Lucky Cement reports Pezu expansion on track

Lucky Cement Ltd announced that the company’s 3.15Mt brownfield cement expansion at Pezu remains on track to be commissioning by December 2022.

A 34MW solar power project is set to be commissioned at the site in the 2Q22-23. The company has also planned a 25.3MW solar power project it its Karachi plant, where it awaits permission from the State Bank of Pakistan to establish a letter of credit.

Lucky Cement’s subsidiary in Najmat-Al-Samawah, Iraq, has switched to natural gas from furnace oil to fire its kiln, which is expected to improve its profitability going forward.

The company recently announced a buyback of 10m shares, which will be completed at spot prices prevailing between 29 September 2022 and 27 March 2023.