ICI Pakistan’s Profit Jumps by 32 percent in Half Year - Android

ICI Pakistan has announced its consolidated financial results for the half-year that ended on December 31, 2020. The company’s profit… Read More

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ICI Pakistan has announced its consolidated financial results for the half-year that ended on December 31, 2020.

The company’s profit jumped 32 percent to Rs. 2.434 billion in the half-year. It had booked a profit of Rs. 1.845 billion in the corresponding half during FY2019/20.

The company’s board has approved an interim cash dividend in the financial year ending June 30, 2021, at Rs.20/share of Rs. 10 each, which was 200 percent.

On a consolidated basis, including results of subsidiaries ICI Pakistan PowerGen and NutriCo Morinaga, net sales of the company were up by 2 percent to Rs. 30.403 billion for the six months under review, compared to Rs. 29.75 billion in the same period last year.

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The operating result was 9 percent higher at Rs. 3,756 billion in comparison to the same period last year.

“These improved results were driven mainly through operational excellence across all businesses and lower finance cost compared to the same period last year, backed by improved cash generation resulting in significantly reduced debt levels and lower interest rates,” the company said in a statement.

Finance cost in the half-year was down 47 percent to Rs. 506.197 million, from Rs. 957.282 in the same period last year.

ICI Pakistan Chief Executive, Asif Jooma, said, “The company has delivered robust results predicated on the recovery of domestic demand.”

Earning per share of the company was reported at Rs. 28.34 compared to Rs. 20.05.

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