Lucky Cement (LUCK) posted highest ever earnings of Rs9.71 billion for FY13. The cement sector recorded volumetric sales growth of nearly three percent, while that of Lucky grew by 1.4 percent year on year.
While Pakistans total cement export for FY13 declined by more than two percent year on year, Luckys exports grew by the same number.
Gross profit margin inched forward by more than 600 bps, continuing on growth from last year. Sale of electricity to Hesco further supported the bottom line as Lucky is expected to have registered a massive boost in other income through this.
The governments decision to increase gas tariffs for captive power plants by only 17 percent (compared to 50 percent increase for industrial consumers) has benefited the company disproportionately since it meets most of its electricity demand through captive generation.
Lucky has also rejoined the All Pakistan Cement Manufacturers Association (APCMA), the quota and price arrangement cartel. As the biggest player with a market share of nearly 20 percent, it can be said that Luckys decision has salvaged the cartel and put an end to the fear of price-war in the cement sector. The decision indicates that an increase in the prices may be on the cards given the recent and expected increases in electricity and gas tariffs.
Lucky formed a subsidiary by the name of Lucky Holdings Limited that in turn acquired a 76 percent share in ICI Pakistan. The company is also in the process of forming a joint-venture with IFIs for a cement plant in DR Congo. Its cement grinding facility in Iraq, another joint-venture is expected to commence operations by November 2013. An investment in a 50MW wind farm through an associated company is also expected to start operation by the end of FY2015.
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LUCKY CEMENT LIMITED
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Rs(mn) FY12 FY13 chg
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Turnover - net 33,323 37,810 13%
Gross (loss) / profit 12,721 16,721 31%
Distribution Costs 3,237 3,666 13%
Administrative expenses 474 897 89%
Other operating income 5 248 4664%
Finance cost 253 89 -65%
Profit/(Loss) from operations 8,577 11,790 37%
Profit/(Loss) after taxation 6,782 9,714 43%
EPS (Rs) 20.97 30.04
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Source: KSE notice
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Other corporate results
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THAL LIMITED
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Rs(mn) FY13 FY12 Chg
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Turnover - net 12768 13679 -7%
Cost of sales 10425 10993 -5%
Gross profit 2341 2686 -13%
Other income 588 455 29%
Operating profit 2412 2682 -10%
Profit before tax 2227 2396 -7%
Profit after tax 1624 1657 -2%
EPS (Rs) 20.05 20.44 -1.91%
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Source: KSE notice
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STANDARD CHARTERED MODARABA
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Rs (mn) FY13 FY12 Chg
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Ijarah finance income 3 21 -87%
Ijarah rentals earned 2012 1561 29%
Income on dminishing Musharika transactions 159 75 113%
Gross revenue 2192 1680 31%
other income 43 30 41%
Profit before tax 121 101 20%
Profit after tax 121 101 20%
EPS (Rs) 2.67 2.22
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Source: KSE notice
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PAKISTAN PAPER PRODUCTS LIMITED
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Rs (mn) FY13 FY12 Chg
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Sales 501 433 16%
Cost of sales 405 333 21%
Gross profit 97 100 -3%
other operating income 2 1 79%
Operating profit 67 70 -4%
Profit before tax 60 65 -7%
Profit after tax 39 41 -6%
EPS (Rs) 6.47 6.90
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Source: KSE notice
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GHANI AUTOMOBILE INDUSTRIES LIMITED
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Rs (mn) FY13 FY12 Chg
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Sales 173 368 -53%
Cost of sales 173 887 -81%
Gross profit / (loss) 0.6 -19 -103%
Operating profit /(loss) -13 -46 -71%
Profit before tax -10 -38 -74%
Profit after tax -11 -41 -74%
EPS (Rs) -0.53 -2.07
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Source: KSE notice
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