ICI Pakistan Posts 31% Growth in Profits From July 2019 to March 2020

ICI Pakistan has announced its financial results for the nine months that ended on March 31st, 2019.

On a consolidated basis, the company has shown an impressive growth during the period as it posted a consolidated profit of Rs. 2.37 billion, showing an increase of 31% as compared with Rs. 1.77 billion recorded in the same period last year.

PowerGen, Cirin and NutriCo Morinaga’s net sales for the nine months period under review were Rs. 44.54 billion, up by 1% as compared to Rs. 43.93 billion recorded in the same period last year. Whereas the operating result was posted at Rs. 5.04 billion, higher by 43% in comparison to Rs. 3.52 billion recorded in the same period last year.

Despite higher interest expenses and significant exchange losses during the period under review, the improved results were driven mainly by operational excellence across all businesses. The company recorded Rs. 343 million profit from NutriCo Pakistan (Private) Limited.

On a standalone basis, the company recorded a profit of Rs. 2.75 billion, up by 67% as compared to Rs. 1.65 billion recorded in the same period last year.

This was due to higher operating profit across all businesses, except for the Animal Health Business, and higher dividend income from its associate as compared to the same period last year. This was partially offset by higher finance cost due to higher interest rates and significant devaluation as compared to the SPLY.

Earnings per share for the nine months period under review clocked in at Rs. 29.87 as compared to Rs. 17.91.

Business Highlights

During the nine months under review, there have been certain developments:

Effective from March 1, 2020, the Pharmaceuticals Business completed the process of amalgamation of Cirin Pharmaceuticals (Pvt) Limited into ICI Pakistan Limited.

The state-of-the-art NutriCo Morinaga infant and growing up formula manufacturing facility commenced commercial production during the second quarter with commercial operations having commenced in January 2020 with the release of products for sale in the market.

Following the announcement of results for the nine-month period, ICI Pakistan Limited Chief Executive Asif Jooma said, “The novel coronavirus presents a major challenge for the domestic and global market. ”

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