UPFL financial results Y1 2010

At its meeting held today, the 17th February 2011 at 14:30 Hrs at Karachi, our Board of Directors approved the Audited Financial Results of the Company for the year ended December 31, 2010.

The Company achieved a robust 19.6% growth despite challenging economic conditions. All major categories contributed to this growth. Rising input costs were partially offset by cost savings initiatives. Price increases were taken selectively to maintain competitiveness. Strong volume and value growth resulted in improved gross margin and 147% higher profit after tax and earnings per share.

n view of the financial results for the year 2010, the Directors have recommended final cash dividend of Rs.36/- or (360%) per ordinary share of Rs.10/- each; in addition to the Interim dividend of Rs.35/- per ordinary share, already paid during the year. The total dividend for the year 2010 amounts to Rs. 71/- (2009: Rs.34/-) per ordinary share. This will be payable to the Members on the number of ordinary shares held by them at the close of business on 31st March 2011.

The Share Transfer Books of the Company will be closed from 25th March, 2011 to 31st March, 2011 (both days inclusive) to determine the entitlement for the final dividend. The books will re-open on 1st April 2011. 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 24th March, 2011 will be treated in time for the purpose of payment of Final Dividend to the transferees.

The Board has approved the convening of the next Shareholders Annual General Meeting for 31st March 2011 at 14:30 Hrs in Karachi.