16.4% increase in profit for Lucky Cement

Pakistani cement manufacturer Lucky Cement has released its key financial data for the half-year ended 30 June 2014.

Financial highlights

• Profit after tax totalled Rs.11.344 billion during the half-year ended 30 June 2014, a 16.4% increase compared to Rs.9.748 billion in the corresponding period last year.
• Gross profit increased by 11.5% to Rs.18.690 billion from Rs.16.756 billion in the half-year ended 30 June 2013.
• The company announced a cash dividend of Rs.9 per share; earnings per share increased to Rs.35.08 from Rs.30.15 in the same period a year earlier.

Sales

• The domestic sales volume rose by 9.6% to 4.132 million t during the reporting period, compared to 3.77 million t recorded in the same period in 2013.
• The export sales volume increased by 8.6% from 2.289 million t in the half-year ended 30 June 2013 to 2.487 million t.

Operations

The cement manufacturer is undertaking a number of new projects in order to increase efficiency and enhance its operations in international markets. These include the installation of a vertical grinding mill at the Karachi plant, the construction of 5 MW waste heat recovery plants at both the Karachi and Pezu facilities, and, through its subsidiary Lucky Holdings Limited, the establishment of a 660 MW coal based power plant in Karachi.

Furthermore, the company’s joint venture (JV) grinding plant in Iraq became operational in February 2014 and its JV facility in DR Congo is on track to begin commercial operations by June 2016.

Edited from various sources by Rosalie Starling

Sources

• Pakistan Observer
• The Express Tribune
• Dawn

Read the article online at: https://www.worldcement.com/asia-pacific-rim/03092014/16-4-percent-increase-in-profit-for-lucky-cement-407/