Apropos an article published in daily Business Recorder dated 6 January 2011 on page 21 'An Analysis of ICI Pakistan's Financial Statements FY02-3QFY10. We would like to draw your attention that there is some incorrect information in the said article.
The following points are being offered to set the record straight: ICI Pakistan is a subsidiary of AkzoNobel. It was set up as a public limited company in Pakistan in 1953. Operating results for (FY09) were positive. Increase in gross profit ratio from 17.22% in FY08 to 17.52% in FY09. ROA: declined from 10% to 9.54%. ROE: increased from 15% to 15.17%. DSOs reduced in 2008 for the first time in 2005 is completely incorrect. Dividend per share in 2009 was 7.5 per share. TIE IS generally not represented in days. Besides, the relevant information was not part of the publicly available information. "The company paid out final dividend of Rs 4.5 per share making a total of Rs 8 per share for 2009 which comes to 54% of its earnings."