Food & Personal Care-Products: CLOVER PAKISTAN LIMITED - Nine Months Ended March 31 2004
The company is principally engaged in the manufacture and sale of food and plastic products and trading in food and personal care products. Some of its prominent brands are Tang, Kraft Sugus, Lacnor, etc.
Incorporated in 1986, Clover Pakistan Ltd, began as a small food company that entered into a licensing agreement in 1988 with Kraft Foods to manufacture Tang in Pakistan. Clover's Tang brand has become a household name.
The credit goes to the marketing team of this company to achieve such a consumer preference in the face of severe competition. A number of new powder beverages were introduced by competitors.
The company's net sales decreased marginally to Rs 229.86 million from Rs 235.34 million posted in the same period last year. Although sales picked up after the slow winter season but the turnover stagnated.
However gross profit margin was above the preceding corresponding period's and gross profit amount was almost identical to SPLY.
The operating profit plunged to Rs 15.52 million from Rs 32.48 million showing 52.2% decline. This was due to higher advertising on television and through bill boards.
The company's financial charges were low. The financial backbone of the enterprise remained robust as evidenced by its financial statements solvency, liquidity and profitability ratios.
The company's share is trading at Rs 98 per share which is close to 10 times of the par value of Rs 10. During the last one year the price of the share shot up to Rs 189.05 per share by 207% from Rs 61.60 per share.
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Performance Statistics (Million Rupees)
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Balance Sheet -As At-
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March 31 June 30
2004 2003
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Share Capital-Paid-up: 54.60 39.00
Reserves & Profit: 51.90 60.93
Shareholders Equity: 106.50 99.93
L.T Debts: 1.09 1.81
Deferred Liability: 2.11 -
L.T Deposits: 1.53 1.26
Current Liabilities: 127.78 132.48
Tangible Fixed Assets: 49.98 40.88
L.T Loans: 1.75 0.86
L.T Security Deposits: 0.96 0.98
Current Assets: 186.32 192.76
Total Assets: 239.01 235.48
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Profit & Loss A/c For The
Nine Months Ended March 31 2004 2003
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Sales-Net: 229.86 235.34
Gross Profit: 88.74 88.38
Other Income: 0.62 0.92
Operating Profit: 15.52 32.48
Financial (Charges): (0.71) (1.27)
Profit Before Taxation: 14.81 31.21
Profit After Taxation: 6.57 19.92
Earnings Per Share (Rs): 1.20 3.65
Share Price (Rs) on 27-5-2004: 98.00 61.60
Price/Earning Ratio: 81.67 -
Book Value of Share (Rs): 19.50 25.62
Debt/Equity Ratio: 1:99 1:78
Current Ratio: 1.46 1.45
Gross Profit Margin (%): 38.60 37.54
Net Profit Margin (%): 2.86 8.46
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COMPANY INFORMATION: Chairman Iqbalali Lakhani; Advisor: Sultanali Lakhani; Chief Executive: Zulfiqar Ali Lakhani; Director: Tasleemuddin Ahmed Batlay; Company Secretary: Ramzan Ali Halani; Registered Office: Lakson Square Building No 2 Sarwar Shaheed Road Saddar Karachi 74200; Factory: B-182 Hub Industrial Trading Estate Hub, District Lasbela, Balochistan
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