ICI Pakistan reports 16pc increase in profits for FY 2016-17

ICI Pakistan has announced a final cash dividend of Rs10 per share for its shareholders.

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Karachi: In a notification sent to the Pakistan Stock Exchange on Monday, ICI Pakistan has announced its results for the financial year ended 30th June 2017.

The company reported a net turnover of Rs41,364m for the period under review, which was 12pc higher than last year’s net sales figure which was recorded at Rs36,954m. The increase in sales revenue has been attributed to growth across all segments of its business, said the notification.

Operating profit was recorded at Rs4,044m, rising 16pc from the same period last year (SPLY), due to upswing in chemicals, polyester and life sciences division. Profit after Tax (PAT) for the year ended 30th June 2017 reached Rs3,296m, recording a 16pc increase from SPLY due to higher operating profit and dividend income from Nutrico Pakistan Private Limited and lower exchange losses.

Earnings per share registered a 16pc rise to reach Rs35.69 from SPLY when it was recorded at Rs30.78. ICI Pakistan’s board of directors (BOD) have also given the go-ahead for the establishment of a facility to produce “Masterbatch”, a dye and additive concentrate used in the manufacture of various plastics which will cost the company Rs590m.

ICI Pakistan has announced a final cash dividend of Rs10 per share for its shareholders in FY 2016-17. The company already has paid an interim dividend of Rs8 per share.

At the time of filing this report, ICI Pakistan’s shares were trading at Rs1,020.00 on the PSX, recording a fall of 0.01pc since the opening of the stock market today. The KSE-100 index had risen by 768.27 points (1.67pc increase) to reach 46,680.30 points in first 45 minutes of trading.