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IGI Securities Limited – Flash Note (August 05, 2022)

Karachi, August 05, 2022 (PPI-OT): Cements – Lucky Cement Limited (LUCK)

Earnings: Lucky Cement Limited (LUCK) announced it FY22 result. The Company reported earnings of PKR 15.3bn (EPS PKR 47.3), up by 8.7%y/y. On a quarterly basis, company’s earnings are up by 67% to PKR 4.0bn (EPS: 12.3/share) compared to last year 4q earnings of PKR 2.4bn (EPS: 7.4/share).

Dividend: The Company did not announce any dividend.

Operating performance: During the 4qFy22, the Company’s net sales increased to PKR 22.0bn showing an increase of +40%y/y on the back of higher retention prices. Company gross margins increased significantly to 39% compared to 22% in 3QFY22 and 27% last year 4Q. Company’s EBIT increased to PKR 7.4bn up by 1.2x y/y. Similarly Net margins increased to 18% compared to last year’s 15%. The company took a tax charge of 45% versus last quarter charge of 16% and last year’s 15%; due to imposition of recent super tax announced in the budget FY23.

igi-securities-limited-flash-note-august-05-2022

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