KARACHI: The Board of Directors of ICI Pakistan Limited on Monday announced the financial results for the fiscal year ended June 30, 2014.
The company posted profit after tax of PKR 1.7 billion which is 47% higher than the same period last year.
Net Sales Income is 5% higher than the same period last year primarily due to a higher sales volume in the Life Sciences, Soda Ash and Chemicals Businesses. The successful commissioning of the Coal Fired Boilers at the Soda Ash plant and Coal Fired Heaters at the Polyester plant positively impacted energy costs during the year, reducing the burden of usage of high priced furnace oil. The Polyester Business continued to face a difficult trading environment with margins remaining under pressure.
To further improve the energy mix in the Polyester Business, a Coal Fired Steam Turbine project was approved by the Board and is expected to be completed by Q4 in 2014-2015.
To enhance its footprint in the Pharma segment, the company is in the process of setting up a Nutraceuticals plant at West Wharf, Karachi. This project is scheduled for commissioning in July 2015.
The Company has also recently completed its initial investment in NutriCo Pakistan Pvt. Limited (Morinaga infant milk marketing and distribution business). This investment is in line with the Company’s aspiration to advance its portfolio growth in diverse portfolios through organic and inorganic business opportunities.
Earnings per share for the year ended June 30, 2014 is PKR 18.43 (PKR 12.55 in the same period last year).
Net Sales income at PKR 38.2billion is 5% higher than same period last year. Profit Before Tax at PKR 2 billion is 13% higher than the same period last year. Earnings per share at PKR 18.43 are 47% higher than the same period last year.