KARACHI: Following the meeting of the Board of Directors, ICI Pakistan Limited announced its financial results for the six month period ended December 31, 2020.
On a consolidated basis (including the results of the Company’s subsidiaries: ICI Pakistan Power Gen Limited and NutriCo Morinaga (Private) Limited), net turnover for the six month period under review rose by 2 percent to Rs 30,403 million compared to the same period last year (SPLY).
The operating result at Rs 3,756 million was higher by 9 percent in comparison to SPLY. Improved performance was mainly driven by the Polyester, Pharmaceuticals and Animal Health businesses.
PAT for the six month period under review at Rs 2,435 million, was 32 percent higher than SPLY whereas EPS attributable to the owners of the holding company at Rs 28.34 was 41 percent higher than SPLY. The impetus for improved results was driven by operational excellence across all businesses and lower finance cost compared to SPLY backed by improved cash generation resulting in significantly reduced debt levels and lower interest rates. The Company recognised Rs 215 million as share of profit from its associate - NutriCo Pakistan (Private) Limited.
On a standalone basis, PAT and EPS for the six month period under review at Rs 2,608 million and Rs 28.24 per share respectively, are 26 percent higher than SPLY.
The Board has approved an interim cash dividend in respect of the financial year ending June 30, 2021, at the rate of 200 percent i.e. Rs 20 per share of Rs 10 each to be payable to the shareholders.
Following the announcement of results for the half-year, ICI Pakistan Limited Chief Executive Asif Jooma said, “the Company has delivered robust results predicated on the recovery of domestic demand.
Through continued focus on customer needs and a sharpened emphasis on operational efficiencies, ICI Pakistan aspires to continue strengthening its results to deliver on the Company’s promise of Cultivating Growth.”—PR
Copyright Business Recorder, 2021
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