KARACHI: ICI Pakistan Ltd is going to change its name to Lucky Core Industries Ltd, the company said in a regulatory filing on Tuesday.

“This decision has been taken primarily to align the company’s name with its holding company, Lucky Cement Ltd, which is a part of the Yunus Brothers Group. The proposed name draws on the strength of the Lucky brand,” it said.

AkzoNobel, one of the largest coatings and chemicals companies globally, became the ultimate holding company of ICI Pakistan Ltd in 2008. Lucky Holdings Ltd acquired the majority shareholding from AkzoNobel in 2012 and became the ultimate holding company of ICI Pakistan Ltd.

The company then went on an acquisition spree in the following years and acquired assets in pharmaceutical, chemical and formula milk businesses. “From textiles and glass to healthcare, food and agriculture, the application of the company’s products position it at the centre of its stakeholder’s daily life,” it said.

Posts 69pc jump in annual profit

Meanwhile, the company reported on Tuesday its net profit for 2021-22 amounted to Rs8.86 billion on a consolidated basis, up 69 per cent from a year ago. Its consolidated turnover increased 56pc to Rs100.86bn in the same year. Enhanced efficiencies, recovering consumer demand and the acquisition of an additional shareholding in NutriCo Pakistan Ltd contributed significantly to the higher profitability, it said.

In addition, the one-off net positive impact resulting from the re-measurement of the previously held equity interest of NutriCo Pakistan Ltd also improved the financial strength of the company. Adjusting for the one-off gain of Rs1.84bn as a consequence of the re-measurement of the previously held equity interest, net earnings of the company would’ve clocked in at Rs7.01bn, up 34pc year-on-year.

The company announced a final cash dividend of Rs15 per share, which is in addition to the interim cash dividend of Rs20 apiece.

Published in Dawn, August 3rd, 2022