-1.2%
Gross profit	5,961,968	4,340,965	37.3%
Selling and distribution expenses	(1,810,889)	(1,649,566)	9.8%
Administrative and general expenses	(693,204)	(742,320)	-6.6%
Operating result	3,457,875	1,949,079	77.4%
Finance costs	(957,282)	(703,682)	36.0%
Exchange gain/loss	28,116	(216,841)
Workers' profit participation fund	(152,319)	(60,446)	152.0%
Workers' welfare fund	(47,523)	(23,857)	99.2%
Other charges	(29,213)	(30,234)	-3.4%
Total charges	(1,158,221)	(1,035,060)	11.9%
Other income	52,492	68,942	-23.9%
Share of Profit from an associate	285,943	168,531	69.7%
Profit before taxation	2,638,089	1,151,492	129.1%
Taxation	(792,344)	(326,588)	142.6%
Profit after taxation	1,845,745	824,904	123.8%
EPS	20.05	8.83	127.1%

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