ICI Pakistan’s net profits grow by 53%, reflecting an improved operational performance
MG News | October 28, 2019 at 05:03 PM GMT+05:00
October 28, 2019 (MLN): ICI Pakistan has shown remarkable progress over the quarter as its consolidated profits for the quarter ended September 30, 2019, grew by 53.2 % over the corresponding period of last year.
The topline earnings of the company, along with its subsidiaries ICI Pakistan PowerGen Limited, Cirin Pharmaceuticals (Private) Limited and NutriCo Morinaga (Private) Limited, amounted to Rs 14 million, 9.2% higher than the same period last year.
Moreover, operating results stood at Rs 1.6 billion, 58.7% higher as compared to the same period last year on account of improved margins in Polyester, Soda Ash and Chemicals & Agri Sciences Businesses.
Additionally, improvement in operating results of the life sciences business was on the back of favourable operational efficiencies and improved sales mix.
On a consolidated basis, the company posted its net profit of Rs 835 million, up by 53% higher than the said period, reflecting an improved operational performance, along with exchange gain in comparison to the exchange loss incurred during the period which was partially offset by higher finance cost on the back of higher interest rates.
Other than this, ICI’s basic and diluted earnings per share have been reported at Rs 9.05 per share while those recorded last year were Rs 5.83 per share.
| Profit and Loss Account - For the Quarter Ended September 30th 2019 (Rs'000)
| |||
|---|---|---|---|
|
| September-19 | September-18 | % Change |
| Net Turnover | 14,516,209 | 13,299,247 | 9.2% |
| Cost of sales | (11,668,244) | (11,090,356) | 5.2% |
| Gross profit | 2,847,965 | 2,208,891 | 28.9% |
| Selling and distribution expenses | (879,285) | (815,029) | 7.9% |
| Administrative and general expenses | (329,754) | (361,401) | -8.8% |
| Operating result | 1,638,926 | 1,032,461 | 58.7% |
| Finance costs | (496,663) | (318,956) | 55.7% |
| Exchange gain/loss | 20,782 | (11,900) |
|
| Workers' profit participation fund | (71,285) | (48,501) | 47.0% |
| Workers' welfare fund | (24,523) | (17,773) | 38.0% |
| Other charges | (12,077) | (18,143) | -33.4% |
| Total charges | (583,766) | (415,273) | 40.6% |
| Other income | 24,602 | 43,049 | -42.9% |
| Share of Profit from an associate | 147,348 | 124,526 | 18.3% |
| Profit before taxation | 1,227,110 | 784,763 | 56.4% |
| Taxation | (391,584) | (239,229) | 63.7% |
| Profit after taxation | 835,526 | 545,534 | 53.2% |
| EPS | 9.05 | 5.83 | 55.2% |
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