Going green: Lucky Cement completes 28.8MW wind power project

Lucky Cement, one of Pakistan’s largest manufacturers of the commodity, completed and commissioned the 28.8MW captive wind power project at its Karachi plant.

The company announced the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday.

“We are pleased to announce the successful completion and commissioning of our 28.8 MW captive wind power project at the company’s Karachi plant, a significant milestone achieved by the company,” stated the notice.

Lucky Cement informed the project has been completed within the stipulated timelines and costs and has commenced operations as of 21st October 2024.

“With this achievement, our installed power generation capacity for self-consumption from renewable sources now stands at 55%, including solar power plants and waste heat recovery plants at both locations (Karachi and Pezu),” read the notice.

Lucky Cement said sustainability and adoption of clean energy are part of the company’s strategy. The “installation of the wind power project is a testament to its commitment to conserving energy and promoting green energy resources”.

“The company’s investment in renewable energy will result in cost savings as well as reduction of country’s reliance on imported fuel,” it added.

The growing adoption of renewable energy by industries in Pakistan highlights a broader shift towards sustainable solutions, driven by the dual pressures of frequent power outages and increasing electricity costs.

As per the company’s latest financial results, Lucky Cement’s profit after tax amounted to Rs72.34 billion, an increase of over 21% during the year 2024, compared with Rs59.54 billion in the previous year on account of higher revenue and lower cost of sales.

As per the financial statements, Lucky Cement’s net revenue increased by nearly 7% to Rs410.99 billion as compared to Rs385.1 billion recorded in the previous year.

However, the cost of sales declined to Rs287.48 billion in FY24, as compared to Rs291.49 billion recorded in the previous year.