ICI full-year net surges to Rs5.24bln

KARACHI: ICI Pakistan Limited (ICI) on Thursday said its net profit for year ended June 30, 2021 surged two-fold to Rs5.24 billion compared to Rs2.43 billion reported last year.

This translates into an earning per share (EPS) of Rs60.30, two times higher year-on-year compared to last year.

The company also declared a final cash dividend for the period under review at the rate of 200 percent (Rs20 per share of Rs10 each).

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 clocked in at Rs64.77 billion, up 17 percent year-on-year, resulting in an increase of gross margins from 20 percent to 22.5 percent, the company said in its statement.

The operating result jumped 43 percent to Rs8.05bn year-on-year in comparison to last year.

Meanwhile, the company finance cost declined 51 percent year-on-year to Rs929 million due to a lower interest rate regime. During the year, the company recognised Rs527 million as a share of profit from its associate Nutri Co Pakistan (Private) Limited.