The Board of Directors of ICI Pakistan Limited is pleased to announce the Company’s financial results for the quarter and six months ended December 31, 2016.
ICI Pakistan Limited continues to show solid performance in line with its growth aspirations.
Unconsolidated profit after tax for the six months, at PKR 1,536 million, is 18% higher than the same period last year, with earnings per share at PKR 16.63. An interim dividend at the rate of 80% i.e. PKR 8 per share has been declared by the Board of Directors.
Operating result for the six months, at PKR 1,934 million, is 17% higher than during the same period last year, owing to improved performance in the Polyester, Life Sciences and Chemicals Businesses. The improved performance of the Polyester Business is attributed to better domestic margins, along with cost rationalisation initiatives which reduced the Business’s overall operating cost by 2%. In the Life Sciences Business, both Pharmaceuticals and Animal Health Divisions posted double-digit growth.
Net turnover for the six months at PKR 19,638 million translated into a 9% increase over last year, and while all Businesses showed a positive trend in this respect, the Life Sciences and Polyester Businesses were the major contributors, with growth of 21% and 7% respectively.
ICI Pakistan Limited’s results for the half year demonstrate a continued drive for improved performance. Alongside strong financial performance, the Company maintains its focus on fulfilling customer needs and exploring opportunities for growth, both organic and inorganic. This is evidenced by recent developments including the acquisition of Cirin Pharmaceuticals Private Limited, as well as the signing of a Shareholders’ Agreement with joint venture partners, Morinaga Milk Industry Company Limited and Unibrands Private Limited. This partnership will entail the establishment of a facility in Pakistan to manufacture Morinaga infant/growing up formula. In addition to these developments, ICI Pakistan Limited is also in the process of engaging with Wyeth Pakistan Limited to finalise the terms of the Asset Purchase Agreement for the purposes of acquiring certain assets of Wyeth Pakistan Limited. All of these developments directly support the Company’s brand promise, Cultivating Growth, and will enable the Company to create greater value for its stakeholders going forward.