Displaying items by tag: Lucky Cement

Pakistan: Lucky Cement recorded a profit of US$13.8m in the first quarter of the 2021 financial year, which begun on 1 July 2020, up by 130% year-on-year from US$5.95m in the first quarter of the 2020 financial year. Net sales rose by 49% to US$89.0m from US$59.8m The cement producer said that the rise resulted from, “a massive recovery in margins amid improvement in retention prices and robust off-take.”

The company added that its upcoming 1.2Mt/yr integrated Samawah cement plant in Iraq is on schedule to begin commercial production in December 2020.

Pakistan: The Sindh Environmental Protection Agency (SEPA) has arranged hearings on 21 October 2020 over alleged environmental protection regulation violations by Dewan Cement and Lucky Cement at their respective Kamilpur and Karachi cement plants in the province. The provincial agency, “has expedited its monitoring activities throughout the province to manage different types of pollution at their source.”

Pakistan: Asiamoney has named Lucky Cement as most outstanding in the cement producers category of Pakistan’s Most Outstanding Company 2020 following a national poll. The Pakistan Observer newspaper has reported that “the aim of this poll is to identify and give recognition to Asia's most outstanding listed companies in each market and sector.”

Pakistan: Lucky Cement has partnered with Hunar Foundation to launch scholarships for dedicated vocational training programmes for eligible young people in Lakki Marwat District, Khyber Pakthunkhwa Province. The Daily Messenger has reported that the company said that the scheme aims to “empower the youth of Pakistan through skill development.”

Pakistan: Lucky Cement’s profit for the 2020 financial year ended 30 June 2020 was US$19.9m, down by 68% year-on-year from US$62.4m in the 2019 financial year. The company recorded a 13% sales drop to US$249m from US$285m, which it said was due to the impacts of the coronavirus pandemic.

Pakistan: Lucky Cement is using its trucks to deliver food to those eligible for disaster relief under the government’s Ehsaas emergency ration scheme. Pakistan Press International has reported that since the beginning of the coronavirus crisis Lucky Cement has made food 8000 deliveries to affected people in rural Khyber Pakthunkhwa and Sindh. The company said, “We are further expanding our muscle to support more deserving families across Pakistan.”

Pakistan: Lucky Cement has appointed Masood Karim Shaikh as an independent director following the resignation of Mohammad Javed Iqbal at the end of March 2020. Shaikh also takes Iqbal’s position as chairman of the company’s Resource and Remuneration Committee. He will remain in post as a director for the remaining term of the board.

Pakistan: Lucky Cement’s sales and profits have fallen in the first half of its financial year as gas, fuel and transportation costs of input materials have risen. Its sales fell by 11% year-on-year to US$201m in the six months to 31 December 2019 from US$226m in the same period in 2018. Its cement sales volumes dropped by 9.5% to 3.17Mt from 3.50Mt. Its profit after taxation more than halved to US$12.5m from US$35.6m. It also blamed lower sales volumes on price pressure due to low demand and higher transport and logistics costs.

The cement producer started operating a 2.8Mt/yr upgrade to its Pezu plant in Khyber Pakhtunkhwa at the end of December 2019. Construction work on a new 1.2Mt/yr plant in Samawah in Iraq is underway, with contracts in place for a cement grinding mill, packing plant and power generation unit. The new plant is expected to start commercial production in late 2020.

Pakistan: Lucky Cement has counteracted mounting costs with increased export sales. Its gross sales rose slightly to US$420m in its financial year to 30 June 2019. Its profit after tax fell by 14% year-on-year to US$65.2m from US$75.8m from the same period in 2018. Its cost of sales grew by 11% to US$190m from US$211m. Its cement sales volumes fell by 1.8% to 7.67Mt. However, its export sales increased by 60.9% to 1.82Mt.

The cement producer said that the first shipment of machinery from China’s Sinoma to its new 1.2Mt/yr integrated plant project at Samawah in Iraq. A power plant has also been ordered from Finland’s Wärtsilä. Commercial production at the site is planned for mid-2020.

Pakistan: The gas supply to Lucky Cement’s Pezu plant has been disrupted by an investigation by Suit Northern Gas Pipelines (SNGP) into unaccounted-for gas. An initial short shutdown to the supply has been extended to over a month, according to the news International newspaper. The gas supplier is investigating widespread theft of its gas via illegal connections.