Karachi: Unilever Pakistan Foods Limited has disclosed its financial results for the nine months ending September 30, 2024, detailing a mixed financial landscape influenced by recent economic conditions. The announcement was made during a Board of Directors meeting on October 21, 2024, at the company's headquarters in Karachi.
The company reported a 6.2% decrease in sales compared to the previous year, attributing the downturn to challenges in the market. Despite these hurdles, strategic pricing adjustments and volume uplifts have been implemented to counteract the negative trends. According to information available from the Pakistan Stock Exchange (PSX), these strategies have resulted in a robust gross margin of 39.1% for the period. However, earnings per share (EPS) saw a significant decrease of 27.3%, primarily due to the maturation of tax credits.
Financial details released show that for the nine months ended September 30, 2024, Unilever Pakistan Foods achieved a gross profit of 9.71 billion rupees, with an after-tax profit of 5.43 billion rupees. Basic and diluted earnings per share were reported at 852.77 rupees. For the quarter ending on the same date, the company posted an after-tax profit of 1.63 billion rupees with earnings per share of 255.44 rupees.
In response to these financial results, the Board has declared a significant interim dividend of 511.00 rupees per share, a cumulative payout amounting to 1,277.00 rupees per share for the nine-month period, reflecting a substantial return to shareholders amidst challenging economic conditions.
The company also announced the closure of its share transfer books from November 5 to November 7, 2024, to facilitate the processing of this dividend. Shareholders must finalize their transfers before this period to qualify for the dividend payout, with the books reopening on November 8, 2024.
Looking ahead, Unilever Pakistan Foods noted a recent agreement with the International Monetary Fund (IMF) and an overall easing of inflation rates as positive signs that may support economic stability and business growth. Despite external volatilities, the company remains dedicated to delivering shareholder value and leveraging its strong brand presence.