Lucky Cement FY17 profit rises 5.78%

Lucky Cement has reported a 5.78 per cent YoY increase in full-year profit of PKR13.69bn (US$129.8m) versus PKR12.94bn in FY16, the company informed the Pakistan Stock Exchange.

Gross sales increased to PKR61.6bn during FY17 from PKR 55.92bn in the previous year. The company said it incurred distribution costs of PKR1.703bn and administrative expenses of PKR1.021bn versus PKR2.01bn and PKR1.10bn incurred, respectively in FY16.
 
Sales volumes rose by 3.1 per cent YoY to 7.15Mt. While its local dispatches climbed by 13.9 per cent YoY to 6.07Mt, exports declined by 32.7 per cent YoY to 1.08Mt.

The company pointed out that during the period under review, the cost of sales increased by one per cent, compared to the previous year with the increase mainly attributed to an increase in coal prices. 

Lucky Cement reiterated progress on its 1.25Mta brownfield project in the south of Pakistan and 2.3Mta greenfield project in the north. The southern expansion in Karachi is expected to come online by December 2017 while the Punjab project is yet to receive approval by the government of Punjab.