Karachi April 27 2022: Ittehad Chemical Limited (ICL) capacity enhancement of LABSA / SLES Plant by 46,000 tons would come on stream during the ongoing quarter as conveyed by the company to the investors.
Moreover, the work on up gradation of power plant engines to increase capacity and to improve fuel efficiency is also taking place as planned. The wholly owned subsidiary i.e. Ittehad Salt Processing (Pvt.) Limited is also in the process of acquiring Mining Lease from the concerned Government Department. The Management is optimistic about future growth and healthy returns with the ultimate objective to maximize shareholders' wealth in the long run.
During the first quarter 2022, the Company posted net sales revenue of Rupees 10,878 Million (2021: Rupees 8,212 Million) denoting an increase of 32% from corresponding period of last year. The cost of sales was Rupees 9,482 Million (2021: Rupees 6,654 Million) bringing gross profit to Rupees 1,396 Million (2021: Rupees 1,557 Million). The gross profit margin reduced to13% from 19% vis-à-vis corresponding period of last year primarily due to increased energy cost during the period under review. The bottom line showed a net profit after tax of Rupees 374 Million (2021: Rupees 517 Million) which yielded earning per share of Rupees 3.74 (2021: Rupees 5.17 per share). During the ongoing Financial Year, the Company has issued Bonus shares amounting to Rupees153 Million; hence EPS for preceding period has been restated accordingly.