Earnings Report /
Pakistan

Lucky Cement: 4QFY21 review – Lower retention prices lead to earnings miss

  • LUCK has posted an unconsolidated NPAT of PKR2.4bn (EPS: PKR7.37) for 4QFY21, up 5.8x yoy but down 67% qoq

  • Net revenues have increased by 68% yoy, but are down 7% qoq to PKR15.8bn. Quarterly decline mainly due to lower volumes

  • GMs are up 10ppt yoy but down 9ppt qoq to 27%, higher coal prices vs retention prices has led to the qoq decline in GMs

Intermarket Securities
9 August 2021