The Board of Directors of ICI Pakistan Limited is pleased to announce the Company's financial results for the year ended June 30, 2019. On a consolidated basis, including the results of the Company's subsidiaries, ICI Pakistan PowerGen Limited, Cirin Pharmaceuticals (Private) Limited and NutriCo Morinaga (Private) Limited, net turnover for the year under review increased by 19 percent to Rs 59.382 billion compared to the SPLY, with the growth being led by Soda Ash (32%), Polyester (30%) and Chemicals & Agri Sciences (4%).
The operating profit for the year at Rs 4.943 billion was 7 percent higher than the SPLY, with improved performances in the Soda Ash, Polyester and Chemicals & Agri Sciences Businesses by 32 percent, 39 percent and 146 percent, respectively.
On a consolidated basis, Profit after tax (PAT) for the year under review at Rs 2.537 billion is 23 percent lower than the SPLY, mainly due to interest-rate driven higher finance costs and higher taxation expenses. On a standalone basis, PAT for the year under review at Rs 2.305 billion and EPS at Rs 24.96 are 25 percent lower than the SPLY.
The Board has approved a final cash dividend in respect of the financial year ending June 30, 2019, at the rate of 45 percent ie Rs 4.5/- per share of Rs 10/- each to be payable to the members. This is in addition to the 45 percent Interim Cash Dividend (ie PKR 4.5/- per share) already paid, as recommended by the Board of Directors.
Commenting on these recent developments, Asif Jooma, Chief Executive of ICI Pakistan Limited, said, "in a challenging economic environment, ICI Pakistan Limited is pleased to report that it has attracted an expression of interest from a foreign investor to inject up to Rs 7 billion as growth capital. This is an acknowledgement of the strength of our people, sponsor shareholders and businesses, which are backed by a strong focus on corporate governance, sustainability and core values."-PR