ICI Pakistan is a 75.81% owned subsidiary of ICI Plc, UK. It was set up as a public limited company in 1952. Its presence in this part of the world, however, pre-dates the formations of the public limited company and indeed, Pakistan itself.
The Khewra Soda Ash Company, a predecessor of Pakistan Limited set up Soda Ash manufacturing facility in Khewra in 1944. Today ICI Pakistan five businesses polyester, Soda Ash, Paints, chemicals and Life sciences manufacture and sell a range of industrial and consumer product.
ICI Pakistan has 25% shareholding in a public quoted company, Pakistan PTA Limited. During the half year of financial year 2003-04, the company net sales plus commission income reached Rs 8.633 billion as compared to Rs 9.830 billion in the same period last year (SPLY). This shows 12.2% decline in the revenue.
Gross Profit at Rs 1.255 billion (Rs 1.416 billion) and operating profit at Rs 496.47 million (SPLY: Rs 614.03 million) decreased by 11.4%, 19.1% respectively. Other income reduced to Rs 35.24 million as compared to Rs 55.39 million posted in the same period last year.
The company's net profit declined to 340.45 million by 18.7% as compared to Rs 418.93 million posted in the SPLY. At present its share is trading at Rs 82.90 per 10-rupee share. The last one year's peak price of the share was recorded at Rs 99.30 per share.
Towards the end of the year 2003, the company undertook organisational restructuring. A provision of Rs 95 million has been made in the accounts for payment to certain employees under its separation scheme
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Performance Statistics (Million Rupees)
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Balance sheet -As At-
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June 30 December 31
2004 2003
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Share Capital-Paid-up: 1,388.02 1,388.02
Reserve & Profit: 4,113.66 3,726.84
Shareholders Equity: 5,501.68 5,114.86
Surplus On Revaluation
Of Fixed Assets: 633.44 679.82
L T Debts: - -
Deferred Liability: 76.98 74.57
Current Liabilities & Provision: 7,289.11 8,262.58
Tangible Fixed Assets: 5,362.45 5,527.56
Deferred Tax-Net: 848.09 825.89
Investments: 2,333.76 2,333.76
L T Loans & Advances: 132.36 114.68
L T Deposits & Prepayments: 21.48 24.05
Current Assets: 4,803.07 5,305.89
Total Assets: 13,501.21 14,131.83
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Profit & Loss A/c For The
Half Year Ended June 30 2004 2003
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Net Sales & Commission Income: 8,633.02 9,830.25
Gross Profit: 1,255.05 1,416.18
Operating Profit: 496.47 614.03
Other Income: 35.24 55.39
Financial (Charges): (141.96) (195.44)
Profit Before Taxation: 361.57 442.85
Profit After Taxation: 340.45 418.93
Earning Per Share (Rs): 2.45 3.02
Share Price (Rs) on 3/11/2004: 82.90 -
Price/Earning Ratio: 33.84 -
Book Value of Share (Rs): 39.64 36.85
Debt Equity Ratio: 0:100 0:100
Current Ratio: 0.66 0.64
Gross Profit Margin (%): 14.54 14.41
Net Profit Margin (%): 3.94 4.26
R O A (%): 2.52 2.96
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COMPANY INFORMATION: Chairman: M.J. Jaffer; Chief Executive: Jonathan R Stoney; Chief Financial Officer: Feroz Rizvi; Company Secretary: Nausheen Ahmed; Registered Office: ICI House, 5 West Wharf Karachi 74000 Web Address: www.icipakistan.com.
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