Lucky Cement Ltd, Pakistan, has reportedly received Board approval for a plan to set up a JV plan in the Democratic Republic of Congo. The estimated joint investment will be US$175 million.
The decision was made at a recent board meeting in which it was announced that profit after tax for the year ending 30th June had reached Rs.3.97 billion, a 26.55% increase from last year’s net profit of Rs.3.14 billion. Other significant figures revealed in the financial results show that the company’s gross profit increased 9.18% y/y and net sales revenue was up 6.16% y/y to Rs.26.018 billion. Strong pricing is attributed with contributing to higher margins. Local sales were up significantly at 3.46 million t from 3.12 million t the previous year, but export sales fell from 3.51 million t to 2.35 million t due to lower demand in the Middle East.
Meanwhile, the company has announced plans to construct a primary school near its plant in Pezu in partnership with an NGO. This and other projects mark the continuation of the company’s strong CSR programme, which will be highlighted in an article in World Cement’s October issue.
Read the article online at: https://www.worldcement.com/asia-pacific-rim/04082011/lucky_cement_approves_investment_in_drc/