ICC Industries Limited (formerly ICC Textiles Limited) reported a significant improvement in its financial performance for the nine months ended March 31, 2026, as increased utilization of its warehousing facilities boosted revenue and reduced losses.
According to the company’s interim financial statements, revenue rose to Rs. 44.53 million during the period, compared to Rs. 36.74 million in the corresponding period last year. The increase was primarily attributed to the enhanced use of covered factory space for warehousing operations.
The company posted a loss after tax of Rs. 7.04 million, substantially lower than the Rs. 12.15 million loss recorded in the same period a year earlier. Consequently, loss per share improved to Rs. 0.23 from Rs. 0.41.
Management noted that direct costs increased to Rs. 23.41 million from Rs. 14.11 million, mainly due to depreciation charges on buildings that were reclassified from investment property to operating fixed assets. Previously, no depreciation had been recognized on these assets under applicable accounting standards.
Administrative expenses declined during the period, supported by the Chief Executive Officer voluntarily foregoing his salary from July 1, 2025. However, the benefit was partially offset by adjustments related to higher minimum wage rates. The company also reported lower taxation expenses due to the transition from rental income to warehousing operations.
During the review period, ICC Industries transferred investment properties valued at approximately Rs. 1.2 billion to property, plant and equipment, reflecting its shift toward operational use of assets. Total assets stood at Rs. 1.25 billion as of March 31, 2026.
Looking ahead, the company expressed optimism regarding Pakistan’s economic recovery, citing easing inflation and lower policy rates. However, it also highlighted risks stemming from political uncertainty, global market volatility, and geopolitical tensions. Despite these challenges, ICC Industries said it remains focused on a prudent strategy and has recently secured additional warehousing arrangements at improved rates, which are expected to support stronger revenue generation and financial performance in future periods.
The company added that the continued optimization of its warehousing business remains a key driver of operational efficiency and long-term profitability.
