Lucky Cement Records Consolidated Annual Earnings worth PKR 14.82 billion
On a consolidated basis, Lucky Cement Limited reported net profit after tax of PKR 14.82 billion after taking out PKR 1.35 billion attributable to non-controlling interests for the financial year ended June 30, 2018, according to a press release issued by the company. This translates into earnings per share (EPS) of PKR 45.83 / share as compared to PKR 50.18 / share reported last year.
The Board of Directors proposed a final cash dividend of PKR 8.00 per share subject to approval of shareholders in the upcoming Annual General Meeting scheduled to be held on September 28, 2018. This proposed final cash dividend is in addition to the interim cash dividend of PKR 5.00 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 gross turnover of PKR 124.68 billion which is 13.6% higher as compared to last year’s turnover of PKR 109.80 billion. With regards to the Company’s standalone performance, the gross sales revenue of the Company increased by 9.4% to PKR 67.38 billion compared to PKR 61.60 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 PKR 12.20 billion which is 10.9% lower as compared to last year. Similarly, the standalone EPS of the Company is PKR 37.72 / share which is 10.9% lower as compared to last year’s reported EPS of PKR 42.34 / share.
The local cement sales volume of the Company during the fiscal year registered a growth of 14.8% (North 18.1% and South 11.0%) to reach 6.63 million tons compared to 5.77 million tons reported last year, whereas, local clinker sales volumes declined by 80.1% 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% 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% 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.