Karachi, March 5, 2024 – Unilever Pakistan Foods Limited has announced a significant surge in its profit after tax (PAT), reaching an impressive Rs 9.74 billion for the calendar year ending December 31, 2023.
The company’s financial statement, submitted to the Pakistan Stock Exchange (PSX), revealed a substantial 22.52 percent increase in PAT compared to the net profit of Rs 7.95 billion in the preceding calendar year.
The remarkable growth in profit has resulted in a sharp rise in earnings per share (EPS) to Rs 1,529.68 for the year ended December 31, 2023, up from Rs 1,248.41 in the previous year. This announcement comes after the board of directors of Unilever Pakistan Foods Limited convened on March 4, 2023, recommending a final cash dividend of Rs 178 per ordinary share of Rs 10 each. Additionally, an interim dividend of Rs 251 had already been paid during the year.
Unilever Pakistan’s financial results unveiled a robust performance in sales, which escalated to Rs 32.58 billion in the calendar year 2023, compared to Rs 28.31 billion in the preceding year. The company’s gross profit also experienced a notable increase, reaching Rs 14.81 billion for the year ended December 31, 2023, as opposed to Rs 11.95 billion in the previous year.
Administrative and financial expenses witnessed an uptick to Rs 6.77 billion in the calendar year 2023, reflecting an increase from Rs 4.82 billion in the previous year. Despite this rise, the operating profit stood at an impressive Rs 10.47 billion in the calendar year 2023, compared to Rs 8.51 billion in the last year.
Unilever Pakistan fulfilled its tax obligations with an income tax payment amounting to Rs 609 million for the year ended December 31, 2023, representing an increase from Rs 414 million in the previous year. The company’s commitment to meeting its tax obligations aligns with its role as a responsible corporate entity contributing to the national exchequer.
The positive financial results underscore Unilever Pakistan’s resilience and strategic management in navigating the dynamic business landscape. The company’s ability to adapt to market challenges and capitalize on opportunities has positioned it as a key player in the consumer goods sector.
Industry analysts view Unilever Pakistan’s robust financial performance as a testament to effective operational strategies, market positioning, and product innovation. As the company continues to chart its course in the competitive consumer goods market, shareholders and investors are likely to closely monitor its future initiatives and financial outcomes.
Unilever Pakistan’s declaration of a record-breaking PAT of Rs 9.74 billion for CY23 signals not only financial success but also reinforces its position as a leading player in the consumer goods industry. The company’s commitment to shareholder value is evident through the declaration of dividends, and its sustained growth is poised to contribute positively to the overall economic landscape in Pakistan.
