Karachi April 3 2023: Nimir Industrial Chemicals Limited Liquid Chlorine and Chlorinated Paraffin Wax (CPW) plants have been successfully completed and commissioned, according to company filing to the exchange.
"These were the only two project which were under completion out the capital investment initiatives taken in last few years. With this achievement, all new projects are now in commercial operation" says company chairman Muhammad Saeed uz Zaman.
He added, "the commercial operation of the Power Plant and the Caustic Soda plant has already started in January 2023 which will positively impact the profitability of the company in the post balance sheet period."
During the first half of fiscal year 2023, the topline of the company grew from PKR 16.6 billion to PKR 26.7 billion, an increase of 67%, jointly driven by price and volume. The gross profit for the period, however, increased by only 19.3% mainly due to high cost of feedstock and fuel prices. The operating profit during the period grew by 15.8% from PKR 1.5 billion to PKR 1.7 billion, but the benefit of improved operating cost was hampered by high financial cost which grew by 254% caused by increased policy rate and higher utilization of financing. This diluted the profit before taxation by 58%. The basic earnings per share is reported at PKR 3.01 as compared to PKR 6.57 for the corresponding period of last year.
Nimir Industrial Chemicals Limited was incorporated in Pakistan as a public limited company. The Company is engaged in manufacturing and sales of chemical products along with toll manufacturing of aerosol, soap products, home and personal care.
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