ICI Pakistan continues to show solid financial results

KARACHI: The ICI Pakistan continued to show solid financial results in line with its `aspirations and objectives', an official of the company said here on Thursday.

He said that ICI Pakistan's results for the quarter and nine Months 2016-17 maintained a positive trajectory.

`The Board of Directors of ICI Pakistan Limited is pleased to announce the Company's financial results for the quarter and nine months ended March 31, 2017', the official added.

He said that the company continued to show solid financial results in line with its aspirations and objectives.

`Unconsolidated profit after tax for the nine months, at PKR 2,396 million, is 18% higher than the same period last year. Earnings per share (EPS) at PKR 25.94 is also 18% higher as compared to the same period last year', it was further pointed out.

The operating result for the nine months, at PKR 2,997 million, is 19% higher than the same period last year. The improved performance is attributed to the Polyester, Life Sciences and Chemicals Businesses' operating results improving by 53%, 14% and 28% respectively.

Improved domestic margins along with successful cost control initiatives were the driving force behind the improved performance of the Polyester Business. The Pharmaceuticals and Animal Health Divisions of the Life Sciences Business posted double-digit growth, while in the Chemicals Business, the Polyurethane (PU) segment has been the major contributor to growth.

The net turnover for the nine months at PKR 30,244 million translated to an 11% increase compared to the same period last year. The Life Sciences and Chemicals Businesses were the major contributors to this growth with a 22% and 21% increase respectively.

The Polyester Business revenues were 8% above the same period last year due to higher sales volumes and an increase in PSF prices following the imposition of anti-dumping duty on Chinese PSF imports.

The Soda Ash Business contributed with a 1% increase over the same period last year, mainly due to higher sales volumes in the domestic market.

The results for the nine months presented a positive trajectory and demonstrated continued growth for the foreseeable future. The Company is focussed on continuing its strong financial performance while strengthening relationships with existing customers and partners, and exploring opportunities for both organic and inorganic growth, in line with its brand promise of Cultivating Growth.