Operating result for the six month period under review was lower by 9% at Rs 1,949 million in comparison to the SPLY, with Soda Ash showing improved sales performance attributable to the successful commissioning of 75,000 tons per annum (TPA) per annum expansion plant and higher margins of the Agri Division.
Profit after tax (PAT) for the six month period under review at Rs 825 million is 49% lower than the SPLY, largely due to interest-rate driven higher finance cost and lower operating results. On an unconsolidated basis, PAT for the six months period under review at Rs 900 million and EPS at Rs 9.75 are 38% lower than the SPLY.
The Board has approved interim cash dividend in respect of the financial year ending June 30, 2019, at the rate of 45% i.e. Rs 4.50/- per share of Rs 10/- each to be payable to the members. Alongside the sound performance of businesses for the half year, a number of exciting projects will contribute significantly to the Company's growth aspirations.
The Board has authorised management to proceed with Phase 2 of the 150,000 TPA Light Ash expansion of the Soda Ash Plant being expansion of 75,000 TPA. The Company has already successfully commissioned Phase 1 of the project (75,000 TPA in February 2018). This is in addition to a Dense Ash expansion of 70,000 TPA, which will position the Company to cater to the growing needs of the market.
The Master batch manufacturing project is expected to be completed soon and upon completion, it will enhance the product portfolio of Chemicals & Agri Sciences Business. Following ICI Pakistan Limited's majority-owned infant formula joint venture with NutriCo Morinaga (Private) Limited, civil works are currently underway to construct a state-of-the-art manufacturing facility to produce Morinaga Infant Formula, which will be manufactured, distributed and sold by the Company.-PR