KARACHI: Following the meeting of the Board of Directors, ICI Pakistan Limited (the Company) announced its financial results for the nine months period ended March 31, 2021.
On a consolidated basis (including the results of the Company’s subsidiaries: ICI Pakistan PowerGen Limited and NutriCo Morinaga (Private) Limited) net turnover for the nine months period under review was PKR 48,085 million, an 8% increase over the same period last year (SPLY).
The operating result at PKR 6,449 million is higher by 28% in comparison to the SPLY. The strong results were mainly driven by the Polyester, Pharmaceuticals and Animal Health businesses. PAT for the nine months period under review at PKR 4,319 million is 86% higher than SPLY whereas Earnings per share (EPS) attributable to the owners of the holding company at PKR 49.58 is 92% higher than the SPLY. These improved results were driven by operational excellence across all businesses, lower finance cost due to lower interest rate and debt levels, and a stable exchange rate as compared to the SPLY. The Company recognised PKR 402 million as share of profit from its Associate - NutriCo Pakistan (Private) Limited. On a standalone basis, PAT and EPS for the nine months period under review at PKR 4,401 million and PKR 47.65 per share respectively, are 60% higher than SPLY.
The Board of Directors of ICI Pakistan also approved an acquisition and merger proposal designed to enhance focus and consolidate the infant formula business. Approval was granted for the following:
(a) the acquisition of 11% of the issued and paid-up share capital of NutriCo Pakistan (Private) Limited (“NutriCo Pakistan”), which would increase shareholding of the Company to 51% in NutriCo Pakistan. NutriCo Pakistan is engaged in the business of importing, marketing and distributing Morinaga Milk Industry Co., Ltd Japan products in Pakistan.
(b) the merger/amalgamation of NutriCo Pakistan with and into NutriCo Morinaga (Private) Limited (“NutriCo Morinaga”). NutriCo Morinaga, a subsidiary of the Company, is a joint venture with Morinaga Milk Industry Co., Ltd Japan and Unibrands (Private) Limited engaged in the business of locally manufacturing infant/growing up formula.
The Company’s shareholding in NutriCo Morinaga post merger will remain at 51%.
This step demonstrates the Company’s continued commitment to the joint venture with Morinaga Milk Industry Co., Ltd Japan, attracting foreign investment and improving lives whilst enhancing business synergies.
Following the announcement of results for the nine months, ICI Pakistan Limited Chief Executive Asif Jooma said: “I am pleased with the progress the Company has made in the last nine months, consistently delivering robust results while capitalising on the domestic demand recovery of the economy following the second wave of COVID-19.” —PR
Copyright Business Recorder, 2021