KARACHI: The Board of Directors of ICI Pakistan Limited has announced the Company’s annual financial results for the year ended June 30, 2017 and said that the unconsolidated profit after tax for the year at RS3,296 million is 16% higher compared to the same period last year (SPLY).
It said that the Earnings per share (EPS) at RS35.69 is correspondingly 16% higher than the SPLY. This robust growth in net profit is attributable to higher operating profit, higher Dividend Income from Associate and lower exchange losses as compared to the prior year.
The statement pointed out that the operating profit for the year at RS4,044 million is 16% higher than the SPLY, with improved performances in the Polyester, Life Sciences and Chemicals Businesses.
Net turnover at RS41,364 million is 12% above net sales for the year ended June 30, 2016, which were recorded at RS36,954 million. The increase in sales revenue across all Businesses contributed to this performance.
The Polyester Business revenue growth of 7% was due to higher prices across the petrochemical chain, higher average Polyester Staple Fibre selling prices and increased sales of premium Black Fibre. Soda Ash net turnover grew by 2% on account of higher volumes, with Life Sciences recording a 28% growth in net turnover on the back of new product launches and growth of the existing portfolio.
