Karachi, October 26, 2021 (PPI-OT):Following the meeting of the Board of Directors, ICI Pakistan Limited announced its financial results for the quarter ended September 30, 2021.
Financial Highlights
ICI Pakistan Limited’s results for the first quarter of the fiscal year 2021-22 continued to maintain an upward trajectory. On a consolidated basis (including the results of the Company’s subsidiaries: ICI Pakistan PowerGen Limited, NutriCo Morinaga (Private) Limited and NutriCo Pakistan (Private) Limited), Net Turnover for the quarter under review at PKR 21,468 million, is 48% higher than the same period last year (SPLY).
On a consolidated basis, Operating Profit at PKR 3,062 million, is higher by 110% in comparison to the SPLY. Improved performances were delivered by all the Company’s businesses, with the Polyester, Pharmaceuticals and Animal Health businesses being the major contributors.
During the quarter under review, the Company completed the acquisition of an additional 11% shareholding in NutriCo Pakistan (Private) Limited taking its total shareholding to 51% and making NutriCo Pakistan (Private) Limited a subsidiary company.
The consolidated Profit after Tax (PAT) for the quarter under review at PKR 3,735 million is 322% higher than the SPLY whereas Earnings per share (EPS) attributable to the owners of the holding company at PKR 39.00 is 266% higher than the SPLY. The improved performance was achieved on account of enhanced efficiencies delivered by the businesses, recovering consumer demand, consolidation of results of NutriCo Pakistan (Private) Limited, and a one-off net positive impact of PKR 1,847 million resulting from the remeasurement of previously held equity interest of NutriCo Pakistan (Private) Limited.
Adjusting for the one-off gain of PKR 1,847 million resulting from the remeasurement of previously held equity interest, as explained above, PAT for the period under review would have been PKR 1,888 million, 113% higher versus the SPLY and EPS attributable to the owners of the holding company would have been PKR 19.00, higher by 78% as compared to the SPLY.
On a standalone basis, PAT and EPS for the quarter under review at PKR 1,547 million and PKR 16.75 respectively, are 66% higher than the SPLY.
Following the announcement of results for the quarter, ICI Pakistan Limited’s Chief Executive Mr. Asif Jooma said, “The results for this quarter present a positive trajectory and are a clear embodiment of ICI Pakistan Limited’s ongoing pursuit of Cultivating Growth. The Company is positioned to continue delivering a strong financial performance and strengthening its offerings to Improve Lives across the socio-economic fabric of Pakistan.”
For more information, contact:
Head Office,
Corporate Communications and Public Affairs Department,
ICI Pakistan Limited
5 West Wharf, Karachi, Pakistan
UAN: +92-21-111-100-200
Tel: +92-21-32313717-22, +92-21-32427012
Email: ccpa.pakistan@ici.com.pk
Website: https://www.ici.com.pk