ICI profit surges 28% to Rs1.48b

ISLAMABAD: ICI Pakistan Limited’s net consolidated profit surged 28% to Rs1.48 billion in the half-year ended December 31, 2016 on the back of increased sales.

Profit stood at Rs1.16 billion in the same half last year. Accordingly, earnings per share came at Rs16.11 as compared to Rs12.61 in the corresponding period.

Board of directors approved an interim cash dividend at Rs8 per share. Turnover (sales) rose 8% to Rs22.65 billion from Rs20.88 billion in the corresponding period.

“While all businesses showed a positive trend..., the Life Sciences and Polyester Businesses were the major contributors [in sales], with growth of 21% and 7% respectively,” the company said in a handout.

“The improved performance of the Polyester Business is attributed to better domestic margins, along with cost rationalisation initiatives, which reduced the Business’s overall operating cost by 2%. In the Life Sciences Business, both pharmaceuticals and animal health divisions posted double-digit growth,” it added.

Published in The Express Tribune, January 25^th, 2017.

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