Lucky Cement Limited announced a record-breaking profit after tax of PKR 48.5 billion for the nine-month period ending March 31, 2023.
This impressive result represents an 82.9% increase compared to the same period last year, with earnings per share (EPS) of PKR 115.24. The profit surge is largely due to the gain on disposal made by Lucky Core Industries, a subsidiary company, of approximately 26.5% of the issued and paid-up share capital of NutriCo Morinaga (Private) Limited, resulting in a gain of PKR 17.2 billion.
The Company also announced the buy-back of 23.8 million of its own shares, subject to necessary approval. This move is aimed at optimizing the Company’s capital structure, unlocking additional value for its stakeholders and reinforcing its commitment to maximizing long-term shareholder value.
On a consolidated basis, the Company reported a gross revenue of PKR 340.1 billion, a significant 28.0% increase compared to the same period last year, mainly due to the commencement of commercial operations of Lucky Electric Power Company Limited. On an unconsolidated basis, the Company reported a gross revenue of PKR 91.5 billion, a 15.7% increase compared to the same period last year. However, the net profit after tax for this period was PKR 11.1 billion, a marginal decline attributed to lower dividend income from subsidiaries.
The Company expressed gratitude for the success, attributing it to the commencement of profitable operations of Lucky Electric Power Plant, part sale of Nutrico Morinaga, acquisition of Lotte Chemicals Pakistan, capacity expansion in cement, addition of solar power plants for their own consumption, and completion of share buyback.
The Company had also announced the commencement of operations of Line-2 at Pezu Plant, increasing the production capacity by 3.15 MTPA, bringing the total capacity to 15.30 MTPA.
In addition, the Company continues to invest in clean energy, completing commercial negotiations for a 25 MW Solar Power Project at Karachi Plant and commencing procurement processes for the necessary equipment and materials. These investments are in line with the Company’s objectives to promote renewable energy, decrease the country’s dependence on imported fuel and to make the Company more cost-efficient.
