Lucky Cement Limited (LUCK) reported consolidated earnings per share of PKR 52.53 for FY25, compared to earnings per share of PKR 43.26 in FY24.
Furthermore, in 1QFY26, the company reported earnings per share of PKR 15.01, compared to earnings per share of PKR 12.24 in the same period last year (SPLY). The average retention price is approximately PKR 15,200 ton. The company’s average coal cost is around PKR 34,000 ton, with the company shifting heavily toward international coal due to the unavailability of Afghan coal and elevated local coal prices.
In Iraq (Samawa), the company has opened a new 65 million ton cement grinding mill, which commenced commercial operations in November 2025. Africa remains the company’s primary export destination, with new markets including the USA and Brazil. Regarding Lucky Motors, management remains confident in its ability to compete through brand strength, supported by Pakistan’s largest dealership network.
However, no specific details were shared regarding any potential new Chinese vehicle partnerships.. Given high levies, furnace oil is no longer a viable option. The company is utilizing the government’s new power incentive package, with a weighted average electricity cost of approximately PKR 32.5/unit.
Management views recent consolidation in the cement industry positively, noting it should deliver synergies and enhance competitive intensity. Management expects FY26 local sales growth of 9–10%, which would represent a meaningful turnaround for the industry.
Important Disclosures
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