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Lucky Cement’s annual profit falls 23 percent

Lucky Cement earned Rs16.173 billion with EPS of Rs45.83 in the previous financial year. The company announced cash dividend for the year ended June 30, 2019 at 65 percent.

By Our Correspondent
July 30, 2019

KARACHI: Lucky Cement Limited’s profit fell 23 percent to Rs12.346 billion for the year ended June 30, 2019, translating into earnings per share (EPS) of Rs35.03, a bourse filing said on Monday.

Lucky Cement earned Rs16.173 billion with EPS of Rs45.83 in the previous financial year. The company announced cash dividend for the year ended June 30, 2019 at 65 percent.

Analyst Karim Punjani Topline Securities said price weakening, lower than anticipated local demand, unanticipated increase in gas and coal prices, and delay in its upcoming ventures are the key risks to the company.

Lucky Cement believed that the outlook of the cement industry would continue to remain challenging for the domestic sales in short to medium-term.

“Export sales are anticipated to remain stable. However, prices will come under pressure due to regional competition,” the company said in a statement.

“In the long-term, cement industry’s outlook is promising on account of government’s key initiatives to build both small and mega-capacity / multipurpose water reservoirs / dams and construction of low-cost affordable houses for public at large.”

Gross sales revenue increased 0.3 percent to Rs67.55 billion. “The increase in revenue was mainly due to higher export volumes for clinker.”

The company’s overall sales volumes declined 1.8 percent to reach 7.67 million tons during the financial year. The local cement sales volume registered a decline of 11.7 percent to come to 5.85 million tons in comparison to 6.63 million tons last year and the export sales volumes of the company improved by 60.9 percent to reach 1.82 million tons as compared to 1.13 million tons a year earlier.

Lucky Cement recorded net profit after tax of Rs10.49 billion, 14 percent lower over the previous financial year.

On a consolidated basis, Lucky Cement reported net profit after tax of Rs11.33 billion after taking out Rs1.02 billion attributable to non-controlling interests for the financial year ended June 30. Further, on a consolidated basis, the company achieved gross turnover of Rs136.59 billion, 9.6 percent higher as compared to last year’s turnover of Rs124.68 billion.

Pakistan Oilfields’ profit increases 13.5pc in FY2019

Pakistan Oilfields Limited’s (POL) profit increased 13.5 percent to Rs13.281 billion for the year ended June 30, 2019, translating into EPS of Rs46.77.

The company earned Rs11.703 billion with EPS of Rs41.15 in the preceding financial year.

The company announced final cash dividend at Rs30 / share.

This was in addition to interim dividend already paid at Rs20 / share.

Primary drivers in company’s bottom-line included higher international oil prices, up 11 percent along with 22 percent rupee devaluation.

Net revenues during the period increased 37 percent to Rs44.5 billion owing to significant 34, 46, and 36 percent jump in revenue from oil and gas, liquefied petroleum gas, respectively.

National Refinery records Rs8.6bln in annual loss

National Refinery Limited (NRL) reported Rs8.692 billion in loss for the year ended June 30, 2019 as opposed to the profit of Rs1.770 billion in the previous financial year.

The loss per share was recorded at Rs108.70 in FY2019 as against EPS of Rs22.14 in FY2018. The company didn’t announce any final cash dividend for the year.

NRL’s revenue from contracts and customers increased to Rs160.906 billion in FY2019 from Rs136.984 billion in FY2018. Cost of sales rose to Rs165.355 billion from Rs133.172 billion. Other income fell to Rs369.511 million from Rs558.088 million.

Attock Cement reports full-year profit of Rs2.1bln

Attock Cement Pakistan Limited’s profit sharply dropped to Rs2.073 billion for the year end June 30, 2019 from Rs4.399 billion in the previous financial year.

EPS was recorded at Rs15.09 in FY2019 compared to Rs32.02 in FY2018. Attock Cement didn’t announce any cash dividend for the year.

In FY2019, the company’s revenue witnessed a solid growth of 23 percent to Rs20.8 billion amid 30 percent surge in dispatches to 3.25 million tons.

Gross margins took a beating to 23 percent in FY2019 versus 31 percent in FY2018 given higher coal prices and rupee depreciation.

Finance cost increased to Rs648 million in FY2019 compared to Rs251 million in FY2018.

Fauji Fertiliser Company’s half-year’s profit up 8pc

Fauji Fertiliser Company Limited’s (FFC) profit rose 87 percent year-on-year to Rs8.607 billion for the six months period ended June 30, 2019, translating into EPS of Rs6.77.

The company earned Rs4.590 billion with EPS of Rs3.61 in the corresponding a year earlier.

FFC announced interim cash dividend at Rs2.85/share. This is in addition to interim dividend already paid at Rs2.50/share.

The company’s sales increased eight percent to Rs48.548 billion in the first half.

“Key risks to FFC include decline in international urea prices, slower than expected urea sales, unfavourable decision related to GIDC (gas infrastructure development cess, and poor crop season,” analyst Sunny Kumar at Topline Securities said.

Attock Refinery incurs Rs8.6bln loss in FY19

Attock Refinery Limited (ARL) reported Rs8.612 billion in loss for the year ended June 30, 2019 as opposed to Rs1.388 billion in the preceding financial year.

The loss per share was recorded at Rs80.78 in FY2019 as against EPS of Rs13.03 in FY2019.

ARL’s net sales improved to Rs176.838 billion compared with Rs129.667 billion.

Cost of sales, however, increased to Rs180.815 billion from Rs130.675 billion, bringing gross loss at Rs3.977 billion compared with Rs1.008 billion.

In FY2019, administrative expenses, distribution cost, and other charges swelled to Rs797.236 million from Rs640.614 million.

Other income increased to Rs2.782 billion from Rs1.978 billion. There was an impairment loss on financial asset at Rs140.683 million in FY2019 as against no loss in FY2018.

Finance cost also rose sharply to Rs6.623 billion from Rs2.925 billion.