Lucky Cement’s joint venture to enhance production capacity in Iraq
- Will add new production line of 1.82 million tons per annum, project expected to complete in 18 months
Lucky Cement Limited, one of Pakistan’s largest cement manufacturers, and the Al-Shumookh group of Iraq have resolved to enhance their clinker production capacity by adding a new line of 1.82 million tons per annum (MTPA) in Samawah, Iraq.
The announcement was shared by Lucky Cement in a notice to the Pakistan Stock Exchange (PSX) on Thursday.
“Keeping pace with the increasing demand of cement in Iraq on the back of revival of economic activity, uptick in construction projects and to secure supply of clinker for the Joint Venture (JV) cement grinding facility in Basra, Iraq, the other JV Company of Lucky Cement Limited and Al-Shumookh group, Iraq, [Najmat-Al-Samawah (NAS)], has resolved to enhance its production capacity of clinker in Samawah, Iraq, by adding a new production line of 1.82 MTPA,” read the notice.
New line operational, production commences: Lucky Cement
Lucky Cement said the capacity expansion will significantly enhance the overall efficiencies of its business operations “as it will play a crucial role in achieving self-reliance in terms of clinker availability within Iraq”.
The company added that NAS also entered into an Engineering & Procurement Contract (EPC) for the said expansion.
“The construction activity on the project is expected to commence within Q1 FY24 and is expected to be completed in 18 months,” Lucky Cement said.
Subsequent to the above addition, the total domestic and international capacities of Lucky Cement Limited will rise to 21.48 MTPA of clinker and cement, the cement manufacturer shared.
Incorporated in Pakistan in 1993, Lucky Cement Limited has a well-diversified portfolio of businesses, which – besides local and international cement operations – consists of automobiles, chemicals and agricultural sciences, mobile phone assembling and energy.
The company saw a massive increase in its profit, which clocked in at Rs30.21 billion, an increase of over 222% during the first quarter (January-March) of 2023 when compared to Rs9.38 billion in the corresponding period last year.
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