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Lucky Cement records consolidated earnings for 3Q18

Published by , Editorial Assistant
World Cement,

Lucky Cement Ltd has, on a consolidated basis, reported net profit after tax of PKR 2.96 billion for 3Q18. This comes after the company took out PKR 0.21 billion attributable non-controlling interests for 3Q18. This translates into earnings per share (EPS) of PKR9.14, compared to PKR11.90 per share in 3Q17.

Furthermore, on a consolidated bases, the company achieved a gross turnover of PKR31.32 billion, which is 9.2% higher than 3Q17, in which turnover was PKR28.68 billion.

The company’s gross sales revenue increased by 2% to PKR16.01 billion, compared to PKR15.7 billion in 3Q17. This increase is thought to be due to higher volumes and increases in Federal Excise Duty and Sales Tax. Furthermore, on a standalone basis, Lucky Cement recorded net profit after tax of PKR 2.49 billion. This is 17.4% lower than that recorded in 3Q17. The standalone EPS of the company has been reported to be PKR7.71 per share, 17.4% lower than that recorded in 3Q17 (PKR9.33 per share).

Local cement sales volume registered a decline of 5.9% in 3Q18, to reach 1.4 million t, as compared to 1.48 million t in 3Q17. It is thought that this was due to no clinker sales in the quarter. In contrast, export sales volume increased by 85.1% to 0.5 million t during 3Q18, compared to 0.27 million t in 3Q17.

Lucky Cement has also reported progress of 2.6 million tpy on its brownfield expansion for cement production at its Pezu plant. This was alongside its greenfield investment project, which produced 1.2 million t of clinker at Samawah, Iraq.

Lucky Cement has stated that it remains committed to the creation of value for the society in which it operates. The company has extended numerous scholarships for various leading universities in Pakistan and elsewhere. It has also worked in collaboration with Zindagi Trust to continue its support for two leading government girls’ schools in Karachi. Furthermore, the company has continued to donate towards health-based initiatives, supporting various welfare organisations. Lucky Cement states that it takes it responsibility towards the environment seriously, launching a plantation drive during the current quarter, in which free tree saplings were distributed among the employees.

In terms of outlook, the company has stated that it remains positive, particularly with relation to government initiatives to build both small and mega-capacity multi-purpose water reservoirs and dams, alongside a ‘5 million housing scheme’. This is expected to improve domestic sales. With regard to exports, the company expects that sales will remain strong, in view of favourable market dynamics and an increasing demand for clinker in regional export markets.

Lucky Cement is one of the largest producers and leading exporters of quality cement in Pakistan and it is registered on the Pakistan stock exchange.

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Pakistan cement news Cement news 2018