Karachi: Lucky Core Industries Limited has approved its Annual Audited Financial Statements for the fiscal year ended June 30, 2024, during a board meeting held on August 5, 2024. The company has declared a significant final cash dividend and detailed an overview of its consolidated and standalone financial performances.
The company announced a final cash dividend of 330%, equivalent to PKR 33 per share, in addition to the interim dividend of 270%, or PKR 27 per share, already distributed to shareholders. Eligible shareholders will be those listed in the Register of Members at the close of business on September 19, 2024.
On a consolidated basis, including its subsidiary Lucky Core PowerGen Limited, Lucky Core Industries reported a net turnover of PKR 120,635 million, marking a 10% increase from the previous year. The operating result also rose by 17% to PKR 17,254 million.
According to information available from the Pakistan Stock Exchange (PSX), the Profit After Tax (PAT) on a consolidated basis was recorded at PKR 11,163 million, which is 37% lower than the previous year. This decrease primarily reflects the absence of a one-time gain from the prior year related to the partial divestment of shares in NutriCo Morinaga (Private) Limited. Adjusting for this one-off event, PAT and Earnings Per Share (EPS) would have seen increases of 37% and 41%, respectively.
Stand-alone financials reveal a PAT of PKR 11,140 million and an EPS of PKR 120.62, both showing a 19% decrease from the previous fiscal year. However, excluding the impact of last year’s divestment, the adjusted figures suggest a 41% increase, attributed to better operating results and income from short-term investments.
The company also highlighted significant challenges during the fiscal year, including high taxation, rising energy costs, and macroeconomic tightening which slowed domestic economic activities and affected consumer demand across multiple sectors.
In addition, the Board has approved updates to the Articles of Association to align with current laws, with plans to present these changes at the upcoming Annual General Meeting scheduled for September 26, 2024, at 5 West Wharf, Karachi, and via video conferencing.
The financial results for both consolidated and un-consolidated operations have been detailed in Annexures 'A' and 'B', respectively. The Annual Report will be available on the company's website and through PUCARS 21 days prior to the AGM.