KARACHI: ICI Pakistan Limited has announced profit after tax (PAT) for the nine-month period ended March 31, 2019 at PKR 1.773 billion, which is 35% lower than the SPLY, due to interest-rate driven higher finance costs and higher taxation expenses.[the_ad id=”31605″]On a consolidated basis, including the results of the Company’s subsidiaries, ICI Pakistan PowerGen Limited, Cirin Pharmaceuticals (Private) Limited and NutriCo Morinaga (Private) Limited, net turnover for the nine-month period under review increased by 20% to PKR 43,937 million compared to the SPLY, with the growth being fuelled by Soda Ash (34%), Polyester (31%) and Chemicals & Agri Sciences (11%).

Operating result for the nine-month period under review was marginally lower by 2% at PKR 3,523 million in comparison to the SPLY, with the Soda Ash Business showing improved sales performance after successful commissioning of 75,000 tons per annum (TPA) plant expansion and higher margins of the Agri Division.

On a consolidated basis, Profit after tax (PAT) for the nine-month period under review at PKR 1,773 million is 35% lower than the SPLY, due to interest-rate driven higher finance costs and higher taxation expenses. On a standalone basis, PAT for the nine-month period under review at PKR 1,655 million and EPS at PKR 17.91 are 33% lower than the SPLY.

ICI Pakistan is well-positioned to maintain its growth momentum in the future as some new strategic projects are entering their final phases. These projects are expected to contribute significantly to the Company’s growth aspirations.

The Masterbatch manufacturing project is nearing completion. This project is another strategic step towards the fulfilment of the Company’s growth aspirations and will enhance the product portfolio of the Chemicals & Agri Sciences Business.

Following ICI Pakistan Limited’s majority-owned infant formula joint venture with NutriCo Morinaga (Private) Limited, a state-of-the-art manufacturing facility is under construction to produce Morinaga Infant Formula, which will be manufactured, distributed and sold by the Company.

Contingent on the results of trial production, commercial operations are expected to commence during the second half of calendar year 2019.

While economic headwinds are expected to persist in the form of rupee devaluation, higher inflation and input costs, the ICI Pakistan is positioned to deliver positive results by leveraging its diversified solution-based products and services, and strengthening relationships with customers.