ICI Pakistan Limited has posted a substantial increase in profit for the first nine months of 2015-16. At PKR 2,029 million, its stand alone profit after tax is 37 percent higher than the same period last year. Higher operating profits from its core businesses, dividend income from subsidiary and associate, and reduced financial charges contributed to the enhanced profitability of the company.
Net turnover for the nine months at PKR 27,307 million is three percent below the same period last year, primarily due to lower sales value in the polyester business, which fell by 19 percent as a consequence of declining prices across the petrochemical chain.
However, enhanced performance in soda ash, life sciences and chemicals businesses has significantly offset the impact of lower polyester staple fibre prices. The operating result for the nine months at PKR 2,511 million is 11 percent above the same period last year. The earning per share at PKR 21.97 is 37 percent higher than the first three quarters of 2014-15.
The company remains committed to reinforcing its existing portfolio, exploring opportunities for organic and inorganic growth, continually focusing on cost efficiencies, improving its energy mix and strengthening relationships with customers and suppliers.-PR