The Board of Directors of ICI Pakistan Limited is pleased to announce the Company’s financial results for the quarter and three months ended September 30, 2017.
ICI Pakistan Limited’s results for the first quarter of the new financial year continue to maintain a strong trajectory, laying a solid foundation for the upcoming months. Unconsolidated profit after tax for the quarter, at PKR 741 million, is 20% higher than the same period last year (SPLY), with earnings per share at PKR 8.02.
The Company’s operating result for the period under review, at PKR 1,009 million, increased by 16% compared to the SPLY, an increase that is attributed to improved performances from the Polyester and Life Sciences Businesses. In the Polyester Business, better margins and higher volumes contributed to an 82% reduction in operating loss, while strong performances in both Divisions of the Life Sciences Business (Pharmaceuticals and Animal Health) resulted in a 53% increase in operating profit compared to the SPLY.
Net turnover for the quarter at PKR 11,235 million is 21% higher than the SPLY, primarily due to higher revenues in the Polyester, Life Sciences and the newly restructured Chemicals & Agri Sciences Businesses, which increased by 31%, 29% and 25% respectively.
A number of projects are also currently underway that will further contribute to the Company’s future growth aspirations. These include the first phase of a capacity expansion project at the Soda Ash Business, which entails an additional capacity of 75,000 tons per annum. In the Chemicals & Agri Sciences Business, the Masterbatch manufacturing facility is also progressing in line with projected timelines.
Asif Jooma, Chief Executive ICI Pakistan Limited, shared updates on the Company’s other key developments saying, “After successfully completing the acquisition of certain assets and brands of Wyeth Pakistan Limited, production has commenced at the newly acquired Hawkesbay plant, further improving the prospects of the Life Sciences Business. Through our majority-owned subsidiary, NutriCo Morinaga (Private) Limited, we are also actively pursuing the construction of a state-of-the-art manufacturing facility for Morinaga infant formula. We are all excited about the prospects and opportunities these developments will bring.”
Looking forward, the Company will remain focussed on efficient energy alternatives, cost reduction initiatives, strengthening relationships with existing customers and suppliers, and proactively exploring opportunities for both organic and inorganic growth, in order to deliver on its promise of Cultivating Growth.Download