UPL financial results for Q2 2013

In its meeting held on 23rd August 2013 at 10:00 a.m. at Karachi, our Board of Directors has approved the un-audited Financial Information of the Company for the half year ended June 30, 2013.

2013 continues to be a challenging year for the business with continuing energy crisis, adverse security environment, market closures and slowdown in consumer demand. In the first half of the year, underlying sales grew by 8.3%. However, growth in Q2 improved to 13.1%. Gross margin increased by 90 bps, mainly though savings programs and a more favourable mix of categories. We continued to invest competitively and strategically behind our brands, in an environment with many players vying for a share of the shrinking consumer wallet.

Condensed Financial Information

QUARTER ENDED

HALF YEAR ENDED

June 30, 2013
June 30, 2012
2013, June 30
2012,June 30

(Rupees in millions)

Sales

16,196

14,318

30,099

27,800

Less:Cost of sales

(9,535)

(8,787)

(18,886)

(17,686)

Gross Profit
6,661
5,531
11,213
10,114

Less: Distribution costs

(3,387)

(2,874)

(6,424)

(5,526)

Less: Administrative expenses

(612)

(472)

(1,119)

(900)

Less: Other Operating expenses

(194)

(156)

(269)

(266)

Add: Other operating incomes

109

142

184

247

Profit from operations
2,577
2,171
3,585
3,669

Finance costs

(135)

(203)

(191)

(234)

Profit before taxation
2,442
1,968
3,394
3,435

Less: Taxation

(804)

(604)

(1,074)

(1,030)

Profit after taxation
1,638
1,364
2,320
2,405
Earning per share - basic and diluted (Rupees)
123.25
102.64
174.50
180.90

Second Interim Dividend

In view of the financial results for the half year January to June 2013, the Board of Directors has declared a Second Interim Dividend – 2013 of Rs.123.25 i.e. 246.5% per Ordinary Shares of Rs. 50/- This will be payable to Members on the number of Ordinary Shares held by them at the close of business on September 17, 2013.

Together with the First Interim Dividend – 2013 of Rs.51.24 or 102.48% per Ordinary Share of Rs. 50/- already paid, the total dividend upto the half year ended June 30, 2013 will thus amount to Rs.174.49 i.e. 348.98% per Ordinary Share of Rs 50/- (Half year January to June 2012: Rs. 130/- i.e. 260% per Ordinary Share of Rs. 50/-).

Closure of Share Transfer Books

The Share Transfer Books of the Company will be closed from September 18, 2013 to September 24, 2013 (both days inclusive), and will re-open on September 25, 2013. Transfers in good order, received at the Company’s Share Registration Office c/o Famco Associates (Private) Limited, 8-F, Next to Hotel Faran, Nursery, Block-6, P.E.C.H.S., Shahra-e-Faisal, Karachi, by the close of business on September 17, 2013 will be treated in time for the purpose of payment of Second Interim Dividend -2013 to the transferees.

Delisting

Following the majority shareholder’s offer to purchase the remaining shares of the Company, on July 4 2013, the company informed the stock exchanges that as at July 1, 2013, the majority shareholder had bought 21.91% of the ordinary shares, raising its shareholding to 96.99% of the total ordinary shares issued. The stock exchanges were requested to confirm the delisting of the company. On August 13, 2013, a formal letter was received from the Karachi Stock Exchange Limited, confirming that w.e.f. September 13, 2013, the ordinary shares of the company will stand delisted from the Exchange.

Future outlook

Inflation, poor security environment, sharp currency devaluation and power outages continue to remain challenges for the business. We will however continue to drive our agenda of improving consumer lives through consumer relevant innovations, strong brand equities and a performance rewarding culture.

Sadia Dada

Unilever Pakistan Limited
Avari Plaza
Fatimah Jinnah Road
Karachi 75530

+92-21-3 566 0062

sadia.dada@unilever.com

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