Lucky Cement beats Q1 profit estimates on strong sales

MG News | October 28, 2024 at 02:56 PM GMT+05:00

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October 28, 2024 (MLN): Lucky Cement Limited (PSX: LUCK) posted first-quarter profit above analysts' estimates on Monday amid stronger-than-expected sales.

The company recorded a net profit of Rs6.56 billion during the quarter ending September 2024. That translates to an earnings per share of Rs22.4, higher than the analysts' estimates of Rs20.98 per share.

Meanwhile, compared to the same period last year (SPLY), earnings fell 5.3% from Rs22.62] in Q1 FY24.

The company's revenue rose 1.5% to Rs29.82bn as compared to Rs29.38bn in SPLY.

However, the cost of sales also jumped 7.8%, worsening the gross profit by 9.3% to Rs9.83bn in Q1 FY25.

The gross margins fell to 32.9% as compared to 36.9% in SPLY.

During the period under review, other income marked an increase of 25.0% to stand at Rs3.94bn in Q1 FY25 as compared to Rs3.15bn in SPLY.

On the expense side, the company's administrative expenses rose 22.6% from a year ago to Rs598.85m, selling and distribution expenses rose 35.5% to Rs2.35bn, and other operating expenses fell 31.5% to Rs626.93m.

The company’s finance cost decreased by 5.8% and stood at Rs359.59m as compared to Rs381.87m in SPLY.

On the tax front, the company paid a lower tax worth Rs3.27bn against an expense paid worth Rs3.53bn in the corresponding period of last year, a fall of 7.5%.

This translates to an effective tax rate of 33.2% as compared to 33.8% in SPLY.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
	Sep 24	Sep 23	% Change
Sales	29,822,489	29,381,807	1.50%
Cost of sales	(19,996,486)	(18,551,468)	7.79%
Gross Profit/ (loss)	9,826,003	10,830,339	-9.27%
Administrative Expenses	(598,845)	(488,562)	22.57%
Selling And Distribution Expenses	(2,350,430)	(1,734,869)	35.48%
Other Income	3,938,510	3,151,047	24.99%
Other Operating Expenses	(626,927)	(915,249)	-31.50%
Finance Cost	(359,589)	(381,871)	-5.83%
Profit/ (loss) before taxation	9,828,722	10,460,835	-6.04%
Taxation	(3,266,858)	(3,531,502)	-7.49%
Net profit/ (loss) for the period	6,561,864	6,929,333	-5.30%
Basic earnings/ (loss) per share	22.40	22.62	-

Amount in thousand except for EPS

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