ICI posts profit after tax of Rs3.296bn in 2016-17

KARACHI

The Board of Directors (BOD) of ICI Pakistan Limited, on Monday, posted a profit after tax (PAT) of Rs 3.296 billion in 2016-17, higher by 16 per cent compared to the same period last year (SPLY).

Earnings per share (EPS) are revealed at Rs 35.69.

This robust growth in net profit is attributable to higher operating profit, higher dividend income from associates and lower exchange losses as compared to the prior year.

The board of directors has recommended the final cash dividend in respect of the financial year ended June 30, 2017 at the rate of 100 per cent i.e. Rs 10/- per share of Rs 10/- each. This is in addition to the 80 per cent Interim cash dividend (i.e. Rs 8/- per share) already paid, as recommended by the board of directors.

Operating profit for the year stood at Rs 4.044 billion, which is 16 per cent higher than the SPLY, with improved performances in the polyester, life sciences and chemicals businesses.

Net turnover at Rs 41,364 million is 12 per cent above net sales for the year ended June 30, 2016, which was recorded at Rs 36,954 million.

The increase in sales revenue across all businesses contributed to this performance. The polyester business revenue growth of 7 per cent was due to higher prices across the petrochemical chain, higher average polyester staple fibre selling prices and increased sales of premium black fibre.

Soda Ash net turnover grew by 2 per cent on account of higher volumes, with Life Sciences recording a 28 per cent growth in net turnover on the back of new product launches and growth of the existing portfolio.

Net turnover for the chemicals business grew by 20 per cent against the SPLY, owing to higher sales volumes and an expanding customer base.

ICI Pakistan Limited Chief Executive, Asif Jooma, shared his view on the completion of another eventful year: “The year 2016-17 has seen us cultivating growth in exciting new ways. Milestone expansions, partnerships and innovative approaches to doing business have all contributed to the successes achieved by the company. As we near 70 years of Pakistan’s independence, we maintain our singular commitment to our core values whilst contributing to the homeland where we have grown and evolved for over seven decades. We intend to continue delivering on our growth aspirations for a brighter shared future.”  The chief executive’s comment references the key developments from FY 2016-17.

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