Lucky Core Industires Year End Results 2023 1

News Release
Lucky Core Industries Announces Results for the Year ended

June 30, 2023; 330% Final Cash Dividend Announced
The Company continues to excel on its Journey of Enriching Lives.
Karachi, August 03, 2023
Following the meeting of the Board of Directors, Lucky Core Industries (the Company) announced its financial
results for the year ended June 30, 2023.
Financial Highlights
 During the year under review, the Company entered into a Share Purchase Agreement with
Morinaga Milk Industry Co. Ltd., for a partial divestment of approximately 26.5% of the issued and
paid up share capital of NutriCo Morinaga (Private) Limited (NMPL). The said transaction was
successfully completed in January 2023. Accordingly, as per IFRS 5 – Non-current Assets Held for
Sale and Discontinued Operations, the investment in NMPL was classified as ‘discontinued
operations’ prior to the divestment of the aforementioned shares. Subsequent to the divestment, it
is classified as an ‘Associate’.
 The Company reported strong growth across all key metrics. On a consolidated basis (including the
result of the Company’s subsidiary Lucky Core PowerGen Limited), LCI reported a Net Turnover of
PKR 109,544 million for the year under review from continuing operations, representing a 26%
increase over the same period last year (SPLY).
 The consolidated Operating Result from continuing operations stood at PKR 14,767 million, which
is higher by 24% in comparison to the SPLY.
 On a consolidated basis, the Profit After Tax (PAT) for the year under review, considering both
continuing and discontinued operations was PKR 17,773 million, showing a significant 101% rise
over the SPLY. Additionally, the Earnings Per Share (EPS) attributable to the owners of the holding
company for both continuing and discontinued operations was PKR 190.15, marking an impressive
107% increase over the SPLY. The increase is primarily attributable to the PAT from discontinued
operations of PKR 10,092 million which mainly includes gain recorded on account of sale of shares
of NMPL and re-measurement of the remaining 24.5% shareholding of NMPL in accordance with
the relevant IFRS.
 On a standalone basis, the PAT and EPS for the year under review at PKR 13,772 million and PKR
149.12 per share respectively, is 120% higher compared to the SPLY. PAT for the year increased
Safe Harbor Statement
This press release may contain statements, which address such key issues as Lucky Core Industries’ growth strategy, future financial results, market
positions, product development, products in the pipeline, and product approvals. Such statements should be carefully considered, and it should be
understood that many factors could cause forecasted and actual results to differ from these statements. These factors include but are not limited to,
price fluctuations, currency fluctuations, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues,
and legislative, fiscal, and other regulatory measures. Stated competitive positions are based on management estimates supported by information
provided by specialised external agencies. For a more comprehensive discussion of the risk factors affecting our business please see our latest Annual
Report, a copy of which can be found on the Company’s corporate website www.luckycore.com.
in comparison to the SPLY on account of a higher Operating Result and a sum of PKR 9,842 million
on account of premium for the loss of control and gain on divestment of NMPL shares, slightly offset
by an increase in finance costs and higher exchange loss.
The Board of Director’s has recommended a Final Cash Dividend in respect of the financial year ended
June 30, 2023, at a rate of 330% (i.e. PKR 33/- per share of PKR 10 each). This is in addition to the 100%
Interim Cash Dividend (i.e. PKR 10/- per share) already paid, bringing the total cash dividend to 430% (i.e.
PKR 43 per share) for the year ended June 30, 2023.
Business Expansion
 Recognising the potential for further growth, the Board of Directors has granted an in principle
approval for an additional capacity expansion of 200,000 tonnes per annum (TPA) at the
Company’s Soda Ash plant in Khewra. Following the successful completion of the proposed
expansion, the total installed capacity at the LCI Soda Ash Plant will increase from the current
560,000 TPA to 760,000 TPA. The investment is in line with the Company’s strategy and
commitment to catering to the growing needs of its domestic and export customers.
Following the announcements of results, LCI’s Chief Executive Mr Asif Jooma said, “Despite enduring a
turbulent year with multiple headwinds the strong results achieved are reflective of the Company’s resolve
to constantly innovate, adapt and grow. As an integral part of the country’s economic fabric and business
landscape, LCI reaffirms its commitment to be a partner of choice and contribute to Pakistan’s socio-
economic progress.”
--------------------------------------------------------ENDS-----------------------------------------------------------
About Lucky Core Industries Limited:
Lucky Core Industries Limited, is a leading Pakistan-based manufacturing and trading company consisting of diverse businesses:
Polyester, Soda Ash, Chemicals, Agri Sciences, Pharmaceuticals and Animal Health. Through these businesses, the Company
manufactures and trades in a wide range of products including polyester staple fibre (PSF), soda ash, general and specialty chemicals,
pharmaceuticals, nutraceuticals, animal health products and agricultural products (including chemicals, field crop seeds, vegetable seeds
and more). In the nutrition segment, the Company’s associated company, NutriCo Morinaga (Private) Limited locally manufactures,
imports, markets, and distributes Morinaga Milk Industry Co. Ltd, Japan products in Pakistan.
Lucky Core Industries Limited is part of the Yunus Brothers Group (YBG), one of the fastest-growing and most progressive Pakistani
conglomerates with a wide portfolio of businesses including, but not limited to: cement, textiles, power generation and commodity trading.
For more information please visit: www.luckycore.com
For further information, please contact:
Laila Bhatia Bawany
Chief Legal Officer & Company Secretary

Lucky Core Industries Limited
021-111-100-200
[email protected]
Safe Harbor Statement

This press release may contain statements, which address such key issues as Lucky Core Industries’ growth strategy, future financial results, market
positions, product development, products in the pipeline, and product approvals. Such statements should be carefully considered, and it should be
understood that many factors could cause forecasted and actual results to differ from these statements. These factors include but are not limited to,
price fluctuations, currency fluctuations, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues,
and legislative, fiscal, and other regulatory measures. Stated competitive positions are based on management estimates supported by information
provided by specialised external agencies. For a more comprehensive discussion of the risk factors affecting our business please see our latest Annual
Report, a copy of which can be found on the Company’s corporate website www.luckycore.com.

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News Release

Lucky Core Industries Announces Results for the Year ended

The Company continues to excel on its Journey of Enriching Lives.

Karachi, August 03, 2023

For more information please visit: www.luckycore.com

For further information, please contact:

Laila Bhatia Bawany

Chief Legal Officer & Company Secretary

Safe Harbor Statement

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