Lucky Cement records consolidated profit of Rs14.82b

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KARACHI: On a consolidated basis, Lucky Cement Limited reported a net profit after tax of Rs14.82 billion after taking out Rs1.35 billion attributable to non-controlling interests for the financial year ended June 30, 2018, which translates into earnings per share (EPS) of Rs45.83 / share as compared to Rs50.18 / share reported last year.

The Board of Directors proposed a final cash dividend of Rs8.00 per share subject to the approval of shareholders in the upcoming Annual General Meeting (AGM) scheduled to be held on September 28, 2018. This proposed final cash dividend is in addition to the interim cash dividend of Rs5.00 per share, as previously recommended by the Board of Directors for the financial year ended June 30, 2018.

On a consolidated basis, the company achieved a gross turnover of Rs124.68 billion which is 13.6 per cent higher as compared to last year’s turnover of Rs109.80 billion.

With regards to the company’s standalone performance, the gross sales revenue of the company increased by 9.4 per cent to Rs67.38 billion compared to Rs1.60 billion reported last year. The increase in revenue was mainly due to higher volumes and increase in Federal Excise Duty and Sales Tax.

Furthermore, Lucky Cement recorded net profit after tax of Rs12.20 billion which is 10.9 per cent lower as compared to last year. Similarly, the standalone EPS of the company is Rs37.72 / share which is 10.9 per cent lower as compared to last year’s reported EPS of Rs42.34 / share.

The local cement sales volume of the company during the fiscal year registered a growth of 14.8 per cent (North 18.1 per cent and South 11.0 per cent) to reach 6.63 million tons compared to 5.77 million tons reported last year, whereas, local clinker sales volumes declined by 80.1 per cent to 0.06 million tons during the current financial year as compared to 0.30 million tons last year, resulting in the overall local sales growth of 10.2 per cent to reach 6.69 million tons during the current financial year compared to 6.07 million tons last year; while export sales volume increased by 4.6 per cent to 1.13 million tons compared to 1.08 million tons reported last year.

Lucky Cement also shared progress on its brownfield expansion for cement production of 2.6 million tons per annum at its Pezu Plant and the greenfield investment project for producing 1.2 million tons of clinker at Samawah, Iraq. In addition, the Company also reported progress on its investment projects of 1 X 660 MW supercritical coal based power project at Port Qasim and automobile manufacturing plant under license from Kia Motors Corporation.

Lucky Cement remains committed towards value-creation for the society in which it operates. In this regard, the Company extended numerous scholarships to deserving students for various leading universities in Pakistan and abroad. Keeping in view the importance and impact of women empowerment in Pakistan, the Company in collaboration with Zindagi Trust continued its support for two leading Government girls’ schools in Karachi.