ICI Pakistan Limited is a subsidiary of ICI Omicron BV and is listed on Karachi, Lahore and Islamabad Stock Exchanges. The ICI share is trading at Rs 86.65 per share and during the last one year its prices ranged between Rs 52.55 and Rs 95.25 per share.
The company is engaged in the manufacture of Polyester Staple Fibre (PSF), soda ash, paints and general chemicals. It also markets seeds toll manufactured and imported pharmaceuticals and animal health products.
It also acts as an indenting agent. During the 1Q ended March 31, 2004 (1Q 2004), the company generated sales in terms of value at Rs 4,221.09 million as against sales at Rs 4,984.09 million posted in 1Q 2003 registering 15% decline. Almost all the business segments registered higher sales except for general chemicals.
PSF is the largest business segment in terms of sales. In this segment the 1Q 2004 showed operating profit at Rs 74.15 million as against operating loss at Rs 6.55 million in the previous 1Q 2003.
In early 1Q 2004, volume demand of PSF was buoyant in the Asia region, but as new PSF capacities came on stream in China, pricing tended to weaken even though feedstock (PTA & MEG) were trending upwards.
In Pakistan prices increased in response to raw material cost. The directors of ICI think that in future margins in polyester are likely to come under pressure.
Demand for soda ash is likely to remain firm but increasing prices for coke may put pressure on margins. A good level of demand for both decorative and industrial paints is expected to continue.
The 1Q 2004 net profit after taxation made quite an encouraging start for the new year as it jumped by a quarter of last 1Q 2003 net profit.
Performance Statistics (Million Rupees).
======================================================
Performance Statistics (Million Rupees)
======================================================
Balance Sheet - As At -
------------------------------------------------------
March 31 December 31
2004 2003
======================================================
Share Capital-Paid-up: 1,388.02 1,388.02
Reserves & Profit: 3,965.80 3,726.84
Shareholders Equity: 5,353.82 5,114.86
Surplus on Revaluation of
Fixed Assets: 656.63 679.81
L.T Debts: - -
Deferred Liabilities: 75.51 74.57
Current Liabilities &
Provisions: 7,480.94 8,262.59
Tangible Fixed Assets: 5,424.39 5,527.56
Deferred Tax Asset-Net: 836.99 825.89
Investments: 2,333.76 2,333.76
L.T Loans & Advances: 120.06 114.68
L.T Deposits & Prepayments: 23.37 24.05
Current Assets: 4,828.33 5,305.89
Total Assets: 13,566.90 14,131.83
------------------------------------------------------
Profit & Loss A/c For The Quarter
Ended March 31 2004 2003
------------------------------------------------------
Net Sales & Commission Income: 4,221.09 4,984.09
Gross Profit: 659.31 714.17
Operating Profit: 287.09 287.98
Other Income: 17.15 16.50
Financial (Charges): 62.96 107.37
Profit Before Taxation: 225.87 184.57
Profit After Taxation: 215.77 172.27
Earnings Per Share (Rs): 1.55 1.24
Share Price (Rs) on 24.06.2004: 86.65 -
Price/Earning Ratio: 36.55 -
Book Value Per Share: 38.57 36.85
Debt/Equity Ratio: 0:100 0:100
Current Ratio: 0.65 0.64
Gross Profit Margin (%): 15.62 14.32
Net Profit Margin (%): 5.11 3.46
======================================================
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
Comments
Comments are closed.