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Lucky Cement plans new investment

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World Cement,

Lucky Cement has announced plans to build a 2.3 million tpy greenfield cement plant in central Punjab. The plant is expected to begin construction in 1Q16 and commence operations in 2Q18. It will reportedly cost some US$200 million. The decision to make the investment was driven by the expected growth in infrastructure projects resulting from the China-Pakistan Economic Corridor initiative.

The announcement was made together with the company’s quarterly results for the July – September quarter (1Q16). Lucky Cement reported an 11.2% increase in net profit, at Rs.2.97 billion. Overall sales volumes declined 2.7% to 1.56 million t from 1.61 million t in 1Q15 in spite of an 11% increase in local sales volumes. Export sales volumes fell 23.2% to 0.49 million t. As a result, net sales revenue fell 1.2% to Rs.10.34 billion.

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