KARACHI, Jan 30: Unilever Pakistan Limited (formerly named Lever Brothers Pakistan Limited) posted after tax profit at Rs1.750 billion for the year ended December 31, 2002, representing increase of 43 per cent over the taxed profit amounting to Rs1.223 billion the previous year.

The board of directors which met on Wednesday also announced final dividend at 160 per cent (Rs80 per share of Rs50) payable to members on the number of ordinary shares held by them at the close of business on April 6, 2003. Together with the interim dividend of 116 per cent (Rs58 per share) already paid, the total distribution for the year 2002 works out to Rs276 per cent (Rs138 per share). That gives a yield of 12 per cent on current stock price of Rs1,200. On the earnings per share (EPS) at Rs132, the price-to-earnings ratio comes to 9.1x.

Net sales at Unilever improved 7 per cent to Rs21.4 billion for the latest year, from Rs20.0 billion last year. Trading profit increased 25.5 per cent to Rs6.7 billion, from Rs5.4 billion and the trading margin was up to 31.4 per cent, from 26.8 per cent. Operating profit improved 25.7 per cent to Rs3.0bn, from Rs2.4bn and the operating margin was up to 14.2pc, from 12.0 per cent.

Profit before tax & restructuring costs stood at Rs2.8 billion, up 31.3 per cent, from Rs2.1 billion the earlier year. Restructuring costs were lower at Rs105 million in the year under review, from Rs226 million the earlier year.

Analysts expect the growth pattern to continue for the Fast Moving Consumer Goods (FMCG) company since consumer expenditure for FMCGs tend to remain steady during both periods of recession and growth.

Analysts at IP Securities said: “Moreover, with expectations towards a higher growing economy and long term trends such as increasing affluence of urban population on to our rural population, inclination of the ongoing entry of women into the work force, increasing number of workers spending away from home and further the increasing awareness of health value of hygienically prepared foods suggest that the long-term prospects for FMCG manufacturers are bright and will benefit from population growth and changing trends in the consumption patterns.”