LKCS — Lucky Cement News Story

0.000.00%

Last trade - 00:00

Basic MaterialsHighly SpeculativeMicro Cap

All News

Lucky Cement Ld - Half-year Report

Lucky Cement

30/01/2020 08:04

RNS Number : 4098B

Lucky Cement Limited

30 January 2020

 

LCK/CS/2019-20/                                                                     January 29, 2020

 

 

 

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 HALF YEAR ENDED DECEMBER 31, 2019

 

 

This is to inform you that the Board of Directors of our Company in their meeting held on Wednesday, January 29, 2020 at 4:30 p.m., at 6-A, Muhammad Ali Housing Society, A. Aziz Hashim Tabba Street, Karachi-75350 recommended the following:

 

(I)         Cash Dividend                                          Nil

 

(ii)        Bonus Issue                                             Nil

 

(iii)       Right Issue                                               Nil

 

(iv)       Interim Dividend                                        Nil

 

 

The financial results of the Company consisting of Statements of Financial Position, Statements of Profit and Loss and Other Comprehensive Income and Directors' Report are annexed.

 

The Half Yearly report of the Company for the period ended December 31, 2019 will also be transmitted through PUCARS separately, within the specified time.

 

Yours truly

for LUCKY CEMENT LIMITED

 

 

 

IRFAN CHAWALA

Director Finance / CFO

 

 

Unconsolidated Condensed Interim Statement of Financial Position 
As at December 31, 2019 
(Un-audited) (Audited) 
December 31, June 30, 
2019 2019 
(PKR in '000') 
ASSETS 
NON-CURRENT ASSETS 
Fixed assets 
Property, plant and equipment 62,157,703 57,276,184 
Intangible assets 13,245 18,152 
62,170,948 57,294,336 
Long-term investments 36,618,587 34,313,588 
Long-term loans and advances 90,628 99,316 
Long-term deposits 3,175 3,175 
98,883,338 91,710,415 
CURRENT ASSETS 
Stores and spares 7,661,615 6,809,724 
Stock-in-trade 2,365,661 4,253,020 
Trade debts 3,079,131 2,058,719 
Loans and advances 589,643 686,525 
Trade deposits and short term prepayments 83,985 74,223 
Accrued return 93,715 113,869 
Other receivables 2,116,939 2,130,907 
Tax refunds due from the Government 538,812 538,812 
Short term investments 409,394 1,055,754 
Cash and bank balances 12,852,797 15,657,246 
29,791,692 33,378,799 
TOTAL ASSETS 128,675,030 125,089,214 
EQUITY AND LIABILITIES 
SHARE CAPITAL AND RESERVES 
Share Capital 3,233,750 3,233,750 
Reserves 90,918,523 91,084,667 
94,152,273 94,318,417 
NON-CURRENT LIABILITIES 
Long-term deposits 232,442 90,264 
Deferred liabilities 7,184,313 7,102,483 
7,416,755 7,192,747 
CURRENT LIABILITIES 
Trade and other payables 20,348,244 19,195,617 
Short term borrowing 5,218,628 2,900,000 
Unclaimed dividend 57,574 53,953 
Unpaid dividend 23,897 91,119 
Taxation - net 1,457,659 1,337,361 
27,106,002 23,578,050 
34,522,757 30,770,797 
TOTAL EQUITY AND LIABILITIES 128,675,030 125,089,214 


 

Unconsolidated Condensed Interim Statement of Profit or Loss and Other Comprehensive Income
For the half year ended December 31, 2019 (Un-audited)
Half Year Ended Quarter Ended
December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018
(PKR in'000') (PKR in '000')
Gross sales 31,095,561 34,885,341 17,165,579 18,874,278
Less:Sales tax and federal excise duty 9,360,807 9,484,395 5,277,187 5,093,783
Rebates, incentives and commission 523,374 445,871 305,988 230,488
9,884,181 9,930,266 5,583,175 5,324,271
Net sales 21,211,380 24,955,075 11,582,404 13,550,007
Cost of sales (17,987,142) (17,531,060) (9,849,995) (9,550,411)
Gross profit 3,224,238 7,424,015 1,732,409 3,999,596
Distribution cost (1,894,420) (1,374,509) (919,103) (716,990)
Administrative expenses (597,328) (559,645) (296,901) (285,869)
Finance cost (47,946) - (28,080) -
Other expenses (194,311) (570,602) (89,774) (325,146)
Other income 1,709,031 1,606,571 778,800 962,242
Profit before taxation 2,199,264 6,525,830 1,177,351 3,633,833
Taxation 
-current (366,683) (1,433,590) (196,619) (883,235)
-deferred 103,995 408,549 - 257,360
(262,688) (1,025,041) (196,619) (625,875)
Profit after taxation 1,936,576 5,500,789 980,732 3,007,958
Other comprehensive income: 
Other comprehensive (loss) / income
which will not be reclassified to profit
or loss in subsequent periods
Unrealized (loss) / income on remeasurementof equity instrument at fair value through other comprehensive income (920) (10,938) 7,169 (4,602)
Deferred tax thereon 138 1,640 (1,075) 690
(782) (9,298) 6,094 (3,912)
Total comprehensive income for the period 1,935,794 5,491,491 986,826 3,004,046
(PKR) (PKR)
Earnings per share - basic and diluted 5.99 17.01 3.03 9.30


 

 

 

Condensed Interim Consolidated Sc tatement of Financial Position
As at December 31, 2019
(Un-audited) (Audited) 
December 31, 2019 June 30, 2019 
(PKR in '000') 
ASSETS 
NON-CURRENT ASSETS 
Fixed assets 
Property, plant and equipment 164,879,374 135,475,796 
Intangible assets 7,486,605 7,653,720 
Right of use assets 228,561 - 
172,594,540 143,129,516 
Long-term investments 19,917,591 18,554,210 
Long-term loans and advances 621,983 551,354 
Long-term deposits and prepayments 55,970 51,076 
193,190,084 162,286,156 
CURRENT ASSETS 
Stores, spares and consumables 9,306,360 8,193,401 
Stock-in-trade 17,599,446 18,299,229 
Trade debts 5,490,109 4,508,468 
Loans and advances 2,251,820 1,997,339 
Trade deposits and short-term prepayments 1,953,161 2,092,112 
Other receivables 6,706,253 6,935,242 
Tax refunds due from the Government 538,812 538,812 
Taxation receivable 2,205,726 2,687,513 
Accrued return 109,736 156,948 
Short term investments 409,394 1,055,754 
Cash and bank balances 16,075,095 18,270,313 
62,645,912 64,735,131 
TOTAL ASSETS 255,835,996 227,021,287 
EQUITY AND LIABILITIES 
SHARE CAPITAL AND RESERVES 
Share capital 3,233,750 3,233,750 
Reserves 106,521,451 105,787,478 
Attributable to the owners of the Holding Company 109,755,201 109,021,228 
Non-controlling interests 17,659,350 16,249,228 
Total equity 127,414,551 125,270,456 
NON-CURRENT LIABILITIES 
Long-term finances 53,765,903 32,771,993 
Long-term deposits 232,442 90,264 
Deferred liabilities 11,382,802 11,431,338 
Lease Liabilities 178,655 - 
Other long term liabilities 4,912,880 5,078,003 
70,472,682 49,371,598 
CURRENT LIABILITIES 
Current portion of long-term finances 1,579,592 1,694,503 
Trade and other payables 43,424,572 36,059,184 
Provision for taxation 1,844,936 1,699,742 
Accrued return 456,993 619,500 
Short-term borrowings and running finance 10,436,953 12,161,232 
Current portion of liabilities against assets subject to finance lease 42,092 - 
Unclaimed dividend 139,728 53,953 
Unpaid dividend 23,897 91,119 
57,948,763 52,379,233 
128,421,445 101,750,831 
TOTAL EQUITY AND LIABILITIES 255,835,996 227,021,287 


 

 

 

Condensed Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income 
For the half year ended December 31, 2019 (Un-audited) 
Half Year Ended Quarter Ended 
December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 
(PKR in '000') (PKR in '000') 
Revenue 79,558,047 67,854,061 45,128,401 36,538,607 
Less: Sales tax and excise duty 15,451,506 11,301,849 9,768,404 6,058,883 
Rebates, incentives and commission 3,367,235 2,832,361 1,800,630 1,604,495 
18,818,741 14,134,210 11,569,034 7,663,378 
60,739,306 53,719,851 33,559,367 28,875,229 
Cost of sales (51,092,724) (42,020,952) (28,256,427) (22,764,288) 
Gross profit 9,646,582 11,698,899 5,302,940 6,110,941 
Distribution cost (3,749,366) (2,837,830) (1,902,621) (1,454,128) 
Administrative expenses (2,037,901) (1,531,627) (1,019,081) (775,797) 
Finance cost (1,185,524) (774,333) (560,521) (417,120) 
Other expenses (395,250) (901,980) (203,610) (560,207) 
Other income 2,792,289 1,923,716 1,406,594 770,974 
Profit before taxation 5,070,830 7,576,845 3,023,701 3,674,663 
Taxation 
- current (1,402,122) (2,123,114) (653,295) (1,059,506) 
- deferred 254,107 683,531 25,386 360,315 
(1,148,015) (1,439,583) (627,909) (699,191) 
Profit after taxation 3,922,815 6,137,262 2,395,792 2,975,472 
Attributable to: 
Owners of the Holding Company 3,212,118 5,795,505 1,939,939 2,839,705 
Non-controlling interests 710,697 341,757 455,853 135,767 
3,922,815 6,137,262 2,395,792 2,975,472 
Other comprehensive income for the period 
Other comprehensive (loss) / in-come which may be reclassified to statement of profit or 
loss in subsequent periods 
Foreign exchange differences on translation of foreign operations (375,425) 1,200,556 (114,005) 1,011,443 
Other comprehensive (loss) / income which will not be reclassified to statement of 
profit or loss in subsequent periods 
Unrealized (loss)/gain on remeasurement of equity investment at fair value through other comprehensive income (920) (10,938) 7,169 (4,602) 
Deferred tax thereon 138 1,640 (1,075) 690 
(782) (9,298) 6,094 (3,912) 
Total comprehensive income for the period 3,546,608 7,328,520 2,287,881 3,983,003 
Attributable to: 
Owners of the Holding Company 2,835,911 6,986,763 1,832,028 3,847,236 
Non-controlling interests 710,697 341,757 455,853 135,767 
3,546,608 7,328,520 2,287,881 3,983,003 
(PKR) (PKR) 
Earnings per share - basic and diluted 9.93 17.92 6.00 8.78 


 

 

 

Directors' Report

 

The Directors have the pleasure in presenting to you the financial results of your Company which include both, stand-alone (duly reviewed by the auditors) and consolidated unaudited financial statements for the half year ended December 31, 2019.

 

Overview

 

Cement industry in Pakistan grew by 6.5% to 24.75 million tons during the half year ended December 31, 2019 in comparison to 23.23 million tons during the same period last year. Local sales volume registered a growth of 3.5% to 20.37 million tons during the current half year in comparison to 19.67 million tons during the same period last year. Export sales volumes registered an increase of 22.9% to 4.38 million tons during the half year under review as compared to 3.56 million tons reported in the same period last year.

In comparison to the Cement Industry, your Company's overall sales volumes declined by 8.4% to 3.68 million tons during the current half year ended December 31, 2019. The local  sales volumes registered a decline of 13.3% and were 2.59 million tons in comparison to 2.99 million tons during the same period last year, however, the export sales volumes of the Company improved by 6.0% to 1.08 million tons as compared to 1.02 million tons during the same period last year.

 

On a consolidated basis, your Company achieved a gross turnover of PKR 79.56 billion which is 17.3% higher as compared to the same period last year's turnover of PKR 67.85 billion.

 

Moreover, consolidated Net Profit of the Company was PKR 3.92 billion of which PKR 0.71 billion is attributable to non-controlling interests which translates into an EPS of PKR 9.93 during the current half year ended December 31, 2019 as compared to PKR 17.92 during the same period last year.

 

Business Performance

 

a.   Production & Sales Volume Performance - Standalone

 

The standalone production and sales statistics of your Company for the half year ended December 31, 2019, compared to the same period last year are as follows:

 

 

Particulars Half Year
2019-20 Half Year
2018-19 Growth/
(Decline)
Tons in '000’ %
Clinker Production 2,948 3,742 (21.2%)
Cement Production 3,177 3,458 (8.1%)
Cement Sales 3,170 3,501 (9.5%)
Clinker Sales 507 513 (1.2%)

 

 

 

The production and sales volume data is graphically presented as under:

 

A comparison of the dispatches of the Industry and your Company's standalone business for the half year ended December 31, 2019 compared  with the same period last year is presented below:

 

 

 

 

b.   Financial Performance - Standalone

The standalone financial performance of your Company for the half year ended December 31, 2019, as compared to the same period last year is presented below: 
Revenue
During the half year of 2019-20 under review, your Company's overall gross sales revenue declined by 10.9% as compared to the same period last year. Where, although the export sales revenue showed an increase of 19.1% (PKR 6.43 billion vs PKR 5.40 billion) but the local sales revenue decline of 16.3% (PKR 24.67 billion vs PKR 29.49 billion) lead to the overall drop of 10.9% in the gross sales revenue.
This was mainly due to lower sales volumes and cut-throat pricing on the back of lower demand and retentions due to higher transportation and logistics costs. Cost of Sales
Moreover, during the half year under review, per ton cost of sales of your Company increased by 12.0% as compared to the same period last year. The increase was mainly attributable to exceptional increase in gas and other fuel prices, higher fixed costs absorption (due to lower volumes) and higher transportation costs on input materials.


 

Gross Profit
In view of the lower sales volumes & retentions and higher input costs, as mentioned above, Gross profit margins of the company for the half year under review were 15.2% as compared to 29.7% reported during the same period last year. 
Net Profit
Similarly, your Company achieved a profit before tax of PKR 2,199.3 million during the half year under review as compared to PKR 6,525.8 million reported during the same period last year.
Accordingly, after tax profit of PKR 1,936.6 million was achieved during the half year under review as compared to PKR 5,500.8 million reported during the same period last year. 
Earnings per share
The earnings per share of your Company for the half year ended December 31, 2019 was PKR 5.99 in comparison to PKR 17.01 reported during the same period last year. 

Projects - New and Ongoing

 

Brownfield cement plant expansion in KPK Province of Pakistan - 2.8 million tons per annum.

Construction and installation after slight design modifications with respect to the additional line of 2.8 million tons per annum has been successfully completed as per the given project completion timelines. The new line was made operational with the commencement of Clinker production on December 30, 2019. The total production capacity (including both North and South plants) of the Company has now increased from previous 9.35 million tons to 12.15 million tons per annum.

 

Investments

 

Investment in 1 x 660 MW, supercritical, coal based power project

 

The construction activity for setting up 660 MW super critical, lignite coal-based power plant is in full swing with over 60% of project completion to-date. With the completion of major design / engineering works and the expected on-site arrival of all the critical equipment in the months of February and March, the commissioning team of SEPCO III is now fully mobilized at the Project site.  

Target to achieve commercial operations is 1st March 2021.

Greenfield cement plant expansion in Samawah, Iraq - 1.2 million tons per annum

 

Fabrication and erection work is in full swing and Project timelines are being met. Necessary manpower and contractors have also been mobilized at the Site. The contract for Cement grinding mill, Packing plant and additional Power generator is also finalized and Letter of Credit has been established.

 

Target to achieve commercial production is by the second quarter of financial year 2020-21.

 

Corporate Social Responsibility

 

With the primary focus on Education, Women empowerment, Health and Environment conservation, your Company remains committed towards progressive development of society and the communities in which it operates.

 

Education / Scholarships

Your company continues to support the deserving and less privileged segments of the society through provision of merit-based scholarships to various students of IBA, IoBM and other leading universities in Pakistan and abroad.

 

Women Empowerment

Your Company's focus on women empowerment through education remains an ongoing process with the collaboration of Zindagi Trust by supporting two leading Government girls' schools in Karachi. These schools have been transformed into model girls' educational institutions in Pakistan.

 

Health Initiatives

The quality healthcare provision has always been your company's priority especially through the financial support of Aziz Tabba Foundation; a prominent philanthropic institution that is running Tabba Heart and Tabba Kidney institutes, which provide vital support in bridging the gap of specialized and modern medical care in the Country.

 

Environment Conservation

Your Company always takes serious responsibility towards the preservation of the environment and in an effort to highlight the importance of environment conservation; your Company continued with its pro-environment initiatives including tree-plantation drives in and around its manufacturing sites.

 

Outlook

 

Despite current economic challenges, there has been an overall growth in both Domestic and Export off-takes.

 

The Outlook of the Cement industry will continue to be challenging due to availability of excess capacity in the North region, which will put adverse pressure on pricing. Whereas, prices for exports from South are also very competitive due to surplus supplies available in the Region. The input costs may also rise in the future, due to higher electricity and gas tariffs, which will increase the production, as well as logistics costs.

 

Acknowledgement

 

Directors of your Company take this opportunity to express sincere gratitude and appreciation for unrelenting commitment and contribution of its people and the trust and confidence placed in the Company by all the stakeholders.

 

 

On behalf of the Board

 

 

 

 

 

MUHAMMAD YUNUS TABBA                            MUHAMMAD ALI TABBA

Chairman / Director                                                    Chief Executive / Director

 

 

 

 

Karachi: January 29, 2020

 

Click on, or paste the following link into your web browser, to view the associated PDF document.

 

 http://www.rns-pdf.londonstockexchange.com/rns/4098B_1-2020-1-30.pdf

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

 

END

 

 

IR URSBRRUUAORR

LKCS — Lucky Cement News Story

Lucky Cement Ld - Half-year Report

Recent news on Lucky Cement

Pakistan's Lucky Motors partners with China's GAC as it bets fuel shock will drive EV switch

At least nine people was killed as gunmen attacked mining site in Pakistan (updated)

Brief: One Person Killed, Nine Injured In Blast On Vehicle Carrying Employees Of Lucky Cement - Rescue Official

Pakistan receives three bids for privatisation of national airline PIA

Pakistan finance minister sees staff deal on $1.2 billion IMF payout this week (updated)

Unconsolidated Condensed Interim Statement of Financial Position
As at December 31, 2019

		(Un-audited)	(Audited)
		December 31,	June 30,
		2019	2019
		(PKR in '000')
ASSETS
NON-CURRENT ASSETS
	Fixed assets
	Property, plant and equipment	62,157,703	57,276,184
	Intangible assets	13,245	18,152
		62,170,948	57,294,336

	Long-term investments	36,618,587	34,313,588
	Long-term loans and advances	90,628	99,316
	Long-term deposits	3,175	3,175
		98,883,338	91,710,415
CURRENT ASSETS
	Stores and spares	7,661,615	6,809,724
	Stock-in-trade	2,365,661	4,253,020
	Trade debts	3,079,131	2,058,719
	Loans and advances	589,643	686,525
	Trade deposits and short term prepayments	83,985	74,223
	Accrued return	93,715	113,869
	Other receivables	2,116,939	2,130,907
	Tax refunds due from the Government	538,812	538,812
	Short term investments	409,394	1,055,754
	Cash and bank balances	12,852,797	15,657,246
		29,791,692	33,378,799

TOTAL ASSETS		128,675,030	125,089,214

EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES


Share Capital		3,233,750	3,233,750
Reserves		90,918,523	91,084,667
		94,152,273	94,318,417
NON-CURRENT LIABILITIES

	Long-term deposits	232,442	90,264
	Deferred liabilities	7,184,313	7,102,483
		7,416,755	7,192,747
CURRENT LIABILITIES
	Trade and other payables	20,348,244	19,195,617
	Short term borrowing	5,218,628	2,900,000
	Unclaimed dividend	57,574	53,953
	Unpaid dividend	23,897	91,119
	Taxation - net	1,457,659	1,337,361
		27,106,002	23,578,050
		34,522,757	30,770,797

TOTAL EQUITY AND LIABILITIES		128,675,030	125,089,214

Unconsolidated Condensed Interim Statement of Profit or Loss and Other Comprehensive Income
For the half year ended December 31, 2019 (Un-audited)

			Half Year Ended		Quarter Ended
			December 31, 2019	December 31, 2018	December 31, 2019	December 31, 2018
			(PKR in'000')		(PKR in '000')

Gross sales			31,095,561	34,885,341	17,165,579	18,874,278

		Less:Sales tax and federal excise duty	9,360,807	9,484,395	5,277,187	5,093,783
		Rebates, incentives and commission	523,374	445,871	305,988	230,488
			9,884,181	9,930,266	5,583,175	5,324,271
Net sales			21,211,380	24,955,075	11,582,404	13,550,007

Cost of sales			(17,987,142)	(17,531,060)	(9,849,995)	(9,550,411)

Gross profit			3,224,238	7,424,015	1,732,409	3,999,596

Distribution cost			(1,894,420)	(1,374,509)	(919,103)	(716,990)
Administrative expenses			(597,328)	(559,645)	(296,901)	(285,869)
Finance cost			(47,946)	-	(28,080)	-
Other expenses			(194,311)	(570,602)	(89,774)	(325,146)
Other income			1,709,031	1,606,571	778,800	962,242

Profit before taxation			2,199,264	6,525,830	1,177,351	3,633,833

Taxation
		-current	(366,683)	(1,433,590)	(196,619)	(883,235)
		-deferred	103,995	408,549	-	257,360
			(262,688)	(1,025,041)	(196,619)	(625,875)
Profit after taxation			1,936,576	5,500,789	980,732	3,007,958

Other comprehensive income:

Other comprehensive (loss) / income which will not be reclassified to profit
or loss in subsequent periods
	Unrealized (loss) / income on remeasurementof equity instrument at fair value through other comprehensive income		(920)	(10,938)	7,169	(4,602)
	Deferred tax thereon		138	1,640	(1,075)	690
			(782)	(9,298)	6,094	(3,912)

Total comprehensive income for the period			1,935,794	5,491,491	986,826	3,004,046

			(PKR)		(PKR)

Earnings per share - basic and diluted			5.99	17.01	3.03	9.30

Condensed Interim Consolidated Sc tatement of Financial Position
As at December 31, 2019
		(Un-audited)	(Audited)
		December 31, 2019	June 30, 2019
		(PKR in '000')
ASSETS
NON-CURRENT ASSETS
	Fixed assets
	Property, plant and equipment	164,879,374	135,475,796
	Intangible assets	7,486,605	7,653,720
	Right of use assets	228,561	-
		172,594,540	143,129,516

	Long-term investments	19,917,591	18,554,210
	Long-term loans and advances	621,983	551,354
	Long-term deposits and prepayments	55,970	51,076
		193,190,084	162,286,156
CURRENT ASSETS
	Stores, spares and consumables	9,306,360	8,193,401
	Stock-in-trade	17,599,446	18,299,229
	Trade debts	5,490,109	4,508,468
	Loans and advances	2,251,820	1,997,339
	Trade deposits and short-term prepayments	1,953,161	2,092,112
	Other receivables	6,706,253	6,935,242
	Tax refunds due from the Government	538,812	538,812
	Taxation receivable	2,205,726	2,687,513
	Accrued return	109,736	156,948
	Short term investments	409,394	1,055,754
	Cash and bank balances	16,075,095	18,270,313
		62,645,912	64,735,131
TOTAL ASSETS		255,835,996	227,021,287

EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Share capital		3,233,750	3,233,750
Reserves		106,521,451	105,787,478

	Attributable to the owners of the Holding Company	109,755,201	109,021,228
	Non-controlling interests	17,659,350	16,249,228
	Total equity	127,414,551	125,270,456

NON-CURRENT LIABILITIES

	Long-term finances	53,765,903	32,771,993
	Long-term deposits	232,442	90,264
	Deferred liabilities	11,382,802	11,431,338
	Lease Liabilities	178,655	-
	Other long term liabilities	4,912,880	5,078,003
		70,472,682	49,371,598
CURRENT LIABILITIES
	Current portion of long-term finances	1,579,592	1,694,503
	Trade and other payables	43,424,572	36,059,184
	Provision for taxation	1,844,936	1,699,742
	Accrued return	456,993	619,500
	Short-term borrowings and running finance	10,436,953	12,161,232
	Current portion of liabilities against assets subject to finance lease	42,092	-
	Unclaimed dividend	139,728	53,953
	Unpaid dividend	23,897	91,119
		57,948,763	52,379,233
		128,421,445	101,750,831

TOTAL EQUITY AND LIABILITIES		255,835,996	227,021,287

Condensed Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the half year ended December 31, 2019 (Un-audited)

		Half Year Ended		Quarter Ended
		December 31, 2019	December 31, 2018	December 31, 2019	December 31, 2018
		(PKR in '000')		(PKR in '000')

Revenue		79,558,047	67,854,061	45,128,401	36,538,607

Less: Sales tax and excise duty		15,451,506	11,301,849	9,768,404	6,058,883
	Rebates, incentives and commission	3,367,235	2,832,361	1,800,630	1,604,495
		18,818,741	14,134,210	11,569,034	7,663,378

		60,739,306	53,719,851	33,559,367	28,875,229

Cost of sales		(51,092,724)	(42,020,952)	(28,256,427)	(22,764,288)

Gross profit		9,646,582	11,698,899	5,302,940	6,110,941

Distribution cost		(3,749,366)	(2,837,830)	(1,902,621)	(1,454,128)
Administrative expenses		(2,037,901)	(1,531,627)	(1,019,081)	(775,797)
Finance cost		(1,185,524)	(774,333)	(560,521)	(417,120)
Other expenses		(395,250)	(901,980)	(203,610)	(560,207)
Other income		2,792,289	1,923,716	1,406,594	770,974

Profit before taxation		5,070,830	7,576,845	3,023,701	3,674,663

Taxation
	- current	(1,402,122)	(2,123,114)	(653,295)	(1,059,506)
	- deferred	254,107	683,531	25,386	360,315
		(1,148,015)	(1,439,583)	(627,909)	(699,191)

Profit after taxation		3,922,815	6,137,262	2,395,792	2,975,472

Attributable to:
Owners of the Holding Company		3,212,118	5,795,505	1,939,939	2,839,705
Non-controlling interests		710,697	341,757	455,853	135,767

		3,922,815	6,137,262	2,395,792	2,975,472

Other comprehensive income for the period

Other comprehensive (loss) / in-come which may be reclassified to statement of profit or
loss in subsequent periods
	Foreign exchange differences on translation of foreign operations	(375,425)	1,200,556	(114,005)	1,011,443
Other comprehensive (loss) / income which will not be reclassified to statement of
profit or loss in subsequent periods
	Unrealized (loss)/gain on remeasurement of equity investment at fair value through other comprehensive income	(920)	(10,938)	7,169	(4,602)
	Deferred tax thereon	138	1,640	(1,075)	690
		(782)	(9,298)	6,094	(3,912)

Total comprehensive income for the period		3,546,608	7,328,520	2,287,881	3,983,003

Attributable to:
Owners of the Holding Company		2,835,911	6,986,763	1,832,028	3,847,236
Non-controlling interests		710,697	341,757	455,853	135,767
		3,546,608	7,328,520	2,287,881	3,983,003

		(PKR)		(PKR)
Earnings per share - basic and diluted		9.93	17.92	6.00	8.78

Particulars	Half Year 2019-20	Half Year 2018-19	Growth/ (Decline)
	Half Year 2019-20	Half Year 2018-19	Growth/ (Decline)
	Tons in '000’		%
Clinker Production	2,948	3,742	(21.2%)
Cement Production	3,177	3,458	(8.1%)
Cement Sales	3,170	3,501	(9.5%)
Clinker Sales	507	513	(1.2%)

The standalone financial performance of your Company for the half year ended December 31, 2019, as compared to the same period last year is presented below:
Revenue During the half year of 2019-20 under review, your Company's overall gross sales revenue declined by 10.9% as compared to the same period last year. Where, although the export sales revenue showed an increase of 19.1% (PKR 6.43 billion vs PKR 5.40 billion) but the local sales revenue decline of 16.3% (PKR 24.67 billion vs PKR 29.49 billion) lead to the overall drop of 10.9% in the gross sales revenue. This was mainly due to lower sales volumes and cut-throat pricing on the back of lower demand and retentions due to higher transportation and logistics costs.	Cost of Sales Moreover, during the half year under review, per ton cost of sales of your Company increased by 12.0% as compared to the same period last year. The increase was mainly attributable to exceptional increase in gas and other fuel prices, higher fixed costs absorption (due to lower volumes) and higher transportation costs on input materials.

Gross Profit In view of the lower sales volumes & retentions and higher input costs, as mentioned above, Gross profit margins of the company for the half year under review were 15.2% as compared to 29.7% reported during the same period last year.
Net Profit Similarly, your Company achieved a profit before tax of PKR 2,199.3 million during the half year under review as compared to PKR 6,525.8 million reported during the same period last year. Accordingly, after tax profit of PKR 1,936.6 million was achieved during the half year under review as compared to PKR 5,500.8 million reported during the same period last year.
Earnings per share The earnings per share of your Company for the half year ended December 31, 2019 was PKR 5.99 in comparison to PKR 17.01 reported during the same period last year.