Lucky Cement records PKR 3.02 billion profit for the 1st quarter ended September 30, 2017
Karachi, October 28, 2017: Lucky Cement Limited reported net profit of PKR 3.02 billion for the first quarter ended September 30, 2017 which is 6.8% lower as compared to the same period last year. Consequently, the earnings per share (EPS) for the quarter was recorded at PKR 9.33 compared to PKR 10.01 reported during the same period last year. The Company also declared cash dividend of PKR 5/- per share upon fresh review of Company’s financial situation.
The Company’s net sales revenue increased by 6.0% to PKR 11.20 billion compared to PKR 10.57 billion reported during the same period last year. The increase in net sales revenue was mainly attributable to increase in sales volumes.
The local sales volume of the Company during the first quarter registered a growth of 14.3% to 1.54 million tons compared to 1.34 million tons reported during the same period last year, whereas export sales volume registered a decline of 25.3% to 0.27 million tons compared to 0.36 million tons reported last year.
On a consolidated basis, Lucky Cement reported net profit of PKR 3.85 billion for the first quarter ended September 30, 2017 which is 1.8% higher as compared to the same period last year. Consequently, consolidated EPS attributable to the Company during the quarter increased to PKR 11.90 compared to PKR 11.69 reported during the same period last year.
Lucky Cement also reported progress on its key local and international projects i.e. brown field expansion (installation of new production line) at Karachi Plant, fully integrated green field Cement Manufacturing Plant in Punjab province, investment in automobile Manufacturing plant under license from KIA Motors Corporation, brown field expansion in Cement Grinding unit in Republic of Iraq, 1 X 660 MW, supercritical coal based power project at Port Qasim.
Lucky Cement’s Board also passed certain Special Resolutions, of which significant were with respect to increase of its equity investments in Kia Lucky Motors and announcement of new equity investment share in wind power project of 50 MW by the name of Yunus Wind Power Limited. In addition, the Company also made a material information disclosure of its intent to evaluate possible equity investment in another project (i.e. other than Yunus Wind Power) of 50 MW Wind farm together with other Group Companies.
Lucky Cement remains committed towards value-creation for the society in which it operates. In this regard, the Company extended numerous scholarships to deserving students for various leading universities in Pakistan. Under the domain of empowering women in the country, Lucky Cement continued its support for two leading Government girls’ schools in Karachi in collaboration with Zindagi Trust. The company also donated generously towards the cause of community development by supporting CPLC