ICI makes nine-month PAT of Rs 2.317bn, up by 31%
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KARACHI: 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 Rs 44,546 million which was a 1% increase over SPLY. Whereas operating result at Rs 5,041 million was higher by 43% in comparison to the SPLY, the company said in a statement.
PAT for the nine months period under review at Rs 2,317 million is 31% higher than the SPLY whereas EPS attributable to the owners of the holding company at Rs 25.81 is 35% 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 Rs 343 million as share of profit from NutriCo Pakistan (Private) Limited.
On a standalone basis, PAT for the nine months period under review at Rs 2,759 million is 67% 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% higher than thethe SPLY.
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. The company is supported by its diversified portfolio which includes essential products and raw materials, and will continue to play its part through this period of crisis, while taking steps to ensure safe operations for its employees.”
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