Dawood Hercules okays interim cash dividend

Posted on 10.19.06 by StockPK Team @ 3:06 pm    

The board of directors of Dawood Hercules Chemicals Ltd has approved second interim cash dividend of Rs2 per share (20 per cent) representing a total payout of Rs3.50 per share (35 per cent) to-date on a cumulative basis for the year ending 31st December 2006.

The board of directors has also approved the un-audited accounts of the company for the 3rd quarter of 2006. As per highlights of the financial results, the company’s sales stood at Rs2,644 million in 2006 as compared to Rs2,248 million in 2005. The gross profit has been Rs866 million against last year’s Rs851 million.

All time highest production for first 9 months was achieved this year. The company produced 316,199 M/Tonnes of urea during the period under review, against the corresponding figure of 305,547 M/Tonnes last year. This was achieved despite a 32-day plant shutdown for annual maintenance and replacement of certain equipment.

The current production performance translates into a capacity utilisation of 95 per cent as against 91 per cent for the corresponding period.

More efficient operation of the plant, replacement of worn out equipment and sustained gas supply contributed towards the improvement in production level.

In addition to normal plant maintenance during 2006 shutdown, the company has replaced the old Waste Heat Exchanger with the new horizontal Borsig Exchanger and installed a new Primary Reformer Furnace Tubes and the DCS Instrumentation System.

Source: The News