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Monday, November 25, 2024

Home Business ICI earnings up by 35pc

ICI earnings up by 35pc

by News desk
April 21, 2020
in Business

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STAFF REPORTER

KARACHI ICI Pakistan Limited (ICI) announced its 3QFY20 financial result on Monday, where the company posted a profit after tax (PAT) of PKR 532mn (EPS: PKR 5.76), down by 44% YoY compared to PKR 948mn (EPS: PKR 10.27) during SPLY. On a QoQ basis, earnings decreased by 48% QoQ. This takes 9MFY20 a profit after tax (PAT) to PKR 2,384mn (EPS: PKR 25.81) compared to PKR 1,764mn (EPS: PKR 19.10) during same period last year. During 3QFY20, net sales went down by 5% YoY to PKR 14,801mn. The decline in sales is w itnessed due to lower volumetric sales of PSF and Soda Ash due to pandemic situation in the country, w e view. Gross margins of the company increased by 331bps YoY to 21% during 3QFY20. The improvement in margins is witnessed due to expected better performance of PSF and Soda Ash segments. Selling, admin and distribution expense increased by 30% YoY to PKR 1,525mn, mainly due to NutriCo Morinaga.