Nimir Chemicals to setup aluminum cans production facility

KARACHI: Nimir Industrial Chemicals Limited has announced an investment of Rs1.25 billion to establish the aluminum cans production facility.

“[The] board of Nimir approved an investment of Rs1.25 billion for setting up a production facility to manufacture various types of aluminum cans for aerosol products. This will be a backward integration to the company’s state –of-the-art aerosol filling plant; and an investment of Rs190 million for the installation of Sulphate Removal System at Chlor Alkali Plant to reduce the operating cost,” a bourse filing said on Wednesday.

Nimir Industrial Chemicals Limited is an Oleo Chemicals and Chlor Alkali manufacturing company. It produces soap, noodles, stearic acid, glycerin, distilled fatty acid, caustic soda, sodium hypochlorite and hydrochloric acid. The company is also engaged in contract manufacturing of toilet soap bars.

Meanwhile, the company announced a final cash dividend of Rs2/share along with the financial results for the year ended June 30, 2021.

The company posted a net profit of Rs2.05 billion, translating into the earnings per share (EPS) of Rs16.57 in FY21, which is 93.3 per cent higher than the profit of Rs1.06 billion (EPS: Rs8.88) in FY20.

The company’s net revenues during the year under review surged 35.8 per cent to Rs29.2 billion, compared with Rs21.5 billion in the previous year.

Other income surged 62.6 per cent to Rs52.7 million in FY21, compared with Rs32.4 million in FY20, while the finance cost declined 26.6 per cent to Rs576.8 million due to the prevailing low interest regime.

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