Sitara Chemical Industries Limited was incorporated in the province of Sindh and it was listed at Karachi Stock Exchange in 1987. Its shares are quoted at all stock exchanges in Pakistan.
The market price of Sitara Chemical shares is very close to 9 times of the par value. During the last one year the price of the share appreciated substantially to Rs 107 from Rs 60 per share.
The business of the company is operation of a Chlor Alkali Plant with caustic soda being the main product and a number of by-products at the Chemical Division and manufacture and sale of yarn at the Textile Division.
During 9M 2003-04, the period under review the company's sales were recorded at Rs 2540.66 millions representing 11.7% growth over, sales at Rs 2274.01 millions posted in the same period of last year (SPLY).
The sales revenue of Chemical Division compared 72.2% of total sales and remaining 27.8% total sales was generated by Textile Division.
While Chemical Division's sales during the nine months under review increased by 25.4% over the figure of SPLY, the textile Division's sales declined by 12.9%.
During 9 months under review (9M 2003-04) the company's operating profit amounted to Rs 366.85 millions (9M 2002-03:Rs 297.44 millions) registering 23.3% increase over the SPLY.
Chemical Division's operating profit improved by 13.8%. Textile Division posted operating profit at Rs 16.01 millions as against operating loss of Rs 10.80 millions in the SPLY.
The net profit of the company increased by 35.48% to Rs 184.22 millions from Rs 135.97 millions booked in the SPLY.
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Performance Statistics (Million Rupees)
Balance Sheet -As At-
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March 31 June 30
2004 2003
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Share Capital-Paid-up: 185.54 185.54
Capital & General Reserves: 657.49 657.49
Takaful Reserve: 90.00 90.00
Unappropriated Profit: 231.35 37.77
Shareholders Equity: 1,164.38 970.80
Surplus on Rev. of Fixed Assets: 106.72 116.09
L.T Debts: 426.64 423.73
Deferred Liabilities: 288.91 295.62
L.T Deposits: 23.22 18.87
Current Liabilities: 966.26 1,046.75
Fixed Assets: 1,831.92 1,816.86
L.T Deposits & Advances: 16.26 9.85
Current Assets: 1,127.95 1,045.15
Total Assets: 2,976.13 2,871.86
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Profit & Loss A/c For the
Nine Months Ended March 31 2004 2003
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Sales: 2,540.66 2,274.01
Gross Profit: 473.96 389.50
Operating Profit: 366.85 297.44
Other Income: 9.59 9.83
Financial Other (Charges): (96.32) (94.54)
Profit Before Taxation: 280.13 212.73
Profit After Taxation: 184.22 135.97
Earnings Per Share (Rs): 9.93 7.33
Share Price (Rs) on 09.07.2004: 89.85 -
Price/Earning Ratio: 9.05 -
Book Value of Share (Rs): 62.76 52.32
Debt/Equity Ratio: 25:75 28:72
Current Ratio: 1.17 1.00
Gross Profit Margin (%): 18.77 17.13
Net Profit Margin (%): 7.25 5.98
R.O.A. (%): 6.19 4.73
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