All the companies in the table registered an upward trend in their sales.

Seven companies
showed an increase in their pretax profit, 4 companies namely Murree Brewery, National
Foods, Quice Food and Shezan International showed decline in their pretax profit as
compard to the previous, while 2 companies namely Indus Fruits and Ismail Industries
showed a loss of Rs.33.64 million and Rs.7.44 million respectively.

Earning Per Share

The highest earning per share was at Rs.4.3.78 of Brooke Bond, followed by Noon
Pakistan at Rs.23.33, Rafhan Maize at Rs.11.87, Lever Brothers at Rs. 10.38 and Shezan
International at Rs.5.22.

Dividend

Out of 13 companies, 9 companies have paid dividend/bonus during 1996. The highest
dividend of 415 per cent was paid by Brooke Bond, followed by 100 per cent by Lever
Brothers, 55 per cent by Rafhan Maize, 42.50 per cent by Shezan International, 40 per
cent by Nestle Milkpak and 35 per cent by Noon Pakistan.

The list of companies includes three multinational companies like Brooke Bond and
Lever Brothers belonging to Unilever of England and Rafhan Maize, The Brooke Bond
Pakistan Ltd. and Lever Brothers Pakistan Ltd. stand amalgamated as approved by
Monopoly Control Authority. Both the companies have changed their accounting period
from December to June in pursuance of Finance Act 1995. About 70 per cent tea sales are
controlled by two brands Lipton and Brooke Bond both are owned by a single
multinational Unilever. Lever Brothers has financed capital expenditure of Rs.391
million which includes further ice cream expansion and general modernisation and
replacement of old plant. The name of Rafhan Maize has been changed to CPC Rafhan
Maize Ltd with effect from October 29, 1996. The company have made capital
expenditure of Rs.151 million to install a stand-by generators, maize storage facilities and
modernisation during the period under review.

Ismail Industries showed an increase of 12.71 per cent in its sales from Rs.220.87 million
to Rs.248.94 million. The loss of the company decreased from Rs.20.21 million to
Rs.7.44 million during the year under review. The Chairman of the company hopes that
the company will come back to profitability in current year.

A new pickle plant of National Foods is almost ready to go into production which will
improve the quality and will result in cost reduction. Meanwhile, a new project for wet
processing is being planned for Karachi in technical collaboration with Cerebos Foods of
Australia. The company made an investment of Rs. 10.97 million on plant and machinery
during 1996.