ICI Pakistan posts increasing PAT by 6%

KARACHI: Despite unprecedented economic challenges posed by COVID-19, ICI Pakistan Limited has maintained growth momentum with an increase in Profit After Tax (PAT) by 6% and Earning Per Share (EPS) by 18%.

Following the meeting of the Board of Directors, ICI Pakistan Limited announced its financial results for the first quarter ended September 30, 2020.

Financial Highlights:

On a consolidated basis (including the results of the Company’s subsidiaries: ICI Pakistan PowerGen Limited and NutriCo Morinaga (Pvt) Ltd), net turnover for the quarter under review was Rs 14,465 million, which was almost in line with the same period last year (SPLY). Whereas operating result at Rs 1,456 million was lower by 11% in comparison to the SPLY.

However, consolidated PAT for the quarter under review at Rs 886 million was 6% higher than the SPLY whereas EPS attributable to the owners of the holding Company at Rs 10.66 was 18% higher than the SPLY, mainly on the back of lower finance cost (due to lower interest rates and lower debt) along with stable exchange rate. The Company recognised Rs 103 million as share of profit from its Associate (NutriCo Pakistan (Private) Limited).

On a standalone basis, PAT and EPS for the quarter under review at Rs 934 million and Rs 10.11, respectively, were 1% higher than the SPLY

Following the announcement of results for the first quarter, ICI Pakistan Limited Chief Executive Asif Jooma said, “Despite the COVID-19 pandemic which severely impacted the trading conditions, ICI Pakistan Limited has delivered a performance consistent with pre-COVID levels. Although a second wave of COVID-19 is feared, the Company remains confident and committed to deliver enduring value for all its stakeholders by strengthening and building relationships, leveraging its diversified product portfolio, and proactively exploring opportunities for both organic and inorganic growth in line with its brand promise of Cultivating Growth.”