LUCK: Commencement of Lucky Motors rises topline by 20% YoY

MG News | April 24, 2020 at 12:57 PM GMT+05:00

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April 24, 2020 (MLN): LUCKY Cement (LUCK) has announced its financial results today for nine months period ended on March 31, 2020, as per which the company has reported 43.2% YoY decline in net profits to Rs 5.68 billion, compared to the profits of Rs 9.99 billion reaped in the same period last year.

As the Cement industry in Pakistan grew by 7.1% to 37.04 million tons during the nine months ended March 31, 2020, in comparison to 34.58 million tons during the same period last year. Local sales volume registered a growth of 3.9% to 30.59 million tons during the current nine months in comparison to 29.44 million tons during the same period last year.

Export sales volumes registered an increase of 25.7% to 6.45 million tons during the nine months under review as compared to 5.13 million tons reported in the same period last year.

In comparison to the Cement Industry, on a consolidated basis, LUCK achieved a gross turnover of PKR 123.99 billion which is 20.0% higher as compared to the same period last year's turnover of PKR 103.32 billion. The increase in turnover is mainly attributable to the commencement of operations of KM Lucky Motors.

Furthermore, in view of the lower retentions and higher input costs, the gross profit margins of the company for the period were 12% as compared to 18% reported during the same period last year. On the other hand, export sales volumes of the Company improved by 10.4% to 1.69 million tons as compared to 1.53 million tons, the financial statement issued by the company revealed.

On the cost front, the company witnessed 24.9% surged in cost of sales on account of exceptional increase in gas and other fuel prices, higher fixed costs absorption (due to lower volumes) and higher transportation costs on input materials.

Moreover, the company’s profits during the period were attributable to non-controlling interests which translates into an EPS of PKR 14.38 as compared to PKR 28.64 during the same period last year.

Financial Results for the Nine months ended March 31, 2020 ('000 Rupees)
	Mar-20	Mar-19	% Change
Revenue	123,988,042	103,320,389	20.0%
Sales tax and excise duty	(24,234,883)	(16,764,874)	44.6%
Rebates and commission	(5,319,131)	(4,489,902)	18.5%
Net sales	94,434,028	82,065,613	15.1%
Cost of Sales	(79,678,132)	(63,799,985)	24.9%
Gross Profit	14,755,896	18,265,628	-19.2%
Distribution cost	(5,799,983)	(4,296,137)	35.0%
Administrative expenses	(3,185,645)	(2,308,421)	38.0%
Finance cost	(2,015,548)	(1,151,277)	75.1%
Other expenses	(603,830)	(1,313,476)	-54.0%
Other income	4,066,636	3,061,838	32.8%
Profit before taxation	7,217,526	12,258,155	-41.1%
Taxation
current	(2,005,596)	(3,332,147)	-39.8%
Deferred	469,905	1,071,569	-56.1%
	(1,535,691)	(2,260,578)	-32.1%
Profit after taxation	5,681,835	9,997,577	-43.2%
Earnings per share - Basic and Diluted (Rupees)	14.38	28.64	-49.8%

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