Karachi June 7 2023: Colgate-Palmolive (Pakistan) Limited (COLG) announced interim dividend of PKR 40 per share and bonus share of 100 percent, according to company filing to the exchange.
Company share prices move up PKR 116.92 percent or 7.5 percent at Pakistan Stock Exchange.
Company announced an interim dividend for the year ended June 30,2023 at PKR 40 per share of Rs 10.0 each e.g 400% and interim bonus shares in the proportion of one share for every one share held i.e. 400%. The above entitlement will be paid to shareholders whose name will appear in the Register of numbers on June 15, 2023.
Company reported profit jump 55 percent to PKR 7.2 billion during the period from July to March when compared with profit of PKR 4.6 billion in the same period last year. Company’s gross margins improved to 27.45 percent from July to March from 26.44 percent a year ago.
“The Company has managed to post strong revenue and profit growth driven by the combination of volume and favorable product mix changes. Selling and distribution costs increased mainly due to the increase in advertising expense and fuel prices” says company Chief Executive Officer Zulfiqar Ali Lakhani.
“Import curbs in the form of restrictions on the opening of LCs for raw materials and key spares along with delays in payments to foreign suppliers have threatened business operations. Owing to these challenging circumstances, the Company may face production shortages and supply chain disruptions if this situation continues for a few more months” Zulfiqar Added.
Colgate-Palmolive (Pakistan) Limited was incorporated in Pakistan on December 5, 1977 as a public limited company with the name of National Detergents Limited. The name of the Company was changed to Colgate-Palmolive (Pakistan) Limited on March 28, 1990 when the Company entered into a Participation Agreement with Colgate-Palmolive Company, USA. The Company is mainly engaged in the manufacture and sale of detergents, personal care and other related products.
