March 2, 2006	Thursday	Safar 1, 1427

KARACHI, March 1: ICI Pakistan is forecast to post 52 per cent increase in recurring profit after tax for the year ended December 31, 2005, from Rs1.06 billion the previous year.

The meeting of the Board of directors to announce results and dividends is scheduled to be held on Thursday. A report by InvestCap issued on Wednesday observed that the company could announce final dividend at Rs4-5 (40-50 per cent) per share, thus taking full year dividend to Rs6-7 (60-70 per cent). Profit (including the extraordinary item in 2004) was expected at Rs1.60 to 1.65 billion for 2005, as compared to Rs2.84 billion in 2004.

Analysts said that the reason for last year’s extraordinary profit was a one-time capital gain on sale of PPTA shares, amounting to Rs1.8 billion. “ICI’s volumes in its various businesses have improved tremendously and financial expenses are expected to have reduced by around 37 per cent (in 2005)”, they observed.

With the declaration of financial figures by ICI Pakistan on Thursday, the results season would almost draw to a close with all major companies having made their announcements. Among companies still to hold a board meeting, investors are most eagerly looking forward to that of National Bank of Pakistan (NBP) — the stock that has remained the mover and shaker of the market.