Results: ICI Pakistan profit rises 18 per cent

KARACHI: ICI Pakistan declared an increase of 18 per cent in net profit along with final cash dividend of Rs12 on Thursday.

Net profit stood at Rs2.43 billion in 2010 compared with the preceding year’s Rs2.04 billion, according to a company notice.

The growth is on the back of higher sales, said BMA Capital analyst Sana Bawani in a research note. The firm also declared a final cash dividend of Rs12, taking total payout for the year to Rs17.5 for every Rs10 share. In line with market expectation, net sales grew 24 per cent to Rs39.5 billion. Sales grew primarily on the back of increase in sales of polyester staple fibre, soda ash and paints.

Polyester staple fibre sales were backed by a 31 per cent increase in the product’s average price. The price stood at Rs142 per kg in 2010 compared with Rs108 per kg in 2009.

Published in The Express Tribune, February 18^th, 2011.