ICI profits up 33 percent

ICI Pakistan Limited in its quarter earnings has posted 33 percent increase in net profits, amid an increase in the sales.  In its condensed interim consolidated profit and loss report released to the Pakistan Stock Exchange, ICI posted profit after taxation of Rs642.64 million in the quarter ended September 30, 2016, up against Rs483.96 billion in FY15.  

The company announced earnings per share (EPS) of Rs6.96 as compared to Rs5.24 last year.   It recorded revenues of Rs10.58 billion as compared to Rs9.83 billion while after paying sales tax, discounts and deducting cost of sales, gross profit was recorded at Rs1.71 billion against Rs1.43 billion during the same period previous year.   

 Other income of ICI remained at Rs18.67 million, compared to Rs15.12 million in the corresponding period last year. 

 The company’s operating result for the period, at Rs888 million, is around 24 percent higher than last year, on the back of improved performance of the polyester and life sciences businesses, said a spokesperson of the company.  

The board of directors of the company in the meeting of approving results also approved the acquisition of 100 percent shareholding of Cirin Pharmaceuticals Private Limited, a local pharmaceutical manufacturing company with an enterprise value of Rs1.07 billion.

Asif Jooma, Chief Executive, ICI Pakistan Limited, highlighted the significance of this news, stating, “The acquisition of Cirin Pharmaceuticals enables ICI Pakistan Limited to expand its footprint with its own manufacturing base for pharmaceutical products; an important move forward in alignment with the company’s growth ambitions.” 

Currently, the Pharmaceuticals Division of ICI Pakistan Limited’s Life Sciences Business markets a range of pharmaceutical products with leadership positions in key therapeutic categories.