One-off gain from NutriCo expands ICI Pakistan’s bottom line

MG News | April 27, 2022 at 10:50 AM GMT+05:00

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April 27, 2022 (MLN): ICI Pakistan Limited has shown significant progress during 9MCY22 as it posted a profit after tax (PAT) of Rs8.17 billion (EPS: Rs84.48), 87% higher than the net profit of Rs4.36bn (EPS:50.05) in the same period last year.

Despite a 19% increase in finance cost and exchange loss of Rs377mn during the period, this splendid performance was achieved through improved efficiencies across all businesses, recovering consumer demand, acquisition of additional shareholding in NutriCo Pakistan (Private) Limited (now merged with and into NutriCo Morinaga (Private) Limited) allowing for consolidation of results, and a one-off net positive impact of Rs1.85bn resulting from the remeasurement of the previously held equity interest of NutriCo Pakistan (Private) Limited.

Adjusting for the one-off gain of Rs1.85bn as a consequence of re-measurement of previously held equity interest, as explained above, PAT for the period under review would have been Rs6.320 million, 45% higher versus the SPLY.

Meanwhile, on the tax front, the effective tax rate improved to 23% against 26% in 9MFY21.

Consolidated Profit and Loss Account for the Nine Months Ended March 31st, 2022 (Rs'000)
	March-22	March-21	% Change
Net Turnover	72,521,398	48,085,326	50.8%
Cost of sales	(56,339,382)	(36,884,308)	52.7%
Gross profit	16,182,016	11,201,018	44.5%
Selling and distribution expenses	(4,378,847)	(3,297,485)	32.8%
Administrative and general expenses	(1,551,644)	(1,411,066)	10.0%
Operating result	10,251,525	6,492,467	57.9%
Finance costs	(827,618)	(694,303)	19.2%
Exchange gain/loss	(377,345)	42,839	-
Workers' profit participation fund	(403,430)	(331,284)	21.8%
Workers' welfare fund	(152,958)	(129,232)	18.4%
Other charges	(61,870)	(31,696)	95.2%
Total charges	(1,823,221)	(1,143,676)	59.4%
Other income	284,125	171,955	65.2%
Gain on remeasurement of existing interest in NutriCo Pakistan	1,847,321
Share of Profit from an associate	-	401,896	-
Profit before taxation	10,559,750	5,922,642	78.3%
Taxation	(2,392,320)	(1,560,927)	53.3%
Profit after taxation	8,167,430	4,361,715	87.3%
EPS-basic and diluted	84.48	50.05	68.8%

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