August 02, 2022 (MLN): ICI Pakistan has announced its FY22 financial result with a consolidated profit after tax (PAT) of Rs8.86 billion (EPS: Rs91.66), up by a whopping 69% YoY when compared to the net profit of Rs5.23bn (EPS: Rs60.3) earned in last fiscal year.
Alongside the results, the Board of Directors has recommended the final cash dividend in respect of the year ended June 30, 2022 at the rate of 150% (i.e. Rs15 per share of Rs10 each. This is in addition to the interim cash dividend of 200% (i.e. Rs20 per share of Rs10 each) already paid, as recommended by the Board of Directors.
This final cash dividend will bring a total cash dividend of 350% during the year.
This financial performance was achieved through enhanced efficiencies across all businesses, recovering consumer demand, acquisition of an additional shareholding in NutriCo Pakistan (Private) Limited allowing for consolidation of results, and the one-off net positive impact resulting from the remeasurement of the previously held equity interest of NutriCo Pakistan (Private) Limited.
On a consolidated basis (including the results of the company's subsidiaries: ICI Pakistan PowerGen Limited and NutriCo Morinaga (Private) Limited), net turnover for the year was Rs100bn, a 56% increase over the same period last year (SPLY). The operating result at Rs13.83bn is higher by 72% in comparison to the SPLY.
Meanwhile, the results were negatively impacted by the retrospective imposition of a 4% Poverty Alleviation Tax and a 6% Super Tax through the Finance Act, 2022.
Adjusting for the one-off gain of Rs1.85bn as a consequence of the re-measurement of previously held equity interest, as explained above, PAT for the year ended June 30, 2022, would have been Rs7.01bn, 34% higher versus the SPLY.
|
Consolidated Profit and Loss Account for the Year Ended June 30, 2022 (Rs'000) |
|||
|---|---|---|---|
|
|
June-22 |
June-21 |
% Change |
|
Net Turnover |
100,866,828 |
64,766,213 |
55.7% |
|
Cost of sales |
(78,912,457) |
(50,184,434) |
57.2% |
|
Gross profit |
21,954,371 |
14,581,779 |
50.6% |
|
Selling and distribution expenses |
(5,914,262) |
(4,588,476) |
28.9% |
|
Administrative and general expenses |
(2,215,105) |
(1,948,595) |
13.7% |
|
Operating result |
13,825,004 |
8,044,708 |
71.9% |
|
Other charges |
(580,690) |
(650,916) |
-10.8% |
|
Finance costs |
(1,242,885) |
(928,767) |
33.8% |
|
Exchange gain/(loss) |
(761,413) |
37,175 |
– |
|
Other income |
405,472 |
231,921 |
74.8% |
|
Gain on remeasurement of previously held equity interest of NutriCo Pakistan |
1,847,321 |
– |
– |
|
Share of Profit from an associate |
– |
526,554 |
– |
|
Profit before taxation |
13,492,809 |
7,260,675 |
85.8% |
|
Taxation |
(4,632,787) |
(2,031,904) |
128.0% |
|
Profit after taxation |
8,860,022 |
5,228,771 |
69.4% |
|
EPS-basic and diluted |
91.66 |
60.3 |
52.0% |
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