The Board of Directors of ICI Pakistan Limited Thursday announced an unconsolidated profit after tax of Rs 2.396 billion, up by 18 per cent in the same period last year, said the company’s financial results for the quarter and nine months ended March 31, 2017.
ICI Pakistan Limited continues to show solid financial results in line with the company’s aspirations and objectives. Unconsolidated profit after tax for the nine months, at Rs 2.396 million, is 18 per cent higher than the same period last year. Earnings per share (EPS) at Rs 25.94 are also 18 per cent higher as compared to the same period last year.
The operating result for the nine months is at Rs 2.997 billion, which is 19 per cent higher than the same period last year. The improved performance is attributed to the Polyester, Life Sciences and Chemicals Businesses’ operating results improving by 53 per cent, 14 per cent and 28 per cent respectively. Improved domestic margins along with successful cost control initiatives were the driving force behind the improved performance of the polyester business. The Pharmaceuticals and Animal Health Divisions of the Life Sciences Business posted a double-digit growth, while in the chemicals business, the Polyurethane (PU) segment has been the major contributor to growth.
The net turnover for the nine months at Rs 30.244 billion translated to an increase of 11 per cent compared to the same period last year. The Life Sciences and Chemicals Businesses were the major contributors to this growth with a 22 per cent and 21 per cent increase respectively. The Polyester Business revenues were 8 per cent above the same period last year due to higher sales volumes and an increase in PSF prices, following the imposition of anti-dumping duty on Chinese PSF imports. The Soda Ash Business contributed with a 1 per cent increase over the same period last year, mainly due to higher sales volumes in the domestic market.
The results for the nine months present a positive trajectory and demonstrate continued growth for the foreseeable future. The company is focussed on continuing its strong financial performance while strengthening relationships with existing customers and partners, and exploring opportunities for both organic and inorganic growth, in line with its brand promise of Cultivating Growth.