Pakistan market leader Lucky Cement reported a 20 per cent rise in net profit for the first half of FY14 boosted by in part by higher prices.

Net profit for the six months to the end of December 2013 stood at PKR5.16bn (US$49.2m) compared to PKR4.49bn in the same period of the year before. Revenue improved 11.8 per cent YoY to PKR19.57bn against PKR17.51bn in the 1HFY13.

Commenting on the results, Global Research said revenues grew on the back of a 10 per cent YoY increase in domestic cement prices to about PKR490/50kg bag, a nine per cent rise in total off-take and 10 per cent depreciation of the rupee that pushed up export prices in rupee terms.

Cement sales volumes rose by 4.3 per cent to 1.9Mt compared to 1.8Mt the year before. Export growth proved much stronger, rising by 19.1 per cent YoY to 1.2Mt.

The company also reported progress in ongoing projects including the commissioning of a waste heat recovery plant. It has installed a new vertical grinding mill at its Karachi plant and a tyre derived fuel plant at its Pezu works.

Lucky Cement’s joint venture investment in a grinding mill in Iraq also started commercial production this month.