KARACHI: On a consolidated basis, Lucky Cement Limited reported the profit after tax to date of Rs 17.15 billion of which Rs 4.01 billion is attributable to non-controlling interests for the first half ended December 31, 2021.
This translates into earnings per share (EPS) of Rs 40.66 / share as compared to Rs 32.05 / share reported during the same period last year.
Further, on a consolidated basis, the company achieved gross turnover of Rs 154.50 billion which is 24.9 percent higher as compared to the same period last year’s turnover of Rs 123.72 billion. During the half year 2021-22 under review, the company’s consolidated net profit (attributable to owners’ of the Holding Company) increased by 26.8 percent as compared to the same period last year.
The increase in net profit was mainly attributable to the stellar performance of Company’s Chemicals business. Apart from the one-off unrealized accounting gain recognized on acquisition of controlling shares in NutriCo Pakistan amounting to Rs 1.847 billion, the Chemical business achieved considerable improvement in net profitability on account of impressive growth in its Polyester, Pharma and Animal Health business segments.
In the automobile business, Lucky Motor Corporation introduced Kia Stonic in its line up as well as started commercial production of Samsung branded mobile phones during the half year under review. Whereas, profitability of company’s overseas operations increased mainly due to improvement in sales volume and operations of company’s joint venture Greenfield cement plant in Samawah, Iraq, which achieved its COD in March 2021.
On unconsolidated basis company’s overall sales volumes posted a decline of 5.9 percent to reach 4.70 million tons during HY 2021-22. Company’s local sales volumes remained almost in line with the corresponding period last year i.e. 3.63 million tons in the first half of the year 2021-22 versus 3.66 million tons during the same period last year. The export sales volumes of the company declined by 19.7 percent to 1.07 million tons as compared to 1.34 million tons during the same period last year.
The decline in overall dispatches is mainly attributed to decline in export volumes on the back of volatily in coal prices and freight costs internationally, which have adversely impacted the viability of cement exports from Pakistan.
Further, with regards to company’s unconsolidated financial performance, the gross sales revenue increased by 20.2 percent to Rs 50.61 billion compared to Rs 42.11 billion reported during the same period last year.
The per ton cost of sales also increased mainly due to increase in coal prices along with other input costs. Lucky Cement recorded net profit after tax of Rs 5.77 billion showing growth of 27.2 percent. Similarly, the standalone EPS of the company is Rs 17.86/share as compared to the same period last year’s reported EPS of Rs 14.04/share. The company reported progress on its brownfield plant expansion activities in KPK with project completion targeted for December 2022.
Copyright Business Recorder, 2022
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