Islamabad, Apr 6, 2025: Lucky Core Industries Limited (LCI), originally established as Khewra Soda Ash Company in 1953, underwent several transformations before its current iteration.
In 1966, following the acquisition of Fuller Paints Limited, it rebranded to ICI Pakistan Manufacturers Limited.
The company later merged with Imperial Chemicals (Private) Limited.
In 2012, Lucky Holdings Limited, a subsidiary of Lucky Cement, became the dominant shareholder, leading to a rebrand to Lucky Core Industries Limited in December 2022.
Throughout the years, LCI has expanded its portfolio by acquiring companies such as Cirin Pharmaceuticals, Wyeth Pakistan, and Pfizer Pakistan.
LCI now operates across five primary sectors: Soda Ash, Polyester, Chemicals & Agri Sciences, Pharmaceuticals, and Animal Health.
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Shareholding Structure
As of June 30, 2024, LCI has 92.36 million outstanding shares, held by 9,231 shareholders.
The primary shareholders are associated companies and related entities, holding a majority stake of 81.54%. Lucky Cement Limited is the largest shareholder with 55%.
The company distributes the remaining shares among the general public (7.22%), insurance companies (5.96%), and other institutional investors such as banks, DFIs, NBFIs, Modarabas, and mutual funds.
Financial Overview (2019-2024)
LCI experienced consistent growth in revenue, with the exception of 2020, although profitability fluctuated. In 2019, LCI’s revenues increased by 18.78%, driven primarily by its Soda Ash and Polyester segments.
However, profitability took a hit due to increased operating costs, exchange losses, and a significant rise in financial costs.
Gross profit grew by 10.49%, but margins contracted, and net profit saw a substantial drop of 24.67%.
2020 was a challenging year, as LCI’s revenue declined by 8.11%, primarily due to a global economic slowdown and disruptions caused by the COVID-19 pandemic.
Despite this, cost control measures helped improve gross margins, and the company saw a 34.32% increase in net profit due to lower finance costs and higher dividend income.
In 2021, LCI saw a remarkable 16.83% increase in revenue, fueled by strong performances across all segments, particularly Animal Health and Pharmaceuticals.
The company’s operating profit surged by 39.34%, and net profit nearly doubled by 92.50%, reflecting efficient operations and improved margins.
The Polyester and Soda Ash segments significantly contributed to a 38.89% increase in revenue in 2022.
However, rising costs related to raw materials and energy, alongside inflationary pressures, led to a slight decrease in profit margins.
Despite this, net profit grew by 4.85%, and earnings per share (EPS) showed a modest increase.
In 2023, LCI’s revenue grew by 25.89%, driven by significant expansions in Soda Ash production and a healthy performance from other business segments.
Despite a rise in operating costs, net profit soared by 120.4%, reaching Rs.13,772 million, the highest in recent years.
This was supported by a substantial gain from the sale of a stake in NutriCo Morinaga Private Limited.
In 2024, LCI’s revenue rose by 10% year-on-year, mainly due to the success of its expanded Soda Ash operations.
Although inflation and energy costs pushed up production expenses, the company’s strategic focus on exports and cost optimization helped maintain profitability.
This detailed review of LCI’s financial performance underscores its resilience and growth across multiple sectors, even in the face of external challenges.
