August 5, 2021 (MLN): ICI Pakistan Limited (ICI), a chemical producing giant, has unveiled its financial results for the year ended June 30, 2021, wherein the company has earned consolidated net profits of a Rs5.24billion, showing a robust growth of 2x YoY when compared to net profits of Rs2.43bn reported in the same period last year (SPLY).
This translates into an Earning Per Share (EPS) of Rs60.30, which was higher by 2 times YoY as compared to the SPLY.
In conjunction with financial results, the Board of Directors has recommended the final cash dividend in respect of the financial year ended June 30, 2021 at the rate of 200% (i.e., Rs20 per share of Rs10 each).
On a consolidated basis, including the results of the company's subsidiaries: ICI Pakistan PowerGen Limited and NutriCo Morinaga (Private) Limited, net turnover for the year ended June 30, 2021 was Rs64.77bn, up by 17% YoY, resulting in an increase of gross margins from 20% to 22.5%.
According to the financial statement issued to PSX, the operating result stood at Rs8.05bn which surged by 43%YoY in comparison to SPLY. Meanwhile, the company witnessed a significant decline in finance cost, down by 51% YoY to Rs929mn due to a lower interest rate regime.
During the year, the company recognized Rs527mn as a share of profit from its Associate -Nutri Co Pakistan (Private) Limited.
Recently, ICI had acquired 55,013 ordinary shares (equivalent to 11% shareholding) of NutriCo Pakistan (Private) Limited. Following the acquisition, the total shareholding of ICI Pakistan in NutriCo Pakistan (Private) Limited stands at 51%, making it a subsidiary of ICI Pakistan.
|
Consolidated Statement of Profit and Loss Account – For the Year Ended June 30th, 2021 (Rs'000) |
|||
|---|---|---|---|
|
|
June 30th, 2021 |
June 30th, 2020 |
% Change |
|
Turnover |
64,766,213 |
55,256,473 |
17.2% |
|
Cost of sales |
(50,184,434) |
(44,241,256) |
13.4% |
|
Gross profit |
14,581,779 |
11,015,217 |
32.4% |
|
Selling and distribution expenses |
(4,588,476) |
(3,762,672) |
21.9% |
|
Administrative and general expenses |
(1,948,595) |
(1,634,544) |
19.2% |
|
Operating result |
8,044,708 |
5,618,001 |
43.2% |
|
Other charges |
(650,916) |
(350,705) |
85.6% |
|
Finance costs |
(928,767) |
(1,891,014) |
-50.9% |
|
Exchange gain/(loss) |
37,175 |
(378,943) |
– |
|
|
(1,542,508) |
(2,620,662) |
-41.1% |
|
Other income |
231,921 |
162,617 |
42.6% |
|
Share of Profit from an associate |
526,554 |
431,014 |
22.2% |
|
Profit before taxation |
7,260,675 |
3,590,970 |
102.2% |
|
Taxation |
(2,031,904) |
(1,158,206) |
75.4% |
|
Profit after taxation |
5,228,771 |
2,432,764 |
114.9% |
|
EPS |
60.3 |
28.14 |
114.3% |
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