ICI Pakistan’s net profit up 20 percent

KARACHI: ICI Pakistan Limited posted a net profit of Rs2.72 billion for the year ended June 30, up 20 percent amid a decline in cost of sales.

ICI posted profit after taxation of Rs2.27 billion in FY15.   The company also announced in a notice to the Pakistan Stock Exchange a final cash dividend of Rs9 a share, which is in addition to already paid interim cash dividend of Rs6.5 a share.

The company also announced earnings per share (EPS) of Rs29.56 as compared to Rs24.65 last year. It recorded revenues of Rs42.75 billion as compared to Rs42.71 billion, while after paying sales tax and cutting cost of sales gross profit was recorded at Rs6.57 billion against Rs5.90 billion during the same period the previous year.   

Operating result for the year at Rs3.571 million is 13 percent higher than the same period last year due to strong performance in the soda ash, life sciences, and chemicals businesses, which compensated for the lower operating result of the polyester business, said a spokesman of the company.

During the year, the company also completed a further 10 percent equity participation in its Associate, NutriCo Pakistan Pvt Ltd, (Morinaga infant formula distribution business), bringing its total investment in the business to 40 percent, he said.  

Demand generation on account of the China-Pakistan Economic Corridor projects is expected to create a favourable environment for investment growth in the country. “In the new financial year, planned capacity expansion projects in the soda ash business are expected to further enhance performance, while the outlook for the chemicals and life sciences businesses remains positive,” he said.