Following the meeting of the Board of Directors, ICI Pakistan Limited announced its financial results for the nine months period ended March 31, 2020.
Financial Highlights
On a consolidated basis (including the results of the Company's subsidiaries: PowerGen, Cirin and NutriCo Morinaga), net turnover for the nine months period under review was PKR 44,546 million which was a 1 percent increase over SPLY. Whereas operating result at PKR 5,041 million was higher by 43 percent in comparison to the SPLY.
PAT for the nine months period under review at PKR 2,317 million is 31 percent higher than the SPLY whereas EPS attributable to the owners of the holding company at PKR 25.81 is 35 percent higher than the SPLY. Despite higher interest expense and significant exchange losses during the period under review, the improved results were driven mainly by operational excellence across all businesses. The Company recognised PKR 343 million as share of profit from NutriCo Pakistan (Private) Limited.
On a standalone basis, PAT for the nine months period under review at PKR2,759 million is 67 percent higher than the SPLY mainly due to higher operating profit across all businesses, except for the Animal Health Business, and higher dividend income from its associate as compared to SPLY. This was partially offset by higher finance cost due to higher interest rates and significant devaluation as compared to the SPLY. EPS for the nine months period under review at PKR 29.87 is 67 percent higher than the SPLY.
Business Highlights
During the nine months under review, there have been certain developments:
Effective from March 1 2020, the Pharmaceuticals Business completed the process of amalgamation of Cirin Pharmaceuticals (Pvt) Limited into ICI Pakistan Limited.
The state-of-the-art NutriCo Morinaga infant and growing up formula manufacturing facility commenced commercial production during the second quarter with commercial operations having commenced in January 2020 with release of products for sale in the market.
Following the announcement of results for the nine months period, ICI Pakistan Limited Chief Executive Asif Jooma said, "The novel coronavirus presents a major challenge for the domestic and global market. "-PR