UPFL financial result H1 2010

In its meeting held today, the 24th August 2010 at 14:30 Hrs at Karachi, our Board of Directors has approved the Condensed Interim Financial Information of the Company for the half year ended June 30, 2010.

Earnings increased by 77% on the back of 13% growth in sales during the half year ended June 30, 2010.

Knorr Noodles remained the star performer with the success of the “Quest for the Noodle Pot” campaign which further strengthened its lead. Knorr Cubes and Rafhan Desserts recorded high growth, responding to continuing efforts to develop these categories.

Future Outlook

The challenge of inflationary pressure has been compounded by the devastating floods in the country, which have disrupted the lives of many. Our parent company Unilever has contributed Rs. 110m and we are working with leading NGOs and distributors in providing relief and in the rehabilitation effort.

In this challenging environment we remain committed to build strong brands which deliver exceptional value to our consumers, customers and shareholders.

Condensed Financial Information

QUARTER ENDED

HALF YEAR ENDED

April to June 2010

April to June 2009

January to June 2010

January to June 2009

(Rupees in thousands)

Sales

1,096,660

1,010,221

2,045,971

1,808,945

Less:Cost of Sales

(640,378)

(629,718)

(1,226,742)

(1,112,977)

Gross Profit

456,282

380,503

819,229

695,968

Less: Distribution, Admin & Other operating Expenses

(279,447)

(305,032)

(491,479)

(471,700)

Add: Other operating Income

5,883

6,708

9,311

9,815

182,718

82,179

337,061

234,083

Restructuring Cost

-

(24,000)

-

(24,000)

Profit from Operations

182,718

58,179

337,061

210,083

Less: Finance Cost

(3,718)

(12,571)

(6,750)

(22,495)

Profit before Taxation

179,000

45,608

330,311

187,588

Less: Taxation

(57,078)

(13,614)

(110,528)

(63,132)

Profit after Tax

121,922

31,994

219,783

124,456

EPS-basic (Rupees)

19.80

5.20

35.69

20.21

Interim Dividend

In view of the financial results for the half year January to June 2010, the Directors have recommended an Interim Dividend of Rs.35/- or 350% per ordinary shares of Rs. 10/- (half year January to June 2009, Rs.20/- or 200% per ordinary share). This will be payable to Members on the number of ordinary shares held by them at the close of business on 29 September 2010.

Closure Of Share Transfer Books

The Share Transfer Books of the Company will be closed from 23 September 2010 to 29 September 2010 (both days inclusive), and will re-open on 30 September 2010. Transfers in good order, received at the Company’s Share Registration Office c/o Famco Associates (Private) Limited, State Life Building No. 1-A, I.I. Chundrigar Road, Karachi, by the close of business on 22 September 2010 will be treated in time for the purpose of payment of Interim Dividend to the transferees.

Pakistan

Unilever Pakistan Limited
Avari Plaza
Fatimah Jinnah Road
Karachi 75530

+92 21 566 0870
fareshteh.aslam@unilever.com

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