Karachi February 10 2022: Lotchem report profitability of PKR 10.1 billion in 2022 when compared to profitability of PKR 4.6 billion during the same period last year.
Company announced final dividend of PKR 2 per share with the final result. This is in addition to interim dividend already paid at PKR 4 per share.
Company reported gross profit of PKR 17.8 billion in 2022 when compared with gross profit of PKR 7.5 billion due to higher PTA prices and rupee depreciation.
Distribution and selling expenses were 32.7 percent higher while Administrative and general expenses were 22.8 percent higher than the corresponding period last year due to overall impact of inflation.
The taxation charge for the quarter is based on statutory income tax rate and tax under Final Tax Regime (FTR) as adjusted by the movement in the deferred tax account. The taxation charge is higher due to Super tax enacted through Finance Act 2022 which is effective retrospectively at the rate of 10% for the Tax year 2022 and at the rate of 4% from Tax year 2023 onwards.
LOTTE Chemical Corporation, South Korea (“LCC Korea”) the majority (75%) shareholder of LOTTE Chemical Pakistan Ltd (“the Company”) has entered into Share Purchase Agreement with Lucky Core Industries on January 26 2023, for sale of all its shares held by the LCC Korea. LCC Korea is selling its Pakistan business as part of its long-term strategy, LCC Korea is optimizing portfolios over many assets, with the strategic divestment options for the Company also under consideration.
Lotte Chemical Pakistan Limited was incorporated in Pakistan on 30 May 1998 under the Companies Ordinance, 1984 (repealed with enactment of the Companies Act, 2017). The principal activity of the Company is to manufacture and sale of Pure Terephthalic Acid (PTA).
