Lucky Cement profit jumps almost four times to Rs9.5bn

August 09, 2024 (MLN): Lucky Cement Limited (PSX: LUCK) reported its profit and loss statement for the second quarter of 2024, posting a profit after tax of Rs9.46 billion [EPS: Rs32.11].

That is up a significant 265% YoY compared to a profit of Rs2.59bn [EPS: Rs8.33] in the same period last year (SPLY).

For the whole year ending June 2024, the company posted a profit of Rs28.11bn as against Rs13.73bn a year earlier.

Along with the results, the company announced a cash dividend of Rs15 per share. 

Going by the unconsolidated quarterly results, the company's top line went up by 9.6% to Rs27.92bn as compared to Rs25.48bn in SPLY.

The cost of sales also rose by 2.5% YoY but was lesser than proportionate to sales rise, which improved the gross profit by 28.1% YoY to Rs9.05bn in Q2 2024.

The gross margins improved to 32.4% as compared to 27.7% in SPLY.

During the period under review, other income rose by 357.5% to stand at Rs7.51bn in Q2 2024 as compared to Rs1.64bn in SPLY.

On the expense side, the company's administrative expenses rose 30.2% YoY to Rs594.13m, selling and distribution expenses rose 51.1% YoY to Rs2.13bn, and other operating expenses rose 51.1% YoY to Rs169.08m.

The company’s finance cost grew by 4.1% and stood at Rs386.49m as compared to Rs371.33m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs4.17bn against the Rs3.04bn paid in the corresponding period of last year, depicting an increase of 37.2%.

Amount in thousand except for EPS

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