Lucky Cement net profit up 9pc

KARACHI: Lucky Cement, one of leading cement producers in the country, on Friday reported an 8.7 percent rise in its yearly net profit on an increase in its net revenue.

In an unconsolidated earnings statement to the Pakistan Stock Exchange, the company reported a net profit of Rs15.298 billion for the year ended June 30, up from Rs14.070 billion the previous year.

The company did not announce any payout for the period. Earnings per share (EPS) came in at Rs47.31/share, compared with Rs43.51/share during the same period last year.

The company said its revenue for the quarter rose to Rs108.600 billion, compared with Rs88.357 billion a year earlier.

Sales tax and federal excise duty of the company remained at Rs26.133 billion during the said period, up from Rs23.861 billion during the same period last year. The cost of sales remained at Rs58.541 billion, against Rs43.984 billion during the corresponding period last year.

Lucky Cement said its other income rose to Rs7.387 billion, up from Rs5.993 billion recorded during the same period last year.

The company, in a statement, said it achieved a major milestone when its wholly owned subsidiary, Lucky Electric Power Company Limited (LEPCL), achieved the Commercial Operations Date (COD) on March 21, 2022 of the 660 MW coal-fired power plant set up at Port Bin Qasim, Karachi.

It will also go on to reduce the cost of electricity and reliance on imported fuel in the long run after the completion of Phase III of SECMC in June 2023. The power generated from the plant is being fed into the national grid in line with a power purchase agreement signed with the government.