KARACHI: Lucky Cement profit soared by 16.4 per cent to Rs11.344 billion during the first half ending June 30, 2014 as compared to Rs9.748bn in the corresponding period last year. The board of directors of the company announced a cash dividend of Rs9 per share as its earnings per share (eps) rose to Rs35.08 against Rs30.15 the previous year.

Its gross profit increased by 11.5pc to Rs18.690bn as compared to Rs16.756bn. Higher sales volume was attributed as the major driver towards the phenomenal profit declared.

The local sales volume registered a growth of 9.6pc to 4.132 million tonnes in the period under review as compared to 3.770m tonnes in the same period last year. The export sales volume also registered a growth of 8.6pc from 2.289m tonnes to 2.487m tonnes.

Know more: Lucky Cement starts production in Iraq

Lucky Cement announced various projects over the year which includes the European origin vertical grinding mills for its Karachi plant and the 5MW WHR (waste heat recovery) plants at Karachi and Pezu captive power plants.

Moreover, it also intends to put up a 660 MW coal based power plant in Karachi with the name of “Lucky Electric Power Company Limited”.

The company will put an equity investment of Rs20bn in this project, with a 75-25 ratio of debt to equity.

Published in Dawn, September 3rd, 2014