The Board of Directors of ICI Pakistan Limited is pleased to announce the Company’s financial results for the quarter ended September 30, 2016, as well as its approval to acquire a pharmaceutical manufacturing company in support of the Company’s growth aspirations. ICI Pakistan Limited’s financial results for the first quarter of the new financial year continue to maintain a strong trajectory. Unconsolidated profit after tax for the quarter at Rs 617 million is 30 percent higher than the same period last year, with earnings per share at Rs 6.68.
The Company’s operating result for the period, at Rs 871 million, is 24 percent higher than last year, on the back of improved performance of the Polyester and Life Sciences Businesses. Net turnover at Rs 9,255 million is nine percent above the same period last year. This is primarily due to a 37 percent increase in sales revenue in the Life Sciences Business, which witnessed strong growth in its Animal Heath and Agri Divisions.
During its meeting, the Board of Directors also approved the acquisition of 100 percent shareholding of Cirin Pharmaceuticals Private Limited, a local pharmaceutical manufacturing company. Asif Jooma, Chief Executive, ICI Pakistan Limited, highlighted the significance of this news, stating, “The acquisition of Cirin Pharmaceuticals enables ICI Pakistan Limited to expand its footprint with its own manufacturing base for pharmaceutical products;? an important move forward in alignment with the Company’s growth ambitions.”
Currently, the Pharmaceuticals Division of ICI Pakistan Limited’s Life Sciences Business markets a range of pharmaceutical products with leadership positions in key therapeutic categories. Established in 1992, Cirin Pharmaceuticals Private Limited currently manufactures a range of products that include hospital / emergency care and primary care, specifically, products for pain management (including antiinflammatories), anti-infectives, gastrointestinal products and antiallergy products.-PR