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Unilever posts Rs1.23bn profit

Unilever posts Rs1.23bn profit

KARACHI: Unilever Pakistan Food Ltd’s profit-after-tax rose 5.13pc to Rs1.23 billion (earnings per share Rs200.09) for the year ended Dec 31, 2015 from Rs1.17bn (eps Rs190.29) in the previous year.

The board on Tuesday recommended a final cash dividend of Rs96 per share, which in addition to interim dividend of Rs54, took the total payout for 2015 at Rs150 per share. For 2014, the board had paid dividend of Rs94 per share. Sales grew 10pc year-on-year to Rs8.57bn from Rs7.79bn.

In a note appended to the accounts, the company stated that in 2015, the business grew by 10pc with underlying volume growth of 7pc. Fourth quarter turnover growth was 15pc. Gross margin improved by 156 basis points on the back of cost efficiencies, better volume absorption and sales mix. Advertising and promotion was stepped up by 203bps, to build brands for the long term.

IGI INSURANCE LTD: The company has called an extraordinary general meeting on March 31, 2016 at which a special resolution would be placed before the shareholders for approval.

IGI, which held equity of Rs12.26bn as of Dec 31, 2015, was desirous of making Rs2bn investment in Packages Ltd, an associated company.

The previous approval granted by the shareholders of the company for investment in Packages Ltd of up to Rs500m stood substantially utilised to the extent of Rs492.8m (24.8pc), leaving balance of Rs7.21m to be invested, while the previous approvals in respect of investment in Nestle Pakistan; Tri-Pak Films; Sanofi Aventis; Siemens (Pakistan) and Packages Cons­truction (Pvt) Ltd were not utilised or partly utilised.

Published in Dawn, March 9th, 2016

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