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Karachi, Unilever Pakistan Foods Limited, a renowned player in the consumer goods industry, has announced its unaudited Condensed Interim Financial Information for the six months ending June 30, 2023. The Board of Directors, in a meeting held on August 24, 2023, approved the financial results, revealing impressive sales growth and profit performance in a challenging economic landscape.
The company’s sales for the first half of the year marked a substantial growth of 44.6%, largely driven by pricing strategies. Despite this growth, volume sales faced pressure due to sustained double-digit inflation, leading to decreased consumer purchasing power. However, the company’s earnings per share (EPS) surged by 55.2%, attributed to improved gross profits resulting from a combination of efficient pricing and cost management strategies.
The Condensed Interim Financial Information showcases the following key figures for the three and six months ended June 30, 2023:
Three Months Ended
Sales: PKR 8,069,913 (compared to PKR 6,406,331 in the same period of the previous year)
Gross Profit: PKR 3,353,488 (compared to PKR 2,756,043)
Profit after Tax: PKR 1,833,130 (compared to PKR 1,506,803)
EPS (basic and diluted): PKR 287.78 (compared to PKR 236.55)
Six Months Ended
Sales: PKR 18,737,716 (compared to PKR 12,958,626)
Gross Profit: PKR 8,260,256 (compared to PKR 5,646,735)
Profit after Tax: PKR 5,189,410 (compared to PKR 3,343,303)
EPS (basic and diluted): PKR 814.67 (compared to PKR 524.86)
In light of these strong financial results, the Board of Directors has recommended an Interim Cash dividend of Rs. 72 (720%) per ordinary share of Rs. 10/- each. This dividend will be payable to the Members on the number of ordinary shares held by them at the close of business on September 7, 2023.
The company’s outlook acknowledges the challenging economic and operating environment in Pakistan, influenced by sustained inflation impacting consumer purchasing power. Despite these headwinds, Unilever Pakistan Foods Limited remains committed to creating value for stakeholders through innovative strategies, understanding consumer needs, and leveraging global expertise. Recent product innovations, such as spicy tikka and iron-fortified noodles, reflect the company’s dedication to staying relevant and meeting evolving consumer preferences.
For shareholders’ convenience, the Share Transfer Books of the Company will be closed from September 8, 2023, to September 11, 2023, for the determination of entitlement to the first interim cash dividend. The books will reopen on September 12, 2023.
Investors and stakeholders are encouraged to stay updated through the company’s official communications and channels.
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