Karachi December 30 2021: United Brands Limited has entered into distribution of a portfolio of Candyland Brand owned by Ismail Industries Limited as per company filling at exchange.
The distribution is acquired in major cities of Pakistan and is expected to add healthy top and bottom line. This will help company to recover from losses.
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The revenue of Company has decreased by PKR 168 million as compared to same period last year due to discontinuation of imported business. Gross margin remains almost same on 16% as majority of business had shifted to local accounts in last quarter. This shift has been made due to prevailing market conditions and Government focus on curtailment of imports. Service income from wholly owned subsidiary IBL Logistics (Private) Limited (included above) has shown growth by 17% amounting to PKR 22.45 million. Operating expenses of Company have decreased by PKR 12.94 million due to cost control initiatives. Finance cost has decreased by PKR 4.3 million through repayment of bank’s borrowings.
