The Board of Directors of ICI Pakistan Limited has approved the establishment of a facility to manufacture Masterbatch, a colourant and additive concentrate utilized in the manufacture of various plastics. The estimated project cost for this manufacturing facility is Rs 590 million. This development is another strategic step towards fulfilling the company's growth aspirations by enhancing the product portfolio of its chemicals business.

The project is expected to come online in the first quarter of 2019 and the facility will be located at the ICI Pakistan premises 5 West Wharf, Karachi. The board of directors approved the audited accounts of the Company for the year ended June 30, 2017 and recommended the final cash dividend at the rate of 100 percent ie Rs 10.00 per share. This is in addition to the 80 percent interim cash dividend ie Rs 8.00 already paid.

According to the financial results, the company's net turnover of Rs 41,364 million for the year under review is 12 percent above net sales for the year ended June 30, 2016, which were recorded at Rs 36,954 million. The company's profit after tax for the year stood at Rs 3,296 million, up 16 percent. The company's earning per share stood at Rs 35.69 as compared to Rs 30.78 in the same period a year back.

Copyright Business Recorder, 2017