Lucky Cement’s earnings jump 63.5%, stand at over Rs59.5bn in FY23

Lucky Cement’s profit-after-tax stood at Rs59.54 billion, an increase of over 63% during fiscal year 2023, when compared with Rs36.42 billion in the corresponding period of the previous year.

The Board of Directors of the company in a meeting held on Monday reviewed the financial performance of the company for the period ended June 30, 2023.

The BoD also announced a cash dividend of Rs18 per share during the period.

The company’s Earnings per Share (EPS) jumped to Rs152.97 against Rs91.22 in the same period of the previous year.

“The major reason for this increase was the operations of LEPCL (Lucky Electric Power Company), and improved profitability of foreign cement operations,” said Lucky in a statement.

“The consolidated net profit also includes a one-off gain, from Lucky Core Industries (LCI), on the sale of controlling interest in Nutrico Morinaga amounting to Rs9.6 billion, of which Rs5.3 billion is attributed to the company,” it added.

Lucky Cement’s net revenue increased by over 18% to Rs385.125 billion as compared to Rs325.4 billion recorded in the previous year. Meanwhile, the cost of sales jumped to Rs291.49 billion in FY23, as compared to Rs265.36 billion recorded in the previous year.

Resultantly, the gross profit of Lucky stood at Rs93.63 billion in FY23, as compared to Rs60.04 billion, an increase of nearly 56%.

Meanwhile, the company’s cost of finance jumped from Rs6.67 billion to Rs30.64 billion, a yearly increase of nearly 360%. The rise in interest rate can be attributed to the increase in the financial cost of the company.

However, the other income of Lucky Cement increased nearly 27%, clocking in at Rs9.28 billion as compared to Rs7.31 billion in same period last year.