Despite unprecedented economic challenges posed by COVID-19, ICI Pakistan Limited has maintained growth momentum with an increase in Profit after Tax by 6% and Earning per Share by 18%
Karachi, October 22, 2020 (PPI-OT):Following the meeting of the Board of Directors, ICI Pakistan Limited announced its financial results for the first quarter ended September 30, 2020.
On a consolidated basis (including the results of the Company’s subsidiaries: ICI Pakistan PowerGen Limited and NutriCo Morinaga (Pvt) Ltd), net turnover for the quarter under review was PKR 14,465 million, which was almost in line with the same period last year (SPLY). Whereas operating result at PKR 1,456 million was lower by 11% in comparison to the SPLY.
However, consolidated PAT for the quarter under review at PKR 886 million was 6% higher than the SPLY whereas EPS attributable to the owners of the holding Company at PKR 10.66 was 18% higher than the SPLY, mainly on the back of lower finance cost (due to lower interest rates and lower debt) along with stable exchange rate. The Company recognised PKR 103 million as share of profit from its Associate (NutriCo Pakistan (Private) Limited).
On a standalone basis, PAT and EPS for the quarter under review at PKR 934 million and PKR 10.11, respectively, were 1% higher than the SPLY
Following the announcement of results for the first quarter, ICI Pakistan Limited Chief Executive Mr. Asif Jooma said, “Despite the COVID-19 pandemic which severely impacted the trading conditions, ICI Pakistan Limited has delivered a performance consistent with pre-COVID levels. Although a second wave of COVID-19 is feared, the Company remains confident and committed to deliver enduring value for all its stakeholders by strengthening and building relationships, leveraging its diversified product portfolio, and proactively exploring opportunities for both organic and inorganic growth in line with its brand promise of Cultivating Growth.”
For more information, contact:
CSR Coordinator and
Public Relations Manager
ICI Pakistan Limited
ICI House, 5 West Wharf, PO Box 4731
Tell: +92-21-32318148, +92-21-32314646