Year ended June 30, 2021: ICI Pakistan announces financial results

KARACHI: The Board of Directors of ICI Pakistan Limited (the Company) announced its financial results for the year ended June 30, 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 year under review was Rs 64,766 million, a 17 percent increase over the same period last year (SPLY).

The consolidated operating result at Rs 8,045 million was 43 percent higher in comparison to the SPLY. The strong results were driven by exceptional performance across all businesses particularly the Polyester, Pharmaceuticals and Animal Health businesses.

The consolidated profit after tax (PAT) for the year was Rs 5,229 million of which loss of Rs 341 million is attributable to non-controlling interests. This translates into PAT attributable to the owners of the Holding Company at Rs 5,569 million and an EPS of Rs 60.30, both higher by 114 percent as compared to the SPLY. These stellar results were driven by operational excellence across all businesses, lower finance costs due to lower interest rates and debt levels, and a exchange gain compared to exchange loss during the SPLY. The Company recognised Rs 527 million as a share of profit from its Associate - NutriCo Pakistan (Private) Limited.

On a standalone basis, PAT and EPS for the year under review at Rs 5,959 million and Rs 64.52 per share respectively, are 92 percent higher than SPLY.

Based on the results, the Company has announced a final cash dividend of 200 percent i.e. Rs 20/share.

This is in addition to 200 percent interim cash dividend i.e. (Rs 20/share) already paid making a total cash dividend of 400 percent (i.e. Rs 40/share) for the year ended June 30, 2021.

Following the announcement of results for the year, ICI Pakistan Limited Chief Executive Asif Jooma said, “ICI Pakistan has delivered stellar results for the year which is marked by growth and exceptional performance across all businesses. Guided by its core values of customer centricity and passion for people, the Company remained steadfast despite the challenges posed by Covid-19 - delivering enduring value to all of its stakeholders.”–PR

Copyright Business Recorder, 2021