July 29, 2019 (MLN): The Board of Directors of Lucky Cement Limited held their meeting on July 27, 2019, wherein they announced a consolidated Net Profit of Rs. 12.35 billion during the current fiscal year, i.e. 23.5% lower as compared to last year.
The earnings per share of your Company stood at Rs. 35.03 in comparison to Rs. 45.83 reported last year. A Cash Dividend of 65% was also announced.
The Company achieved a gross turnover of Rs. 136.59 billion, which is 9.6% higher as compared to last year's turnover of Rs. 124.68 billion. This was mainly attributable to higher export sales volumes for clinker.
During the period under review, per ton cost of sales of the company increased by 17.4% as compared to last year. This increase was mainly on account of adverse PKR exchange rate parity and market driven increases in coal, packing material and other fuel prices.
Overall, it made a gross profit margin of 29.1% for the fiscal year under review as compared to 35.7% reported last year.
Surprisingly, the company’s performance exceeded market expectations, wherein most of the brokerage houses expected the PAT figure to be within the range of Rs. 10.1 billion to Rs. 10.5 billion.
The export performance of the Cement Industry has been exceptional during the current financial year, which supported the overall Industry volumes to increase by 1.9% at 46.76 million tons for the fiscal year ended June 30, 2019 in comparison to 45.90 million tons last year.
Export sales volumes registered an increase of 37.4% to reach 6.52 million tons as compared to 4.75 million tons last year and the local sates volume registered a decline of 2.2% to 40.24 million tons during the fiscal year ended June 30, 2019 in comparison to 41.15 million tons last year.
In comparison to the Cement Industry, the Company's overall sales volume declined by 1.8% to reach 7.67 million tons during the current fiscal year. The local cement sales volume registered a decline of 11.7% and were 5.85 million tons in comparison to 6.63 million tons last year, however the export sales volumes of the Company improved by 60.9% to 1.82 million tons as compared to 1.13 million tons last year.
Profit and loss account for the year ended June 30, 2019 (Rupees'000) | |||
|---|---|---|---|
| June 30, 2019 | June 30, 2018 | % Change |
Revenue | 136,591,742 | 124,681,831 | 9.55% |
Less Sales tax and excise duty | -22,304,398 | -21,958,757 | 1.57% |
Rebates and commission | -5,991,699 | -5,181,190 | 15.64% |
Cost of sales | -84,506,680 | -71,943,557 | 17.46% |
Gross profit | 23,788,965 | 25,598,327 | -7.07% |
Distribution cost | -5,855,390 | -4,736,174 | 23.63% |
Administrative expenses | -3,274,843 | -2,586,556 | 26.61% |
Finance cost | -1,609,882 | -829,919 | 93.98% |
Other expenses | -1,903,511 | -2,204,275 | -13.64% |
Other income | 2,999,637 | 2,766,520 | 8.43% |
Share of profit – joint ventures and associates | 1,012,870 | 1,865,477 | -45.70% |
Profit before taxation | 15,157,846 | 19,873,400 | -23.73% |
Taxation | -2,810,891 | -3,699,847 | -24.03% |
Profit after taxation | 12,346,955 | 16173553 | -23.66% |
Earnings per share – basic and diluted | 35.03 | 45.83 | -23.57% |
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