KARACHI: Unilever Pakistan Foods Limited has declared 38 per cent growth in the net profit for the half year ended June 30, 2022.
The company declared 38 per cent growth in profit before income tax at Rs3.34 billion for the half year ended on June 30, 2022 as compared with Rs2.42 billion in the same half of the last year.
Unilever Pakistan declared basic and diluted earnings per share (EPS) at Rs524.86 for the half year ended on June 30, 2022 as compared with EPS of Rs380.11 in the same half of the last year, showing a decrease of 38 per cent.
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The company declared the total gross profit at Rs4.15 billion for the half year ended on June 30, 2022 as compared with Rs5.65 billion in the same half of the last year, showing an increase of 36 per cent.
According to the financial results submitted to the Pakistan Stock Exchange (PSX), the board of directors met on August 26, 2022 and approved the financial result for the half year ended June 30, 2022.
The Directors have not recommended a Second Interim Cash Dividend for the period ended June 30,2022. (Second Interim Cash Dividend for period ended June 30, 2021 of Rs.151/- i.e.1510 per cent per ordinary share of Rs.10 each)
The business delivered another half of strong double digit sales growth of 35.2 per cent. The growth was consistent and competitive with a healthy mix of pricing and volume. Both segments delivered strong results fuelled by brand equity, wider reach and innovations. Despite cost head-wings, gross margin increased by 26 basis points (bps) to 43.6 per cent driven by improved fixed cost absorption. Earnings per share (EPS) increased by 38.1 per cent driven by growth and margin improvement.
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Pakistan’s economic and operating environment remains challenging which is further aggravated by volatile commodity and forex outlook.
Consequentially, inflation has reached unprecedented levels which is significantly affecting the purchasing power of the consumers, thus forcing them to make sharper choices by down trading and down grading.
Also, recent floods in the country are expected to have a bearing on crops and therefore livelihoods of our rural population. All these factors are expected to result in a slow down of the economy.
In the midst of this situation, the management remains committed to navigate the challenges and stay relevant to the consumer by leveraging the power of its brand, delivering delightful innovations, continuous efforts towards value for money proposition and driving cost transformation for efficiencies in the value chain.
Our recent ‘Blazin’ noodles launch is a manifestation of our innovative mindset and commitment towards consumer preferences. We are confident that we will continue to deliver competitive, consistent, responsible and profitable growth benefitting all stakeholders.
