Karachi: Lucky Cement Limited reported net profit of PKR 6.55 billion for the half year ended December 31, 2017 which is 7.0% lower as compared to the same period last year. Consequently, the earnings per share (EPS) for the half year was recorded at PKR 20.25 compared to PKR 21.76 reported during the same period last year.
The Company’s gross sales revenue increased by 5.2% to PKR 32.85 billion compared to PKR 31.24 billion reported during the same period last year. The increase in gross sales revenue was mainly attributable to higher Federal Excise Duty and Sales Tax.
The local cement sales volume of the Company during the half year registered a growth of 16.9% (North 15.6% and South 18.5%) to reach 3.21 million tons compared to 2.75 million tons reported during the same period last year, whereas, local clinker sales volumes declined by 74.9% to 0.06 million tons during the current half year as compared to 0.24 million tons in the same period last year, resulting in the overall local sales growth of 9.7% to reach 3.27 million tons during the half year compared to 2.98 million tons during the same period last year; while export sales volume registered a decline of 35.1% to 0.49 million tons compared to 0.75 million tons reported last year.
On a consolidated basis, Lucky Cement reported a net profit of PKR 7.91 billion for the half year ended December 31, 2017 which is 2.6% lower as compared to the same period last year. Consequently, consolidated EPS attributable to the Company during the half year decreased to PKR 24.47 compared to PKR 25.12 reported during the same period last year.
Lucky Cement reported satisfactory completion of brownfield expansion (installation of new production line) at Karachi Plant in December 2017 and brown field expansion in Cement Grinding unit in Republic of Iraq in December 2017. The Company also announced that in view of the continued delay in expansion plans for North, the Company is evaluating for brownfield expansion of 2.3 million tons per annum at its existing plant location in Pezu, District Lakki Marwat in the KPK province. While other key local projects i.e. investment in automobile Manufacturing plant under license from KIA Motors Corporation and 1 X 660 MW, supercritical coal based power project at Port Qasim continue to make progress.
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. Under the domain of empowering women in the country, Lucky Cement continued its support for two leading Government girls’ schools in Karachi in collaboration with Zindagi Trust. The company also donated generously towards the cause of community development by supporting CPLC. Moreover, Lucky Cement played a significant role in contributing towards the community in connection with health-based initiatives and is also an active supporter of Special Olympics Pakistan.