Lucky Cement profits grow by 6.8% in 1QFY18

Pakistan-based Lucky Cement Co Ltd reported 1QFY18 earnings of net profit of PKR3.01bn (US$28.5m), up by 6.8 per cent YoY.
 
The company's revenue increased six per cent YoY to PKR11.2bn. This growth was primarily attributable to a rise in total dispatches YoY.
 
The company achieved an overall growth of 5.9 per cent with a total sales volume of 1.8Mt during the first quarter compared to 1.7Mt last year. While the cement producer's local sales volume saw a growth of 14.3 per cent to 1.54Mt during the first quarter compared to 1.34Mt during the same period last year, the export sales volume declined by 25.3 per cent to 0.27Mt from 0.36Mt during the same period last year.
 
Projects new and ongoing
The company’s 1.25Mta brownfield expansion at the Karachi plant is expected start commercial operations in December 2017.
 
The 2.3Mta integrated greenfield cement plant in Punjab province is still in the processing of seeking necessary approval from the provincial government.
 
During its Extra Ordinary General Meeting (EOGM), the company approved an increase of equity investment from PKR12bn to PKR14bn in its associate company, Kia Lucky Motors Pakistan Ltd. Furthermore, the company is now also authorised to make an equity investment of PKR720m in its new 50MW wind power project.