ICI Pakistan Limited’s results for the financial year ended December 31, 2011 and quarter ended march 31, 2012 (Incorporating the effects of demerger)

Karachi, July 03, 2012 (PPI-OT): Board Meeting – July 03, 2012: Results for the Financial Year Ended December 31, 2011 and Quarter Ended March 31, 2012

We wish to inform you that the Board of Directors of ICI Pakistan Limited (ICI) at its meeting held on July 3, 2012, has approved the following Accounts of the Company prepared after incorporating the effects of demerger, showing the following results:

Audited Accounts for the year ended December 31, 2011

Unaudited Accounts for the quarter ended March 31, 2012.

Dividend

These are only re-presented accounts and dividend was approved in AGM held on April 27, 2012 for the financial year ended December 31, 2011 @ 55% i.e. Rs. 5.50 per share and this dividend has already been paid to shareholders.

Financial Results for the Year Ended December 31, 2011 (Incorporating the Effects of Demerger)

20112010

(Re-presented)

Amount in Rs. ‘000

Turnover

38,348,591

32,910,625

Sales tax, excise duty, commission and discounts

(2,832,477)

(2,461,514)

———-

———-

Net sales, commission and toll income

35,516,114

30,449,111

Cost of Sales

(30,910,029)

(25,527,449)

———-

———-

Gross profit

4,606,085

4,921,662

Selling and distribution expenses

(1,012,821)

(909,644)

Administration and general expenses

(1,214,815)

(850,132)

———-

———-

Operating Result

2,378,449

3,161,886

Financial charges

(260,909)

(147,910)

Other operating charges

(206,653)

(262,018)

———-

———-

(467,562)

(469,928)

Other operating income

383,766

434,573

———-

———-

Profit before taxation

2,294,653

3,186,531

Taxation

(763,223)

(1,121,359)

———-

———-

Profit after taxation from continuing operations

1,531,430

2,065,172

Profit from discontinued operation (net of tax)

216,602

363,654

———-

———-

Profit for the year

1,748,032

2,428,826

———-

———-

(Rupees)

(Rupees)

Earnings per share – Basic and diluted – continuing operations

13.25

14.88

———-

———-

Earnings per share – Basic and diluted – discontinued operations

1.87

2.62

Financial Results For The Quarter Ended March 31, 2012 (Incorporating The Effects of Demerger)

Q1 2012Q1 2011

(Rupees `000)

Rupees `000)

Re-presented

Turnover

8,983,852

10,365,477

Sales tax, excise duty, commission and discounts

(776,180)

(682,538)

———–

————

Net sales, Commission and Toll Income

8,207,672

9,682,939

Cost of Sales

(7,396,457)

(8,543,449)

———–

————

Gross Profit

811,215

1,139,490

Selling and distribution expenses

(259,664)

(224,618)

Administration and general expenses

(279,565)

(187,287)

———–

————

Operating Result

271,986

727,585

Financial charges

(97,376)

(19,585)

Workers’ profit participating fund

(13,105)

(43,818)

Workers’ welfare fund

(4,966)

(17,492)

Other Operating charges

(6,807)

(9,032)

———–

————

(122,254)

(89,987)

Other operating income

93,607

133,179

———–

————

Profit before taxation

243,339

770,777

Taxation

(85,023)

(263,204)

———–

————

Profit after taxation from continuing operations

158,316

507,573

Profit from discontinued operations (net of tax)

-

116,543

———–

————

Profit for the period

158,316

624,116

———–

————

(Rupees)

(Rupees)

Earnings per share-Basic and diluted from continuing operations  1.71

3.66

———–

————

Earnings per share-Basic and diluted – discontinued operations

-

0.84

Financial Highlights

As disclosed at Note No. 8 to the financial statements for the year ended December 31, 2011, a sum of around Rs 3.609 billion is payable by the Company to Akzo Nobel Pakistan Limited (ANPL) (subject to Completion Accounts) as settlement of inter-unit account under the Scheme of Arrangement dated September 16, 2011 out of which Rs 2.0 billion will be transferred to ANPL within 14 days hereof and balance amount will be paid subsequently upon approval of the Completion Accounts by the Board of Directors of the Company in its meeting scheduled for July 25, 2012 as per the Scheme of Arrangement.

Extraordinary General Meeting

An Extraordinary General Meeting of the Company will be held at 10.00 a.m. on August 27, 2012 at ICI House, 5 West Wharf, Karachi, to seek shareholders’ approval for the financial statements for the year ended December 31, 2011 incorporating the effects of demerger.

The Share Transfer Books of the Company will be closed from August 21, 2012 to August 27, 2012 (both days inclusive)  Transfers received at M/s FAMCO Associates (Pvt) Limited, State Life Building No.1-A, First Floor, I.I. Chundrigar Road, Karachi 74000 at the close of business on August 20, 2012 will be treated in time for the purposes of the Extraordinary General Meeting.

The Company will send 300 copies of printed accounts for distribution amongst the members of the Exchange 21 days before the date of EOGM.

A complete set of Accounts is being placed on the Company’s website www.icipakistan.com and also being forwarded to the stock exchanges in PDF format for uploading on their respective websites.

For more information, Contact:
ICI Pakistan Limited
ICI House, 5 West Wharf,
P.O. Box.4731, Karachi 74000
T: + 92 21 3231 062
T: + 92 21 3231 0622
F: + 92 21 3231 0617
Web: www.icipakistan.com