The Board of Directors of ICI Pakistan Limited have announced a final cash dividend of Rs 3.5 per ordinary share of Rs 10 for the year ending December 31 2007. With an earlier interim dividend of 25 per cent, ICI Pakistan has declared a total share dividend of 60 per cent in 2007, as compared to the 55 per cent declared in 2006, says a press release.
This level of returns is on account of a record-breaking financial year for ICI Pakistan in 2007, which provides further evidence of the continuing growth of ICI Pakistan's businesses and the promise ICI Pakistan holds for its shareholders.
The announcement of the dividend was made during ICI Pakistan's 56th Annual General Meeting (AGM) held at ICI Head Office Karachi. In addition to a review of Accounts for the year ended December 31 2007, the ACM also approved the appointment of a new Board of Directors for ICI Pakistan Limited for a period, of three years, in accordance with the Companies Ordinance 1984. James R Rees, General Manager Akzo Nobel Car Refinishes, and Bart Kaster from Akzo Nobel's Corporate Strategy Division have been appointed on the, Board of Directors as representatives of Akzo Nobel NV, the ultimate holding company of ICI Pakistan Limited.
The ACM was also attended by Rob Frohn, Member of the Board of Management, Akzo Nobel who is currently visiting Pakistan to meet the ICI team and tour all ICI Pakistan sites. ICI Pakistan Limited had earlier announced unprecedented financial results for the year ended December 31 2007, with operating results surging by 20 per cent to close at Rs 2.97 billion for the year.
Net sales income for 2007 soared from Rs 19.6 billion to Rs 23 billion, posting an impressive increase of 18 per cent. Profit before tax was at Rs 2.77 billion and profit after tax at Rs 1.78 billion, rising by 31 per cent and 23 per cent respectively over 2006 the company's earnings per share surged to Rs 12.86 in 2007, compared to Rs 10.49 in 2006, showing an increase of 23 per cent.-PR
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