Last checked at 31 Jul 2018 11:55
LCK/CS/FR2018/2018-19/ July 31, 2018
The General Manager Pakistan Stock Exchange Limited Karachi | The Deputy Chief Securities & Exchange Commission of Pakistan Islamabad | The London Stock Exchange 10 Paternoster Square, London |
Dear Sir(s)
Financial Results for the year ended June 30, 2018
We have to inform you that the Board of Directors of the Company in their Meeting held on Tuesday, July 31, 2018 at 11:30 a.m., at 6-A, Muhammad Ali Housing Society, A. Aziz Hashim Tabba Street, Karachi-75350 recommended the following:
(I) Final Cash Dividend 80%
(ii) Bonus Shares Nil
(iii) Right Shares Nil
(iv) Any other Entitlement / Corporate Action Nil
(v) Any other Price-Sensitive Information Nil
The financial results of the Company consisting of balance sheet, profit and loss account and directors' report (condensed) are attached.
The 25th Annual General Meeting (AGM) of the Company is scheduled to be held on Friday, September 28, 2018 at 10:30 a.m., at the registered office of the Company situated at factory premises Pezu, District Lakki Marwat, Khyber Pukhtunkhwa.
The Share Transfer Books of the Company shall remain closed from Friday, September 14, 2018 to Friday, September 28, 2018 (both days inclusive). Transfers received at our Share Registrar/Transfer Agent M/s. Central Depository Company of Pakistan Limited, CDC House, 99-B, Block 'B', S.M.C.H.S. Main Shahrah-e-Faisal, Karachi-74400 at the close of business on Thursday, September 13, 2018 shall be treated in time for the purpose of above entitlement to the transferees.
We will be transmitting the Annual Report in electronic form through Pakistan Unified Corporate Action Reporting System (PUCARS) 21 days before the date of AGM.
Yours truly,
For: LUCKY CEMENT LIMITED
IRFAN CHAWALA
Director Finance / CFO
Unconsolidated Statement of Financial Position | ||||||||
as at June 30, 2018 | ||||||||
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| 2018 |
| 2017 |
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|
|
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|
| (PKR in '000') | ||
ASSETS |
|
|
|
|
|
| ||
NON-CURRENT ASSETS |
|
|
|
|
| |||
| Fixed assets |
|
|
|
|
| ||
| Property, plant and equipment |
|
| 40,913,168 |
| 37,488,137 | ||
| Intangible assets |
|
| 55,023 |
| 79,657 | ||
|
|
|
|
|
| 40,968,191 |
| 37,567,794 |
|
|
|
|
|
|
|
|
|
| Long-term investments |
|
| 24,981,078 |
| 13,313,520 | ||
| Long-term loans and advances |
|
| 90,996 |
| 84,951 | ||
| Long-term deposits |
|
| 3,175 |
| 3,175 | ||
|
|
|
|
|
| 66,043,440 |
| 50,969,440 |
CURRENT ASSETS |
|
|
|
|
| |||
| Stores and spares |
|
| 7,783,111 |
| 5,894,079 | ||
| Stock-in-trade |
|
| 2,796,658 |
| 2,509,273 | ||
| Trade debts |
|
| 2,424,470 |
| 1,582,689 | ||
| Loans and advances |
|
| 420,671 |
| 619,161 | ||
| Trade deposits and short-term prepayments |
|
| 67,577 |
| 39,774 | ||
| Accrued return |
|
| 142,881 |
| 165,289 | ||
| Other receivables |
|
| 1,311,180 |
| 1,235,019 | ||
| Tax refunds due from the Government |
|
| 538,812 |
| 538,812 | ||
| Short term investment |
|
| 34,956 |
| 45,452 | ||
| Cash and bank balances |
|
| 27,435,361 |
| 33,738,377 | ||
|
|
|
|
|
| 42,955,677 |
| 46,367,925 |
|
|
|
|
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|
|
|
TOTAL ASSETS |
|
| 108,999,117 |
| 97,337,365 | |||
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|
|
EQUITY AND LIABILITIES |
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SHARE CAPITAL AND RESERVES |
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| |||
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| Share capital |
|
| 3,233,750 |
| 3,233,750 | ||
| Reserves |
|
| 83,133,072 |
| 76,551,231 | ||
|
|
|
|
|
| 86,366,822 |
| 79,784,981 |
NON-CURRENT LIABILITIES |
|
|
|
|
| |||
| Long-term deposits |
|
| 94,394 |
| 84,630 | ||
| Deferred liabilities |
|
| 7,300,639 |
| 7,124,127 | ||
|
|
|
|
|
| 7,395,033 |
| 7,208,757 |
CURRENT LIABILITIES |
|
|
|
|
| |||
| Trade and other payables |
|
| 13,121,005 |
| 9,159,441 | ||
| Unclaimed dividend |
|
| 47,945 |
| 31,415 | ||
| Unpaid dividend |
|
| 82,960 |
| 79,026 | ||
| Taxation - net |
|
| 1,985,352 |
| 1,073,745 | ||
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|
|
| 15,237,262 |
| 10,343,627 |
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|
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| 22,632,295 |
| 17,552,384 |
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TOTAL EQUITY AND LIABILITIES |
|
| 108,999,117 |
| 97,337,365 | |||
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Unconsolidated Statement of Profit or Loss and Other Comprehensive Income | |||||||
for the year ended June 30, 2018 | |||||||
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| 2018 |
| 2017 |
|
|
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| (PKR in '000') | ||
Gross sales |
|
|
| 67,376,579 |
| 61,601,934 | |
Less: | Sales tax and federal excise duty |
| 18,875,112 |
| 15,227,058 | ||
| Rebates and commission |
| 959,743 |
| 687,833 | ||
|
|
|
|
| 19,834,855 |
| 15,914,891 |
Net sales |
|
|
| 47,541,724 |
| 45,687,043 | |
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|
|
|
|
| ||
Cost of sales |
|
| (30,589,363) |
| (24,388,760) | ||
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Gross profit |
|
| 16,952,361 |
| 21,298,283 | ||
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Distribution cost |
|
| (1,992,454) |
| (1,703,785) | ||
Administrative expenses |
| (1,089,446) |
| (1,021,694) | |||
Other expenses |
|
| (1,346,369) |
| (1,788,023) | ||
Other income |
|
| 2,594,563 |
| 1,993,472 | ||
Profit before taxation |
| 15,118,655 |
| 18,778,253 | |||
Taxation |
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|
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| |
| - current |
| (3,037,587) |
| (5,032,196) | ||
| - deferred |
| 116,022 |
| (53,808) | ||
|
|
|
|
| (2,921,565) |
| (5,086,004) |
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Profit after taxation |
| 12,197,090 |
| 13,692,249 | |||
Other comprehensive income: |
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Other comprehensive (loss) / income which will not be reclassified to |
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| |||
statement of profit or loss in subsequent periods |
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| (Loss) / gain on remeasurements of post retirement benefit obligation |
| (149,249) |
| 9,488 | ||
| Deferred tax thereon |
| 40,297 |
| (2,354) | ||
|
|
|
|
| (108,952) |
| 7,134 |
Other comprehensive loss which may be reclassified to |
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|
| |||
statement of profit or loss in subsequent periods |
|
|
|
| |||
| Unrealized loss on remeasurement of available for sale investment |
| (10,496) |
| (4,106) | ||
| Deferred tax thereon |
| 1,574 |
| 616 | ||
|
|
|
|
| (8,922) |
| (3,490) |
|
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|
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| (117,874) |
| 3,644 |
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Total comprehensive income for the year |
| 12,079,216 |
| 13,695,893 | |||
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| (PKR) | ||
Earnings per share - basic and diluted |
| 37.72 |
| 42.34 | |||
Consolidated Statement of Financial Position | |||||||
as at June 30, 2018 | |||||||
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| 2018 |
| 2017 |
|
|
|
| (PKR in '000) | |||
ASSETS |
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|
|
|
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| |
NON-CURRENT ASSETS |
|
|
|
| |||
| Fixed assets |
|
|
|
| ||
| Property, plant and equipment |
| 73,865,002 |
| 59,601,233 | ||
| Intangible assets |
| 7,943,988 |
| 7,388,387 | ||
|
|
|
|
| 81,808,990 |
| 66,989,620 |
|
|
|
|
|
|
|
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| Long-term investments |
| 13,642,987 |
| 11,098,870 | ||
| Long-term loans and advances |
| 534,786 |
| 467,373 | ||
| Long-term deposits and prepayments |
| 53,325 |
| 44,972 | ||
|
|
|
|
| 96,040,088 |
| 78,600,835 |
CURRENT ASSETS |
|
|
|
| |||
| Stores, spares and consumables |
| 8,854,536 |
| 7,041,171 | ||
| Stock-in-trade |
| 12,088,621 |
| 8,423,173 | ||
| Trade debts |
|
| 5,142,591 |
| 4,172,567 | |
| Loans and advances |
| 1,117,485 |
| 1,061,146 | ||
| Trade deposits and short-term prepayments |
| 1,108,185 |
| 675,814 | ||
| Other receivables |
| 3,431,926 |
| 2,881,844 | ||
| Tax refunds due from the Government |
| 538,812 |
| 538,812 | ||
| Taxation receivable |
| 2,221,851 |
| 1,093,972 | ||
| Accrued return |
| 161,742 |
| 181,355 | ||
| Short term investments |
| 34,956 |
| 45,452 | ||
| Cash and bank balances |
| 34,382,272 |
| 36,273,319 | ||
|
|
|
|
| 69,082,977 |
| 62,388,625 |
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TOTAL ASSETS |
| 165,123,065 |
| 140,989,460 | |||
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EQUITY AND LIABILITIES |
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| |||
SHARE CAPITAL AND RESERVES |
|
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| |||
|
|
|
|
|
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| Share capital |
| 3,233,750 |
| 3,233,750 | ||
| Reserves |
|
| 93,913,157 |
| 83,736,475 | |
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|
|
|
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|
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| Attributable to the owners of the Holding Company |
| 97,146,907 |
| 86,970,225 | ||
| Non-controlling interest |
| 12,428,264 |
| 9,235,325 | ||
| Total equity |
| 109,575,171 |
| 96,205,550 | ||
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NON-CURRENT LIABILITIES |
|
|
|
| |||
| Long-term finance |
| 8,789,887 |
| 8,825,140 | ||
| Long-term deposits |
| 94,394 |
| 84,630 | ||
| Liabilities against assets subject to finance lease |
| - |
| 798 | ||
| Deferred liabilities |
| 10,640,736 |
| 9,864,932 | ||
| Other long term liabilities |
| 3,431,948 |
| 2,752,510 | ||
|
|
|
|
| 22,956,965 |
| 21,528,010 |
CURRENT LIABILITIES |
|
|
|
| |||
| Trade and other payables |
| 20,242,935 |
| 19,034,911 | ||
| Unclaimed dividend |
| 47,945 |
| 111,983 | ||
| Unpaid dividend |
| 82,960 |
| 79,026 | ||
| Provision for taxation |
| 1,992,278 |
| 1,073,745 | ||
| Accrued return |
| 272,146 |
| 177,654 | ||
| Short-term borrowings and running finance |
| 7,332,327 |
| 2,128,905 | ||
| Current portion of liabilities against assets subject to finance lease | 822 |
| 2,009 | |||
| Current portion of long-term finance |
| 2,619,516 |
| 647,667 | ||
|
|
|
|
| 32,590,929 |
| 23,255,900 |
|
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|
|
| 55,547,894 |
| 44,783,910 |
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|
TOTAL EQUITY AND LIABILITIES |
| 165,123,065 |
| 140,989,460 | |||
Consolidated Statement of Profit or Loss and Other Comprehensive Income | |||||||||
for the Year Ended June 30, 2018 | |||||||||
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| 2018 |
| 2017 |
|
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|
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| (PKR in '000) |
| ||
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Revenue |
|
|
|
| 124,681,831 |
| 109,800,227 |
| |
|
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|
|
|
|
|
|
|
|
Less: | Sales tax and excise duty |
|
| 21,958,757 |
| 17,959,806 |
| ||
| Rebates and commission |
|
| 5,181,190 |
| 4,457,896 |
| ||
|
|
|
|
|
| 27,139,947 |
| 22,417,702 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 97,541,884 |
| 87,382,525 |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
| (71,943,557) |
| (58,445,580) |
| ||
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
| 25,598,327 |
| 28,936,945 |
| ||
|
|
|
|
|
|
|
|
|
|
Distribution cost |
|
| (4,736,174) |
| (4,138,496) |
| |||
Administrative expenses |
|
| (2,586,556) |
| (2,237,067) |
| |||
Finance cost |
|
|
| (829,919) |
| (682,173) |
| ||
Other expenses |
|
| (2,204,275) |
| (1,916,716) |
| |||
Other income |
|
|
| 2,766,520 |
| 2,085,609 |
| ||
|
|
|
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|
|
|
|
|
|
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|
|
| 18,007,923 |
| 22,048,102 |
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Share of profit in equity-accounted investments |
|
| 1,865,477 |
| 1,582,119 |
| |||
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Profit before taxation |
|
| 19,873,400 |
| 23,630,221 |
| |||
Taxation |
|
|
|
|
|
|
|
| |
| - current |
|
|
| (3,160,980) |
| (6,475,246) |
| |
| - deferred |
|
| (538,867) |
| 235,659 |
| ||
|
|
|
|
|
| (3,699,847) |
| (6,239,587) |
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Profit after taxation |
|
| 16,173,553 |
| 17,390,634 |
| |||
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Attributable to: |
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|
| |||
| Owners of the Holding Company |
|
| 14,819,911 |
| 16,227,033 |
| ||
| Non-controlling interest |
|
| 1,353,642 |
| 1,163,601 |
| ||
|
|
|
|
|
| 16,173,553 |
| 17,390,634 |
|
Other comprehensive income: |
|
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Other comprehensive loss which will not be reclassified to |
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|
|
| |||
statement of profit or loss in subsequent periods: |
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|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
Loss on remeasurements of post retirement benefit obligations |
| (467,082) |
| (64,663) |
| ||||
Deferred tax thereon |
|
| 114,961 |
| 15,873 |
| |||
|
|
|
|
|
| (352,121) |
| (48,790) |
|
Other comprehensive loss which may be reclassified to |
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|
|
|
| |||
statement of profit or loss in subsequent periods: |
|
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|
|
| |||
Foreign exchange differences on translation of foreign operations | 1,106,162 |
| 1,385 |
| |||||
Unrealised loss on remeasurement of available-for-sale investment | (10,496) |
| (4,106) |
| |||||
Deferred tax thereon |
|
| 1,574 |
| 616 |
| |||
|
|
|
|
|
| (8,922) |
| (3,490) |
|
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|
|
|
|
|
| 745,119 |
| (50,895) |
|
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|
|
|
|
|
|
|
|
|
Total comprehensive income for the year |
|
| 16,918,672 |
| 17,339,739 |
| |||
|
|
|
|
|
|
|
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|
|
Attributable to: |
|
|
|
|
|
| |||
Owners of the Holding Company |
|
| 15,672,949 |
| 16,200,957 |
| |||
Non-controlling interest |
|
| 1,245,723 |
| 1,138,782 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 16,918,672 |
| 17,339,739 |
|
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Earnings per share - basic and diluted |
|
| 45.83 |
| 50.18 |
| |||
Directors' Report (Condensed)
The Directors of your Company have the pleasure in presenting to you the financial results of your Company which include both, stand-alone and consolidated audited financial statements for the fiscal year ended June 30, 2018.
Overview
Cement industry in Pakistan grew by 13.8% to 45.89 million tons during the fiscal year ended June 30, 2018 in comparison to 40.32 million tons during last year. While local sales volume registered a growth of 15.4% to 41.15 million tons during the current fiscal year in comparison to 35.65 million tons last year; export sales volume registered an increase of 1.8% to 4.75 million tons during the current fiscal year under review as compared to 4.66 million tons last year.
Your Company achieved an overall growth of 9.3% with total sales volume of 7.82 million tons during the current fiscal year as compared to 7.15 million tons sold last year. While local cement sales volume registered a growth of 14.8% (North 18.1% and South 11.0%) to reach 6.63 million tons as compared to 5.77 million tons last year, whereas, local clinker sales volumes declined by 80.1% to 0.06 million tons during the current fiscal year as compared to 0.30 million tons last year, resulting in the overall local sales growth of 10.2% to reach 6.69 million tons during the fiscal year as compared to 6.07 million tons last year; whereas, export sales volume increased by 4.6% to 1.13 million tons during the current fiscal year as compared to 1.08 million tons last year.
On a consolidated basis your Company achieved gross turnover of PKR 124.68 billion which is 13.6% higher as compared to last year's turnover of PKR 109.80 billion.
Business Performance
a. Production & Sales Volume Performance
The production and sales statistics of your Company for the fiscal year ended 2017-18 compared to last year are. as follows:
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| |
Clinker Production | 7,426 | 6,873 | 8.0% |
Cement Production | 7,655 | 6,881 | 11.2% |
Cement Sales | 7,657 | 6,853 | 11.7% |
Clinker Sales | 161 | 297 | (45.8%) |
The production and sales volume data is graphically presented as under:
A comparison of the dispatches of the industry and your Company for the fiscal year ended 2017-18 with last year is presented below:
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Cement Industry |
|
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|
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|
|
|
|
|
|
Local Sales | 41,147 |
| 35,652 |
| 5,495 |
| 15.4% |
|
|
|
|
|
|
|
|
Export Sales |
|
|
|
|
|
|
|
- Bagged | 4,260 |
| 4,479 |
| (219) |
| (4.9%) |
- Loose | 181 |
| 185 |
| (4) |
| (2.2%) |
- Clinker | 305 |
| - |
| 305 |
| 100% |
Total Exports | 4,746 |
| 4,664 |
| 82 |
| 1.8% |
Grand Total | 45,893 |
| 40,316 |
| 5,577 |
| 13.8% |
|
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|
|
Lucky Cement |
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Local Sales |
|
|
|
|
|
|
|
- Cement | 6,627 |
| 5,772 |
| 855 |
| 14.8% |
- Clinker | 59 |
| 297 |
| (238) |
| (80.1%) |
Total Local Sales | 6,686 |
| 6,069 |
| 617 |
| 10.2% |
|
|
|
|
|
|
|
|
Export Sales |
|
|
|
|
|
|
|
- Bagged | 849 |
| 896 |
| (47) |
| (5.2%) |
- Loose | 181 |
| 185 |
| (4) |
| (2.2%) |
- Clinker | 101 |
| - |
| 101 |
| 100.0% |
Total Exports | 1,131 |
| 1,081 |
| 50 |
| 4.6% |
Grand Total | 7,817 |
| 7,150 |
| 667 |
| 9.3% |
|
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|
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|
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Local Sales | 16.2% |
| 17.0% |
| (4.7%) |
|
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Export Sales |
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|
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- Bagged | 19.9% |
| 20.0% |
| (0.5%) |
|
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- Loose | 100.0% |
| 100.0% |
| 0.0% |
|
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- Clinker | 33.1% |
| - |
| 100% |
|
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Total Export | 23.8% |
| 23.2% |
| 2.6% |
|
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Grand Total | 17.0% |
| 17.7% |
| (4.0%) |
|
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A comparative year-wise analysis of market share of your Company is as under:
b. Financial Performance
On a consolidated basis your Company achieved Net Profit of PKR 16.17 billion of which PKR 1.35 billion is attributable to non-controlling interests which translates into an EPS of PKR 45.83 as compared to PKR 50.18 last year.
The standalone financial performance of your Company for the fiscal year ended 2017-18 as compared to last year is presented below:
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Revenue During the fiscal year 2017-18 under review, your Company achieved an overall gross sales revenue growth of 9.4% as compared to last year. This was mainly due to the impact of higher Volumes and increase in Federal Excise Duty and Sales Tax. | Cost of Sales During the fiscal year 2017-18 under review, per ton cost of sales of your Company increased by 14.7% as compared to last year. The increase was mainly attributable to increase in coal, packing material and other fuel prices. |
Distribution of Gross Revenue | Distribution of Cost of Sales |
Gross Profit Your Company achieved gross profit margin of 35.7% for the fiscal year under review as compared to 46.6% reported last year. |
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Net Profit Your Company achieved profit before tax of PKR 15,118.7 million during the current fiscal year under review as compared to PKR 18,778.3 million reported last year. Similarly, after tax profit of PKR 12,197.1 million was achieved during the fiscal year under review as compared to PKR 13,692.2 million reported last year.
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Earnings per share The earnings per share of your Company for the fiscal year ended June 30, 2018 was PKR 37.72 in comparison to PKR 42.34 reported during last year. |
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Projects - New and Ongoing
Brownfield cement plant expansion in KPK Province of Pakistan - 2.6 million tons per annum
The construction activity at the project site has commenced and Letter of Credit for the import of Plant and Machinery has also been established. The project remains on target to achieve commercial operations in the last quarter of calendar year 2019.
Investments
Investment in 1 x 660 MW, supercritical, coal based power project
Your Company has achieved financial close of the project on 25th June, 2018 after fulfilling all the necessary conditions and accordingly, PPIB has issued the necessary guarantee from the Government of Pakistan under the Implementation Agreement. Mobilization advance has been paid to the Contractors and the Notice to Proceed for carrying out works under Construction and Supply Contract has been issued. The Contractors have been mobilized at the site and levelling and piling work has commenced. The target date for Commercial Operations is 1st March, 2021.
Investment in automotive manufacturing plant - Kia Lucky Motors Pakistan Limited [KLM]
KLM started construction of the project in November 2017 and has also signed a New Entrant Agreement with the Ministry of Industries & Production under the Automotive Development Policy 2016-2021 in December 2017.
On 1st June 2018, KLM started its Complete Built Up (CBU) operations. It has opened up company owned / third party operated dealerships in some of the metro cities in Pakistan. The Project aims to start commercial production in second quarter of calendar year 2019.
Greenfield clinker production facility in Samawah, Iraq - 1.2 million tons per annum
Company is currently in negotiation with its suppliers to finalize plant and machinery. Target to achieve financial close and commercial production is third quarter of calendar year 2018 and last quarter of calendar year 2019, respectively.
Corporate Social Responsibility
Your company is committed to create value for the society in which it operates. Continuing on the agenda to support deserving students and increase the level of education in Pakistan, your company has been providing scholarships to deserving students of LUMS, IBA and other leading universities in Pakistan.
Keeping in view the importance and impact of women empowerment in Pakistan, your Company in collaboration with Zindagi Trust continued its support for two leading Government girls' schools in Karachi. With the primary focus of social intervention in the development of women education in the country and with the support of your Company, these schools have been transformed into model educational institutions for girls' education in Pakistan.
Provision of quality health care has also been your company's priority; which remains continued through financial support to the Aziz Tabba Foundation; a prominent philanthropic institution that is running Tabba Heart Institute and Tabba Kidney Institute. Furthermore, your Company has also extended support to Pakistan Welfare Association of the Blind.
As always, during the holy month of Ramadan your company fulfilled basic food needs of deserving families. Furthermore, contribution towards the community in connection with health-based initiatives and other welfare purposes were also made to highlight the true spirit of charity.
Your Company also continues to donate towards the cause of community development by supporting CPLC - an institution responsible for the safety and security of citizens in Sindh.
Your company has always taken its responsibility towards the environment seriously. In an effort to curtail carbon emissions in the atmosphere, your company has a comprehensive air quality measurement program that enables it to identify the limits of pollution parameters in the ambient air in and around the Cement plants. All mentioned parameters are closely monitored and kept well below the respective limits as specified by the National Environmental Quality Standards (NEQS). The levels of emissions from stacks for particulate matter, Sulphur dioxides, oxides of nitrogen, carbon monoxide and carbon dioxide are well below their respective limits specified in the NEQs.
Outlook
The overall furture outlook for the Cement industry remains positive and domestic sales are expected to remain strong on the back of on-going private and public sector construction projects as well as mega infrastructure development projects under the China-Pakistan Economic Corridor (CPEC) initiative; whereas, export sales have already improved in view of favorable market dynamics and foreign currency parity adjustments versus PKR.
Your Company's strong and debt-free financial position and free cash flow generating ability would continue to support investments in projects and avenues which can bring in further operational efficiencies and enhance shareholders' value.
Dividend & Appropriation
Taking into account the current capital and equity investment plans; the board has proposed the final cash dividend of PKR 8 per share subject to the approval of shareholders in the upcoming Annual General Meeting scheduled to be held on September 28, 2018. This proposed final cash dividend is in addition to the interim cash dividend of PKR 5 per share already paid, as previously recommended by the Board of Directors for the financial year ended June 30, 2018.
This approach remains in line with your Company's commitment to consistently provide sustainable returns to the shareholders. Movement in un-appropriated profit is as follows:
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| PKR in '000 |
|
| Net Profit for the Year |
|
|
| Un-appropriated profit at the beginning of the year | -
|
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| Profit available for appropriation | 12,079,216 |
|
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| 12,079,216 |
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| Appropriations |
|
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| Interim cash dividend already paid @ PKR 5 per share | 1,616,875 |
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| Proposed final cash dividend @ PKR 8 per share | 2,587,000 |
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| Total Dividends for the Financial Year 2017-18 | 4,203,875 |
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| Proposed transfer to General Reserves | 7,875,341 |
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| Un-appropriated profit at the end of the year | -
|
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| Basic and diluted earnings per share - PKR | 37.72 |
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Acknowledgement
Directors of your Company take this opportunity to express their deep sense of gratitude for all the stakeholders for their encouragement and continued support.
We would like to place on record our sincere appreciation for the commitment, dedication and hard work put in by every member of the Lucky family and also for our shareholders, who have always shown their confidence and faith in the Company.
On behalf of the Board
MUHAMMAD YUNUS TABBA MUHAMMAD ALI TABBA
Chairman / Director Chief Executive / Director
Karachi: July 31, 2018