LAHORE - Lucky Cement Limited has declared a profit after tax, for the year ending 30th June 2011, of Rs3.97 billion which is 26.55 percent higher than last years net profit of Rs3.14 billion.
Lucky Cement Limited also announced a cash dividend of Rs4 per share, or 40 percent on the par value of Rs10 per share for the year ended on June 30 2011. The earnings per share (EPS) for the corresponding period increased to Rs12.28 against an EPS of Rs9.7 last year.
The companys gross profit increased by 9.18 percent during the year as its net sales revenue improved by 6.16 percent to Rs26.018 billion against Rs24.509 billion of last year. Higher local retention prices primarily contributed in the higher margins.
The local sales volume during the year under review registered a growth of 11.07 percent that rose to 3.46 million tons as compared to 3.12 million tons of last year. However, the export sales volume plunged by 32.9 percent from 3.51 million tons to 2.35 million tons during the financial year ending 30 June 2011 due to the slack construction activities and oversupply of cement in Middle East. However, the exports of bagged cement recorded 7.03pc increase, which contributed in increasing the overall profitability of the company.
The financing cost of the company decreased to Rs518m compared to Rs569.18m in fiscal year 2010, as the company repaid its long-term loans during this year. The Board of Directors also reviewed and approved the companys plan to setup a joint-venture cement plant.