Lucky Cement’s profit-after-tax amounted to Rs38.32 billion, a massive increase of over 109%, during the half year that ended December 31, 2023, compared with Rs18.32 billion in the corresponding period of the previous year on account of higher sales and lower cost of sales.
The Board of Directors (BoD) of the company in a meeting held on Thursday reviewed the financial performance of the company for the period ended December 31, 2023.
On a consolidated basis, the company’s Earnings per Share (EPS) jumped to Rs117.19 against Rs49.23 in the same period of the previous year.
Lucky Cement’s net revenue increased by nearly 12% to Rs206.52 billion as compared to Rs185.21 billion recorded in the previous year.
However, the cost of sales declined to Rs143.46 billion in 1HFY24, as compared to Rs146.14 billion recorded in the previous year.
Resultantly, the gross profit of Lucky stood at Rs63.06 billion, as compared to Rs39.06 billion, an increase of over 61%.
Lucky Cement’s earnings jump 63.5%, stand at over Rs59.5bn in FY23
During 1HFY24, Lucky Cement’s dispatches reached 4.41 million tons, showing a 23% year-on-year (YoY) increase.
“This growth was primarily due to the addition of a new line in Pezu, a significant increase in exports, and a lower base in the previous year,” said the company.
Lucky Cement export dispatches increased by 59% in 1HFY24 compared to the SPLY, while local dispatches saw a 16% increase.
Meanwhile, the company’s cost of finance jumped from Rs13.72 billion to Rs19.22 billion, a yearly increase of over 40%. 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 significantly by 227%, clocking in at Rs10.08 billion as compared to Rs3.08 billion in same period last year.