Karachi May 19 2023: Lucky Cement Limited after aggressively expanding in Pakistan decided to increase clinker capacity by 1.8 million tons per annum in Iraq, according to company filing to the exchange.
Keeping pace with the increasing demand of cement in Iraq on the back of revival of economic activity, uptick in construction projects and to secure supply of clinker for the Joint Venture (JV) cement grinding facility in Basra, Iraq, the other JV Company of Lucky Cement Limited and AI-Shumookh group, Iraq, [Najmat-AI-Samawah (NAS)), has resolved to enhance its production capacity of clinker in Samawah, Iraq, by adding a new production line of 1.82 million tons per annum (MTPA).
This capacity expansion will significantly enhance the overall efficiencies of business operations as it will play a crucial role in achieving self-reliance in terms of clinker availability within Iraq.
For the said expansion, NAS has entered into an Engineering & Procurement Contract. The construction activity on the project is expected to commence within Q1 FY24 and is expected to be completed in 18 months.
Subsequent to the above addition, the total domestic and international capacities of Lucky Cement Limited will increase to 21.48 million tons per annum (MTPA).
“With Entrepreneurship as its core value, Lucky Cement limited is committed to increasing its portfolio of products and businesses which will continuously enhance the quality of its earnings and shareholders' value. Lucky Cement limited has a well-diversified portfolio of businesses, which besides local and international cement operations consists of automobiles, chemicals & agri sciences, mobile phone assembling and energy, in addition to the captive power plants operated by the Company” states in company statement.