October 20, 2022 (MLN): ICI Pakistan has announced its first quarter ended September’22 financial result with a consolidated profit after tax (PAT) of Rs1.94 billion (EPS: Rs19.49), which plummeted by 48.06% YoY when compared to the net profit of RS3.74bn (EPS: Rs39) earned in the last 1QFY22.
Going by the company’s financial statement sent to PSX today, the topline of the company surged by 13.17% YoY to clock in at Rs24.30bn, against Rs21.47bn in the same period of last year (SPLY), while the cost of sales increased by 16.26%. Resultantly, ICI’s gross margin drop to 20.28% YoY during the IQFY23.
Accordingly, profit before taxation stood at Rs2.39bn down by 46.51% YoY as compared to Rs4.46bn in SPLY.
Further, the company reported a 119.38% YoY increase in finance costs that clocked in at Rs478 million in 1QFY23.
In addition, the company also paid taxes of Rs733mn during the period against Rs729mn in SPLY.
At the time of writing, the scrip of the company is being traded at Rs674, down by Rs14.15 or 2.06% DoD.
“The company entered into a Share Purchase Agreement with Morinaga Milk Industry Co. Ltd., for a partial divestment of approximately 26.5% of the issued and paid-up share capital of NutriCo Morinaga (Private) Limited. Accordingly, as per IFRS 5 — Non-current Assets Held for Sale and Discontinued Operations, the same has been classified as discontinued operations in the financial statements for the first quarter that ended September 30, 2022”, the company added.
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Posted on:2022-10-20T12:37:32+05:00
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