The earnings were 17% higher compared to the profit of Rs7 billion that the company made in the same period of the previous year. PHOTO: FILE
KARACHI: Lucky Cement – country’s largest cement maker with 18% market share – has posted a handsome net income of Rs8.19 billion in the first nine months (July 2013-March 2014) period of fiscal year 2014 (FY14).
The earnings were 17% higher compared to the profit of Rs7 billion that the company made in the same period of the previous year.
Earnings per share (EPS) remained Rs25.31 compared to the EPS of Rs21.59 in the first nine months of last year.
JS Research said that the company’s results were slightly higher than its estimated EPS of Rs24.66.
The earnings growth was driven by 13% year-on-year (YoY) jump in revenues on the back of increased sales volumes (+9%YoY) and higher cement prices (+4%YoY) which delivered 12% YoY increase in gross profits.
The company also reported a decline of 10% YoY in selling general and administrative expenses. Meanwhile, in third quarter of FY14 (3QFY14), the company has reported an EPS of Rs9.35 against an EPS of Rs8.09 in 2QFY14, up 16% quarter-on-quarter (QoQ). The QoQ growth was driven by 19% growth in gross profits.
The company’s export sales volume registered a growth of 11.8% that rose to 1.9 million tons compared to 1.7 million tons in same period last year.
Lucky Cement’s recent project in Iraq has also started its commercial production with its second plant in Congo in the row. The company has also decided to increase its shareholding in the associated company for wind farm project.
Published in The Express Tribune, April 25th, 2014.
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Lucky Cement is an excellent group of Pakistan, rising very sharply.